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Michael Saylor Faces Backlash Over Inaccurate Ethereum ETF Prediction

Michael Saylor Faces Backlash Over Inaccurate Ethereum ETF Prediction

Today’s featured person is Michael Saylor, the founder and chairman of the American business intelligence and software company MicroStrategy. One obvious pattern is that Michael Saylor is being criticized for his latest views on Ethereum, even with all of the praise he consistently receives.

Michael Saylor’s Ethereum ETF Prediction Was Wrong

It’s no secret that Michael Saylor is a Bitcoin enthusiast. Earlier last month, at the company’s “Bitcoin For Corporations,” he elevated this story to a new level. Saylor not only praised Bitcoin during his remarks at the event, but he also unequivocally said that Ethereum is a security.

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He declared that anything underneath the Bitcoin stack is a security. “Ethereum will not be approved,” he added. Everyone will be able to easily discern this summer that Ethereum is a security. It’s not going to be contained in a spot ETF. Wall Street and institutional investors will never embrace it. The only cryptocurrency asset of institutional quality that is widely accepted is Bitcoin. There will be no more of them.

The next time you worship at the altar of Michael Saylor, remember this video.

Just 3 weeks ago:

“Ethereum will not be approved. This summer it will be very clear to everyone that Ethereum is a security.

It will never be wrapped in a spot ETF. It will never be accepted by Wall… pic.twitter.com/wmSVHPZnmX

— Yano 🟪 (@JasonYanowitz) May 23, 2024

 

The spot Ethereum ETF product was approved on May 23 by the US Securities and Exchange Commission (SEC) following a spectacular turnaround, despite opposition from notable figures like Charles Hoskinson, the founder of Cardano. The approval indicates a significant lack of trustworthiness in the opinions of prominent figures in the cryptocurrency ecosystem, such as Michael Saylor.

The question of whether MicroStrategy’s founder should be held accountable for his actions at the time has been debated on Crypto X. It is noteworthy that not even supporters of Ethereum can explain the SEC’s shift in position.

The approval has been ascribed by many to a political intervention, which is currently showing advantages.

Ethereum: Is It a Security?

The SEC’s approval of the spot Ethereum ETF unquestionably validates the digital currency. However, neither the agency nor its chairman, Gary Gensler, has responded to discussions over Ethereum’s possible security standing.

Ethereum and other altcoins have been referred to as investment contracts in various contexts and hints. With its spot ETF product, Ethereum is now clear, but other currencies could be able to construct the appropriate defense in the event that the SEC calls.

Even while Michael Saylor is still the main focus for the time being, companies like Uniswap and Robinhood can rely on precedent if the SEC files cases in response to its most recent Wells Notice to the companies.

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