Altcoins
Bitcoin Maximalist Michael Saylor Predicts XRP, ETH, BNB, and ADA Will Never Have an ETF
MicroStrategy Co-founder Michael Saylor, a notable figure in the crypto world, sparked controversy with his recent comments at the Bitcoin for Corporations 2024 event. Saylor’s predictions about the regulatory fate of major altcoins like Ethereum (ETH), XRP, BNB, Cardano (ADA), and Solana (SOL) have angered many in the community.
What did he say that was so controversial? Dive right in.
Saylor’s aggressive stance
During his speech on May 1 and 2, Saylor made some bold statements. He suggested that major cryptocurrencies such as XRP, BNB, ADA and SOL could face increased scrutiny from regulators, particularly the SEC. Saylor even went so far as to suggest that Ethereum and other large tokens could be labeled as securities, making it difficult for large investors to accept them.
Saylor’s assertion that these altcoins may never be accepted by traditional institutional investors or used as collateral in traditional financial markets has sparked outrage within the crypto community.
“None of them will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by traditional institutional investors as crypto assets.”
Bitcoin remains dominant
Throughout his speech, Saylor expressed his strong belief that Bitcoin is the first choice for institutional investments. He argued that Bitcoin’s widespread acceptance makes it the only viable option for institutional wallets, rejecting the idea of any other cryptocurrency competing for that position.
Saylor’s remarks drew a swift reaction.
XRP Lawyer Bill Morgan challenged Saylor’s view, particularly regarding the classification of XRP as a security. Morgan defended XRP, citing a previous court ruling that XRP itself was not a security.
“If he is so ignorant that he confuses the Ripple company with the XRP token and thinks that XRP will be considered a security (by anyone) when a judge has already concluded that XRP itself is not not a security, why trust what he says about Bitcoin? He is more hostile to the broader crypto ecosystem than Gary Gensler.
Bill Morgan
Charles Hoskinson, the creator of Cardano, also criticized Saylor’s comments. He highlighted recurring criticisms from Bitcoin maximalists, who often dismiss alternative cryptocurrencies as illegitimate or fraudulent.
“’Bitcoiners: ‘Why is Charles attacking Bitcoin? Altcoiners are so toxic. Bitcoin Maxi’s: “Literally everything except Bitcoin is illegal and a scam. »
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