- MicroStrategy Chairman Michael Saylor predicts that Ethereum could soon bag a security tag.
- Saylor believes Bitcoin is the only digital asset that is globally accepted.
Michael Saylor, co-founder and chairman of MicroStrategy, predicted that the U.S. Securities and Exchange Commission (SEC) will classify Ethereum (ETH) as a security this summer. If this were to happen, Saylor emphasized that regulators would reject spot Ethereum exchange-traded funds (ETFs) filed by asset managers.
Saylor says Bitcoin is the recognized institutional asset winner
Thaler made a bold prediction, busy At the MicroStrategy World 2024 conference. He added that other top cryptocurrencies such as Cardano (ADA), Ripple's XRP, Binance Coin (BNB), and Solana will also be tagged as securities.
“None of them will be wrapped in a spot ETF, and none of them will be accepted by Wall Street as crypto assets,” Saylor stressed.
Instead, Saylor said, Bitcoin is a globally universal, consensus-approved, institutional-grade crypto asset. He stressed that no new institutionally recognized digital assets will be created in this decade.
#bitcoin – There is no second best pic.twitter.com/PLDgwGwF9J
— Michael Saylor ⚡️ (@saylor) May 2, 2024
Saylor said the die was cast and it was written on the wall that Bitcoin was the winner. “There's nothing like Bitcoin,” Saylor said. Nevertheless, he explained that anything could happen in the next 20 to 50 years. He went on to say that Bitcoin is the best crypto network, growing 70% in a year.
Saylor's support for Bitcoin is not surprising. MicroStrategy began accumulating digital assets in 2020, using them as an alternative to cash holdings and an edge against inflation. According to a previous announcement in Crypto News Flash, the company added 12,000 Bitcoins, purchasing approximately $822 million at $68,477 per unit. MicroStrategy's total Bitcoin holdings are currently worth approximately $15.12 billion.
Meanwhile, MicroStrategy recently introduced a new Bitcoin-based decentralized identification protocol that uses Ordinals-like inscriptions to store identity data on the world's first blockchain network. Following Crypto News Flash coverage, a new protocol called MicroStrategy Orange is Saylor's idea to transform enterprise identity and security.
Spot Ethereum ETF approval position
Expectations for approval of the Spot ETH ETF have fallen significantly in recent weeks, with Polymarket betting on just 11%. In a similar move, market analysts also revised their expectations for approval from more than 80% to less than 30%.
May 23 is a key decision date when the SEC must rule on VanEck's proposed ETF. The agency is expected to issue decisions on other comparable applications at the same time.
As Crypto News Flash previously announced, BlackRock and Grayscale Investment, two of the biggest players in the spot Bitcoin ETF ecosystem, will have to wait another 60 days for a decision on their Ethereum ETF filed with the SEC. Regulators say June 23 is the deadline to decide whether to adopt the proposed rule changes. The SEC may need to clarify whether ETH is a security.
As of this writing, ETH is trading at: $3,140indicates a price increase. 5.7% Within the past day. The market capitalization and trading volume are $377 billion and $12.2 billion, respectively.
