Bitcoin Maximalist Michael Saylor Anticipates ETFs for XRP, ETH, BNB, and ADA Unlikely to Emerge
MicroStrategy co-founder Michael Saylor has sparked controversy with his recent statements at the Bitcoin for Corporations 2024 event. Saylor predicted that the Securities and Exchange Commission (SEC) would label cryptocurrencies such as Ethereum, XRP, BNB, Cardano, and Solana as securities. This viewpoint has been met with backlash from the crypto community, with figures like XRP lawyer Bill Morgan and Cardano inventor Charles Hoskinson criticizing Saylor’s stance.
During his speech on May 1st and 2nd, Saylor made bold claims about these altcoins potentially facing regulatory scrutiny, particularly from the SEC. He even suggested that Ethereum and other major tokens could be classified as securities, which could hinder their acceptance by large investors. This assertion has caused outrage within the crypto community, as it suggests that these altcoins may never gain acceptance from mainstream institutional investors or be used as collateral in traditional financial markets.
Saylor also expressed a strong belief in Bitcoin as the top choice for institutional investments, dismissing the idea of any other cryptocurrency competing for that position. He argued that Bitcoin’s widespread acceptance makes it the only viable option for institutional portfolios.
Saylor’s remarks have been met with swift pushback. XRP lawyer Bill Morgan challenged Saylor’s views, particularly regarding XRP’s classification as a security. Morgan defended XRP, citing a previous legal ruling that deemed XRP itself not a security. Charles Hoskinson, the creator of Cardano, also criticized Saylor’s comments, highlighting the recurring criticism from Bitcoin maximalists who dismiss alternative cryptocurrencies as illegitimate or scams.
Overall, Saylor’s predictions and assertions have stirred controversy within the crypto community, with many disagreeing with his views on the regulatory fate of altcoins and the dominance of Bitcoin in institutional investments.