Microstrategy founder and CEO Michael Saylor believes the US Securities and Exchange Commission (SEC) will never approve Ethereum (ETH) spot ETFs.
During a speech at the MicroStrategy World 2024 conference, Saylor attacked the second largest cryptocurrency by capitalization and once again repeated that Bitcoin (BTC) is the best asset in the world.
What's wrong with ETH
Michael Saylor predicted that the SEC will classify Ethereum as a security this summer. Accordingly, according to him, the regulator will reject all applications for the creation of spot ETHETF. Moreover, such a fate will affect not only this altcoin, but also other assets, says the CEO of MicroStrategy:
Speculation about whether the Commission will recognize ETH as a security has recently resumed. At the end of March, it became known that the department had raided the Ethereum Foundation.
In response to pressure, Consensys, the company behind the MetaMask crypto wallet, filed a lawsuit against the SEC. The firm accused the regulator of exceeding its powers and explained why ETH cannot be considered a security.
Some speculate that the Commission decided to look into the status of Ethereum only to reject applications to launch spot ETFs on ETH.
BTC has no competitors
During his speech, Saylor emphasized Bitcoin's unique position as the only crypto asset that has achieved institutional recognition. According to him, BTC currently has no competitors.
The SEC approved all nine applications to launch spot Bitcoin ETFs in January of this year. Over the course of several months, the instrument based on the main cryptocurrency received more than $11 billion from investors.
Sailor also shared his bullish sentiments regarding the future value of BTC. He compared the asset to a ratchet and noted that the Bitcoin price chart never goes down. In his opinion, the rate moves only in one direction – up.
Bitcoin bull Michael Saylor
Michael Saylor is an ardent supporter of the first cryptocurrency. He loves Bitcoin so much that he would never sell it.
Previously, the head of MicroStrategy predicted that BTC would experience a ten-year gold rush. This, he said, will be driven by demand for spot Bitcoin ETFs. Ultimately, traditional banks will join the instrument, which will mean the final adoption of the crypto asset by institutions.
MicroStrategy, by the way, is the largest holder of Bitcoin. The company manages more than 1% of the total BTC supply.
According to CoinGeckoat the time of writing, the first cryptocurrency is trading at $59,210.
Source: Cryptocurrency
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