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- MicroStrategy Chairman Michael Saylor predicts Ethereum might bag the securities tag soon.
- Saylor is convinced only Bitcoin is the globally accepted digital asset.
MicroStrategy co-founder and Chairman, Michael Saylor has predicted that the US Securities and Exchange Commission (SEC) will classify Ethereum (ETH) as a security this summer. If this happens, Saylor highlights that the regulator would reject spot Ethereum Exchange-Traded Funds (ETFs) filed by asset management firms.
Saylor Says Bitcoin is the Winning Accepted Institutional Asset
Saylor made the bold prediction while speaking at the MicroStrategy World 2024 conference. He added that other top cryptocurrencies such as Cardano (ADA), Ripple’s XRP, Binance Coin (BNB), and Solana would also be tagged as securities.
“None of them will be wrapped by a spot ETF, none of them will ever be accepted by Wall Street as crypto assets,” Saylor emphasized.
Instead, Saylor says Bitcoin is the one universal and consensus-accepted institutional-grade crypto asset globally. He emphasized that this decade wouldn’t produce another institutionally accepted digital asset.
#Bitcoin – There is No Second Best pic.twitter.com/PLDgwGwF9J
— Michael Saylor⚡️ (@saylor) May 2, 2024
According to Saylor, the die is cast, and the writing is on the wall that Bitcoin is the winner. “There is no second best to Bitcoin,” says Saylor. Nevertheless, he explained that anything can happen in the next 20 to 50 years. He went on to state that Bitcoin is the best crypto network, with 70% growth in a year.
Saylor’s support for Bitcoin does not come as a surprise. MicroStrategy began accumulating the digital asset in 2020, using it as an alternative to holding cash and an edge against inflation. Per Crypto News Flash’s earlier announcement, the firm added 12,000 Bitcoin for about $822 million bought at $68,477 per unit. MicroStrategy’s total Bitcoin holdings are now worth around $15.12 billion.
Meanwhile, MicroStrategy recently introduced a new Bitcoin-based decentralized identification protocol that uses Ordinals-like inscription to store ID data on the world’s first blockchain network. Following reports from Crypto News Flash, the new protocol, dubbed MicroStrategy Orange is the idea of Saylor to transform enterprise identity and security.
The Position of Spot Ethereum ETF Approval
Expectations for spot ETH ETF approvals have fallen drastically in the last few weeks, with Polymarket placing a bet at a mere 11%. In a similar move, market analyst revised their expectations from over 80% chance of approval to less than 30%.
May 23 is an important date for the SEC’s decision when it must rule on VanEck’s proposed ETF. The agency is expected to make decisions on other comparable applications concurrently.
As Crypto News Flash had formerly announced, BlackRock and Grayscale Investment, the two biggest players in the spot Bitcoin ETF ecosystem will have to wait an additional 60 days for the decision on their Ethereum ETF filed with the SEC. The regulator says June 23 has become the deadline by which it will either adopt or disapprove the proposed rule change. The SEC may also need to clarify if ETH is a security.
At the time of this writing, ETH is trading at $3,140, demonstrating a price increase of 5.7% within the past day. The market cap and trading volume stand at $377 billion and $12.2 billion respectively.
