Michael Saylor Criticizes Ethereum, Foresees No Spot ETF Approval

Table of Contents

• Strong Bitcoin Backing

• At the MicroStrategy World 2024 conference on May 2, he made remarks on ETH.
• BTC, he said, is the only cryptocurrency that has gained complete institutional support.

A strong Bitcoin advocate, Michael Saylor, executive chairman of MicroStrategy, has said that Ethereum is a security rather than a commodity. At the MicroStrategy World 2024 conference on Thursday, May 2, he made some remarks on ETH.

Michael Saylor did not stop at criticizing Ethereum and labeling it a security; he went on to say that the US SEC is very unlikely to ever authorize a spot Ethereum ETF. His remarks come only twenty days before the SEC’s ultimate decision-making deadline of May 23, when the spot Ethereum ETF applications will be approved or denied.

His prediction continued with the categorization of BNB, Solana (SOL), XRP, and Cardano (ADA) as unregistered securities, along with other cryptocurrencies lower on the hierarchy. Saylor stressed that not a single one of them would ever be accepted by Wall Street or put in a spot ETF.

Strong Bitcoin Backing

Bitcoin (BTC), he said emphatically, is the only cryptocurrency that has gained complete institutional support. He said that “there won’t be another one” and referred to Bitcoin as the “singular universal” cryptocurrency that was appropriate for investments by large institutions.

The founder of MicroStrategy is well-known for his steadfast commitment to Bitcoin. MicroStrategy revealed in the first quarter that it added $1.65 billion worth of BTC to its corporate reserves, and Saylor’s statements emerged soon after.

Just two days ago, MicroStrategy introduced MicroStrategy Orange, a Bitcoin-based decentralized identification (DID) product. In addition to having a sizable amount of Bitcoin on hand, the firm has been actively working to strengthen the Bitcoin ecosystem.

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