MicroStrategy founder and president Michael Saylor has directly attacked Ethereum (ETH) and other major altcoins on the market. Speech At the company’s Bitcoin for Corporation event, Saylor predicted that an Ethereum spot ETF will not be approved this summer.
MicroStrategy founder and president Michael Saylor has directly attacked Ethereum (ETH) and other major altcoins on the market. Speech At the company’s Bitcoin for Corporation event, Saylor predicted that an Ethereum spot ETF will not be approved this summer.
Ethereum, XRP and ADA are securities
Michael Saylor became a strong supporter of Bitcoin when he made his first acquisition in August 2020. Since then, he joined the elite group of Bitcoin maxis who believe that any other digital currency is inferior in technology and decentralization.
He said that when the Ethereum spot ETF is denied, it will be clear to everyone that ETH is not a commodity. By extension, he labeled Binance Coin (BNB), Solana (SOL), XRP, Cardano (ADA), and everything else as unregistered cryptoasset securities.
This is a rather polarizing statement that is creating a stir in the market as some of these coins have been labeled as securities in lawsuits brought by the US SEC against the Binance and Coinbase exchanges. While a court has yet to determine the status of most coins, XRP does not fit in the pile.
This is because Judge Analisa Torres stated in her ruling in the Ripple versus SEC case last year that XRP itself is not an investment contract.
Altcoin ETF Outlook
Michael Saylor didn’t mince his words when he said that none of the security-tagged altcoins will ever be wrapped by a spot exchange-traded fund (ETF) product. He also predicted that Wall Street won’t embrace any of them in the same way that Morgan Stanley, BNP Paribas and others are betting on spot Bitcoin ETFs.
The fate of the Ethereum ETF is uncertain at this time, and this complicates optimism about alternative ETF products involving XRP and other long-term assets.
