- Bitcoin bull Michael Saylor continues to dismiss leading altcoin Ethereum and other altcoins. Saylor openly states that Ethereum is a ‘security’ and will not receive ETF approval.
- He also asserts that Bitcoin is the only “universal” crypto asset suitable for institutional investments.
- Bitcoin maximalist attacks ETH, BNB, XRP, SOL, ADA.
Michael Saylor, Bitcoin bull and CEO of MicroStrategy, dismisses Ethereum and other altcoins, asserting that Bitcoin is the only “universal” crypto asset suitable for institutional investments.
Michael Saylor’s Bold Statement Against Ethereum
MicroStrategy CEO Michael Saylor made a bold statement against Ethereum, arguing that it is not a commodity but a crypto security. His comments on ETH came during his speech at the MicroStrategy World 2024 conference. According to Saylor, the likelihood of the U.S. SEC not approving a spot Ethereum ETF is very high. The deadline for the SEC to approve or reject spot Ethereum ETF applications is May 23. Therefore, Saylor’s claims came just 20 days before this important date. Saylor predicts that other cryptocurrencies lower in the hierarchy, including BNB, Solana (SOL), XRP, and Cardano (ADA), will be classified as unregistered securities.
Michael Saylor: There Will Be Only Bitcoin
Michael Saylor emphatically states that Bitcoin stands alone in full institutional acceptance. He says that BTC is the only “universal” crypto asset suitable for institutional-level investments. Furthermore, he says, “there will be no other.” MicroStrategy, the company he founded, is one of the unwavering believers in Bitcoin. MicroStrategy added BTC worth $1.65 billion to its corporate reserves in the first quarter. Saylor’s statements came shortly thereafter.
Future of Spot Ethereum ETFs in the U.S.
Some top financial players like BlackRock and Fidelity are pushing for an Ethereum ETF. However, market analysts have recently reduced their approval expectations. One of the biggest concerns was the SEC’s recent comments wanting it to be treated as a security. Nevertheless, some of the best crypto industry firms are willing to defend Ethereum at all costs. Last week, ConsenSys filed a lawsuit against the U.S. SEC. The company wants the SEC to declare it a ‘non-security’. The SEC’s investigations into Ethereum continue. Therefore, it is clear that spot Ethereum ETFs may face obstacles in the near future and potentially lead to more legal battles.
Conclusion
Michael Saylor’s dismissal of Ethereum and other altcoins underscores the ongoing debate within the crypto community about the status and value of these digital assets. As regulatory scrutiny increases, the future of Ethereum and other altcoins remains uncertain. However, the unwavering belief in Bitcoin by figures like Saylor suggests that this pioneering cryptocurrency will continue to dominate the market.
