MicroStrategy co-founder Michael Saylor at the recent Bitcoin for Corporations 2024 event Ethereum He caused a backlash in the crypto community with his predictions regarding his ability to control major altcoins such as (ETH), XRP, BNB, Cardano (ADA), and Solana (SOL).
In his sharp speeches on May 1 and 2, he predicted that these top cryptocurrencies would be declared securities by the SEC and thus crypto would have a difficult road to acceptance by major investors.
Saylor’s Aggressive Attitude About Altcoins
Saylor predicted that Ethereum, the second-largest cryptocurrency, as well as other major tokens such as XRP, BNB, ADA, and SOL, will likely be subject to SEC labeling as unregistered securities this summer. On the contrary, he said, they could never be used as collateral by major stock market investors and money markets.
“Neither will be offered as a spot ETF and none will be accepted by Wall Street. His firm words that “none of them will be accepted as crypto assets by mainstream institutional investors” did not cause members of the crypto community to attack him.
While on stage, Saylor demonstrated his love for Bitcoin, to the point where he firmly believes that Bitcoin is the only cryptocurrency that can make it onto the list of investments of institutional investors, leaving no room for any other cryptocurrency to compete for that position.
According to the Bitcoin maximalist, Bitcoin is a single, unified cryptocurrency that is universally accepted in the world of institutional investments.
Community Reactions
Michael Saylor’s deliberate statements, crypto- It offended many in the community and caused a huge backlash.
The response from XRP lawyer Bill Morgan included criticism that Saylor did not understand the distinction between the Ripple company and the XRP token. Morgan also added: “If the company is so ignorant that it cannot distinguish between Ripple and the token Why should we trust what Saylor says about Bitcoin? He is more hostile to the broader crypto ecosystem than Gary Gensler.” he stated.
One of the critics was Cardano founder Charles Hoskinson, who expressed his dismay and highlighted repeated criticism from Bitcoin maximalists.
These reactions led to widespread debate and criticism of Saylor’s views and Bitcoin maximalism.
