Bitcoin bull Michael Saylor continues to exclude leading altcoin Ethereum and other altcoins. Saylor clearly states that Ethereum is a ‘security’, stating that it will not receive ETF approval. He also argues that Bitcoin is the “only universal” crypto asset suitable for institutional investments.
Bitcoin maximalist attacks ETH, BNB, XRP, SOL, ADA
MicroStrategy chief executive officer Michael Saylor made an assertive statement against Ethereum. In this context, he argued that Ethereum is a crypto security, not a commodity. His comments on ETH came during his speech at the MicroStrategy World 2024 conference.
According to Michael Saylor, there is a very high probability that the US SEC will not approve a spot Ethereum ETF. The deadline for the SEC to approve or deny spot Ethereum ETF applications is May 23. So Saylor’s allegations came just 20 days before this important date. Saylor predicts that other cryptocurrencies further down the hierarchy will also be classified as unregistered securities, including BNB, Solana (SOL), XRP, and Cardano (ADA). In this regard, Saylor says:
None of these will be included in a spot ETF, none of them will be accepted on Wall Street…
Michael Saylor: Bitcoin is one, there will never be another!
Michael Saylor states unequivocally that Bitcoin is alone in achieving full institutional acceptance. He says BTC is the “only universal” crypto asset suitable for institutional-level investments. He also says, “there won’t be another one.” cryptokoin.comAs you follow from , the founder of MicroStrategy is one of those who believe in Bitcoin without hesitation. MicroStrategy added $1.65 billion worth of BTC to its institutional reserves in the first quarter. Saylor’s statements came shortly after this.
Two days ago, MicroStrategy also introduced its Bitcoin-based decentralized identity (DID) product, MicroStrategy Orange. In addition to holding a large amount of BTC on its balance sheet, the company is also making intense efforts to strengthen the Bitcoin ecosystem.
The future of spot Ethereum ETFs in the US
Some top financial players like BlackRock and Fidelity are pushing for an Ethereum ETF. However, market analysts have recently lowered their approval expectations. One of the biggest concerns has been the SEC’s recent comments calling for it to be treated as a security. However, some of the top crypto industry firms are willing to defend Ethereum at all costs. Last week, ConsenSys filed a lawsuit with the US SEC. The company wants the SEC to declare it a non-security.
SEC’s investigations into Ethereum continue. So, it’s clear that spot Ethereum ETFs could face hurdles in the near future, potentially leading to more legal battles. Spot Ethereum ETFs will offer Wall Street firms and investors a way to gain indirect exposure to ETH, bypassing the need to navigate crypto exchanges or manage digital wallets. Earlier this week, Hong Kong became the first jurisdiction to approve a spot Ethereum ETF.
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