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At the annual Bitcoin For Corporations event, Michael Saylor, Executive Chairman of MicroStrategy, shared his skepticism about the future acceptance of various cryptocurrencies by institutional investors. He focused particularly on Ethereum and XRP, predicting they will not gain institutional acceptance within this decade.
Saylor explained to the attendees that, in the eyes of Wall Street regulators, many cryptocurrencies, apart from Bitcoin, are seen as unregistered securities rather than commodities. He highlighted a recent development where the approval of a Bitcoin spot ETF in January was a positive sign for Bitcoin but not for other cryptocurrencies like Ethereum.
“The approval of the Bitcoin spot ETF set a precedent,” Saylor said. “By the end of May, it will become apparent that Ethereum won’t receive the same treatment. Once Ethereum is rejected this summer, it will confirm that ETH is viewed as a crypto asset security, not a commodity.”
Further, Saylor categorized other major cryptocurrencies such as Solana (SOL), Ripple (XRP), and Cardano (ADA) as unregistered crypto asset securities, mirroring Ethereum’s regulatory challenges. His comments came at a time when companies like BlackRock, Fidelity, and Grayscale have faced delays from the SEC for their Ethereum-based spot ETF proposals. A majority of analysts expect the SEC to outright deny the ETFs.