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Saylor made the prediction in a social media post on May 2 during a presentation at the MicroStrategy World 2024 conference. He further predicted that other cryptos “down the stack” will also gain an unregistered security designation, including BNB, Solana (SOL), XRP, and Cardano (ADA).
Saylor said:
“None of them will be wrapped by a spot ETF, none of them will ever be accepted by Wall Street…”
Saylor instead asserted that Bitcoin (BTC) alone has full institutional acceptance. He called BTC the “one universal” institutional-grade crypto asset and said “there won’t be another one.”
MicroStrategy’s founder is well-known for his exclusive focus on Bitcoin. Saylor’s statements come days after MicroStrategy said it added $1.65 billion of BTC to its corporate holdings in the first quarter and alongside the announcement of its Bitcoin-based decentralized identity (DID) product.
Critical ETH decisions
Although the market was initially optimistic about the approval of spot Ethereum ETFs, the expectations have fallen dramatically in the last few weeks, with Polymarket placing the odds of approval at a meager 11% as of press time. Analysts similarly revised their expectations from more than 80% chance of approval to less than 30%.
The critical date for the SEC’s decision is May 23, at which point it must decide on VanEck’s proposed ETF. The regulator is expected to decide on other similar applications simultaneously.
The SEC may also need to state whether ETH is a security. The blockchain development company Consensys intends to compel the SEC to state ETH is not a security in a legal case. US lawmakers have also asked for clarity on the matter in relation to another company, Prometheum.
A clear designation for ETH could provide companies with a definite way to handle the asset. However, such a designation could also affect whether the SEC approves certain products, such as a spot ETF, and whether companies work with ETH without proper registration.