Renowned Bitcoin enthusiast Michael Saylor boldly predicts that the majority of cryptocurrency altcoins, including the likes of Ethereum and Ripple, will fail to gain institutional recognition in the next ten years.
Revolutionary insights were shared at the Bitcoin (BTC) For Corporations event by MicroStrategy’s Executive Chairman, Michael Saylor. He revealed that Wall Street regulators are closely monitoring the entire crypto ecosystem, considering everything from the ground up as potential unregistered securities.
“You could see the writing on the wall when the spot ETF of Bitcoin was approved in January. By the end of May, you’ll know that Ethereum is not going to be approved, and when Ethereum is not approved this summer, it’ll be very clear to everyone that ETH is deemed a crypto asset security, not a commodity.”
Michael Saylor, MicroStrategy Executive Chairman
Saylor shook the world of cryptocurrency by lumping together other digital currencies, such as Solana, Ripple, and Cardano, into the same unregistered and risky asset class as Bitcoin.
Ethereum crackdown
Exciting news has emerged in the world of cryptocurrency as multiple companies have filed for Bitcoin ETFs backed by Ethereum, the second-largest digital currency. However, the SEC has thrown a wrench in their plans by postponing the approval of these ETFs from major players like BlackRock, Fidelity, and Grayscale.
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Bitcoin on the edge of the cliff
On top of that, the SEC has been cracking down on Ethereum and the entire crypto industry, causing debate among supporters who believe that Ethereum should not be subject to traditional securities regulations.
Breaking news has surfaced that SEC Chair Gary Gensler has long viewed ETH as a security, according to a recently unearthed document. This revelation comes on the heels of ETH’s shift to a proof-of-work consensus, prompting the SEC to take action by issuing a Wells notice to prominent ETH players like Consensys and the mighty defi powerhouse Uniswap. The crypto world is on the edge of their seats as this investigation unfolds.