MicroStrategy Executive Chairman Michael Saylor made a bold statement regarding Ethereum, classifying it as a crypto-asset security rather than a commodity.
Speaking at the MicroStrategy World 2024 conference, Thaler argued that it is unlikely that Ethereum and other altcoins such as BNB, Solana, XRP, and Cardano will receive spot ETF approval from the US SEC.
He classified Bitcoin, the king of cryptocurrencies, as the “only universal” crypto asset suitable for institutional investment, and predicted that other cryptocurrencies would not find similar institutional acceptance. .
Thaler's Bitcoin Bias: Ethereum Under Fire
Saylor's comments were particularly harsh for ETH, the second-largest cryptocurrency. These reflect his unwavering focus on Bitcoin, as epitomized by his MicroStrategy's recent announcement to add $1.65 billion worth of his BTC to corporate reserves in the first quarter. doing.
MicroStrategy has also launched Bitcoin-based products, such as the MicroStrategy Orange decentralized identity (DID) product, further strengthening its commitment to the Bitcoin ecosystem.
Financial giants such as BlackRock and Fidelity have advocated for entry into Ethereum ETFs, but concerns remain. They are cautious about identifying Ethereum ETFs because the SEC is investigating Ethereum's status as a security.
Despite advocacy from financial giants like BlackRock and Fidelity, concerns persist. ConsenSys has also filed a lawsuit with the SEC to classify Ethereum as a non-security. Regulatory uncertainties, roadblocks, and legal battles could prevent the launch of the Spot Ethereum ETF.
Spot Ethereum ETF is out of balance
If approved, the Spot Ethereum ETF would provide Wall Street firms and investors with indirect exposure to ETH, giving them an alternative to operating crypto exchanges or managing digital wallets. Despite Hong Kong's recent approval of Spot Ethereum ETFs, the future of these products in the US remains uncertain, pending regulatory clarity from the SEC.
According to Bloomberg analyst James Seifert, an Ethereum ETF is unlikely to appear in 2024, but 2025 is a possibility. It is doubtful that the SEC will approve a spot ETH ETF in May as there are no good indicators so far.
Ethereum is trading around $3,000 after falling to $2,816 on Wednesday. Although recent market fluctuations have brought a lot of gloom, ETH is unlikely to fall below $2,852 to $3,300.
