Bitcoin Maximalist Michael Saylor Predicts XRP, ETH, BNB, and ADA to Never Have ETFs

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The MicroStrategy co-founder Michael Saylor, who is also a well-known figure in the crypto community, has incurred rage amidst the community members with his prophecies about the capacity of the regulators to control the major altcoins like Ethereum (ETH), XRP, BNB, Cardano (ADA), and Solana (SOL) at the recent Bitcoin for Corporations 2024 event.

He delivered a sharp speech on the 1st and 2nd of May, projecting that these top cryptocurrencies would be declared securities by the SEC and that in turn crypto’s travel to acceptance by large investors would be a tough path.

Saylor’s Aggressive Stance on Altcoins

Saylor predicted that Ethereum, the second largest cryptocurrency, along with other significant tokens such as XRP, BNB, ADA, and SOL would probably be subjected to SEC’s labelling as unregistered securities this summer. He gave a contrary opinion saying they might never be used as collateral by major stock market investors, and the money markets. 

His exact words,  “None of them will ever be wrapped by 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,” did not fail the crypto community members to lash out at him.

When on stage, Saylor showed his love for Bitcoin to the point he strictly believed that Bitcoin is the only cryptocurrency that might make it to the list of institutional investors’ investments, leaving no room for any other cryptocurrency to compete for that position. 

According to the Bitcoin maximalist, Bitcoin is a single, unified cryptocurrency with universal acceptance in the world of institutional investments.

Community Reactions

These deliberate articulations by Saylor annoyed a lot of people in the crypto community, which in turn gave rise to a massive backlash. 

XRP lawyer Bill Morgan’s response was another objection to the fact that Saylor interpreted the contrast between Ripple the company and XRP. Morgan further added on X, “If he is so ignorant that he is confusing Ripple the company with XRP the token and thinks that XRP will be deemed a security (by whomever) when a judge already found XRP itself is not a security why trust what he says about Bitcoin? He is more hostile to the wider crypto ecosystem than Gary Gensler.”

Furthermore, one of the critics was Charles Hoskinson, the Cardano inventor, who expressed his dissatisfaction on X, stating, Hoskinson highlighted the recurring criticism from Bitcoin maximalists, saying, “‘Bitcoiners: ‘Why is Charles attacking Bitcoin? Altcoiners are so toxic.’ Bitcoin Maxi’s: ‘Literally everything but Bitcoin is illegal and a scam.’”

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