Bitcoin Maximalist Michael Saylor Slams Ethereum and Ripple, Points Out They Can’t Get Spot ETFs

MicroStrategy founder Michael Saylor has made a negative prediction for Ethereum (ETH) and other altcoins like XRP and Cardano (ADA), saying they will not be included in spot ETFs.
Saylor made these predictions at MicroStrategy’s recent Enterprise Bitcoin Event. A video clip showing Saylor's harsh comments is making the rounds on X.
Saylor criticizes ETH, XRP, BNB, ADA, and SOL
The well-known Bitcoin supporter speculated that the U.S. Securities and Exchange Commission (SEC) will not approve any Ethereum spot exchange-traded fund (ETF) applications this summer.
According to him, when the SEC rejects these Ethereum ETF applications, it will make it clear to everyone that ETH is not a commodity but an unregistered security.
Additionally, Saylor criticized other crypto assets, including XRP (XRP), Solana (SOL), Binance Coin (BNB), and Cardano (ADA), calling them unregistered crypto-asset securities.
He noted that these altcoins will not be able to obtain spot ETFs and are unlikely to gain mainstream adoption among institutional investors and Wall Street.
Saylor Praises Bitcoin
However, he reiterated his support for Bitcoin, describing it as “a universal, consensus, accepted, institutional-grade crypto asset.”
Saylor has been a major supporter of Bitcoin since August 2020, when MicroStrategy began its Bitcoin acquisition impulse.
Since then, Saylor has not only led MicroStrategy’s Bitcoin acquisition, but has also joined other Bitcoin supporters in advocating for strict regulatory measures for alternative coins.
SEC’s strict approach to alternative coins
All of the altcoins mentioned by Saylor are part of ongoing securities-related investigations or litigation by the SEC. In December 2020, the SEC designated XRP as a security in its case against Ripple.
The regulator also named SOL, ADA, and BNB as securities in its lawsuit against Coinbase and Binance.
Although the SEC has not officially designated ETH as a security, it is investigating whether certain ETH-related transactions constitute investment contracts.
Of all the assets Saylor has called securities, XRP is the only altcoin to have received legal clarity in the United States. The coin received this clarity in July 2023 in federal court in New York.
Will the SEC approve an Ethereum spot ETF?
Earlier this year, cryptocurrency enthusiasts were optimistic about the prospect of at least one Ethereum ETF being approved by 2024. This optimism grew after the SEC approved multiple Bitcoin ETFs in January, with Bloomberg’s ETF expert Eric Balchunas putting the probability of approval at 70%.
The prospects for an Ethereum ETF are currently unclear amid an ongoing SEC investigation into whether certain Ethereum transactions constitute securities.
However, BlackRock CEO Larry Fink believes that an Ethereum ETF could still be launched even if the SEC classifies ETH as a security. BlackRock is one of the companies attempting to launch an Ethereum spot ETF.
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