Bitcoin bull Michael Saylor continues to exclude the leading altcoin Ethereum and other altcoins. Saylor explicitly calls Ethereum a ‘security’, stating that it will not receive ETF approval. He also argues that Bitcoin is the “only universal” crypto asset suitable for institutional investment.

Bitcoin maximalist attacks ETH, BNB, XRP, SOL, ADA

Michael Saylor, chief executive officer of MicroStrategy, made an ambitious statement against Ethereum. In this context, he argued that Ethereum is a crypto security, not a commodity. His comments on ETH came during his speech at the MicroStrategy World 2024 conference.

The US SEC is very likely to disapprove a spot Ethereum ETF, according to Michael Saylor. The deadline for the SEC to approve or reject spot Ethereum ETF applications is May 23. Saylor’s allegations therefore come just 20 days before this important date. Saylor predicts that other cryptocurrencies further down the hierarchy will also be classified as unregistered securities, including BNB, Solana (SOL), XRP and Cardano (ADA). Accordingly, Saylor says the following:

None of them will be included in a spot ETF, none of them will be accepted on Wall Street…

Michael Saylor: Bitcoin is the only one and there will never be another!

Michael Saylor is adamant that Bitcoin stands alone in gaining full institutional acceptance. He says BTC is the “only universal” crypto asset suitable for institutional-level investment. He also says that “there won’t be another one”. Cryptocoin.comMicroStrategy’s founder is an unwavering believer in Bitcoin. MicroStrategy added $1.65 billion worth of BTC to its institutional reserves in the first quarter. Saylor’s statements came shortly after that.

Two days ago, MicroStrategy also introduced MicroStrategy Orange, a Bitcoin-based decentralized identity (DID) product. In addition to holding a large amount of BTC on its balance sheet, the company is also working hard to strengthen the Bitcoin ecosystem.

The future of spot Ethereum ETFs in the US

Some top financial players such as BlackRock and Fidelity are pushing for an Ethereum ETF. However, market analysts have recently lowered their approval expectations. One of the biggest concerns has been the SEC’s recent comments asking it to be treated as a security. However, some of the top crypto industry firms are willing to defend Ethereum at all costs. Last week, ConsenSys filed a lawsuit with the US SEC. The company wants the SEC to declare it a ‘non-security’.

The SEC’s investigations into Ethereum continue. So it’s clear that spot Ethereum ETFs could face hurdles in the near future, potentially leading to more legal battles. Spot Ethereum ETFs would offer Wall Street firms and investors a way to gain indirect exposure to ETH, bypassing the need to navigate crypto exchanges or manage digital wallets. Earlier this week, Hong Kong became the first jurisdiction to approve a spot Ethereum ETF.