During the MicroStrategy World 2024 conference, which took place on May 2, Michael Saylor, the executive chairman of MicroStrategy, expressed his views on Ethereum (ETH). Known for his strong support for Bitcoin (BTC), Saylor stated that he considers Ethereum to be a security rather than a commodity.
Saylor did not stop at criticizing Ethereum; he also predicted that the US Securities and Exchange Commission (SEC) is highly unlikely to approve a spot Ethereum exchange-traded fund (ETF). This prediction comes just days before the SEC’s decision-making deadline on May 23, which will determine the fate of the spot Ethereum ETF applications.
Continuing with his categorization of cryptocurrencies, Saylor labeled Binance Coin (BNB), Solana (SOL), XRP, and Cardano (ADA) as unregistered securities. He emphasized that none of these cryptocurrencies, along with others lower in the hierarchy, would ever be accepted by Wall Street or included in a spot ETF.
Saylor strongly believes that Bitcoin is the only cryptocurrency that has gained complete institutional support. He confidently stated that there will not be another cryptocurrency like Bitcoin and referred to it as the “singular universal” cryptocurrency suitable for investment by large institutions.
MicroStrategy, the company founded by Saylor, has demonstrated its commitment to Bitcoin by adding $1.65 billion worth of BTC to its corporate reserves in the first quarter. Recently, the company introduced MicroStrategy Orange, a decentralized identification (DID) product based on Bitcoin. Along with accumulating a significant amount of Bitcoin, the firm has been actively working to strengthen the Bitcoin ecosystem.
In other crypto news, the TON Ecosystem, associated with Telegram, experienced a 1182% increase in total value locked (TVL) in the first quarter of 2024.
