Bitcoin
Bitcoin maximalist Michael Saylor predicts that XRP, ETH, BNB and ADA will never have ETFs
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 on the regulatory fate of top altcoins like Ethereum (ETH), XRP, BNB, Cardano (ADA) and Solana (SOL) have left many in the community angry.
What did he say that was so controversial? Dive in head first.
Saylor’s Aggressive Stance
During his speech on May 1 and 2, Saylor made some bold claims. He suggested that major cryptocurrencies such as XRP, BNB, ADA and SOL could face scrutiny from regulators, especially the SEC. Saylor went so far as to suggest that Ethereum and other major tokens could be labeled as securities, making it difficult for large investors to accept them.
Saylor’s claim that these altcoins may never be accepted by mainstream institutional investors or used as collateral in traditional financial markets has sparked outrage in the crypto community.
“None of them will ever be wrapped in a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets,”
Bitcoin Remains Dominant
Throughout his talk, Saylor expressed strong belief in Bitcoin as the best choice for institutional investments. He argued that Bitcoin’s widespread acceptance makes it the only viable option for institutional wallets, ruling out the idea of any other cryptocurrency competing for that position.
Saylor’s comments sparked a swift backlash.
XRP Lawyer Bill Morgan challenged Saylor’s views, especially regarding XRP’s classification as a security. Morgan defended XRP, citing a previous legal ruling that considered XRP itself not a security.
“If he is so ignorant that he is confusing the Ripple company with the XRP token and thinks that XRP will be considered a security (by whoever) when a judge has already concluded that XRP itself is not a security, why trust the What does he say 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: ‘Literally everything except Bitcoin is illegal and a scam.’”
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