Michael Saylor Dragged For Failed Spot Ethereum ETF Prediction

Michael Saylor, the Founder and Chairman of American Business Intelligence and Software firm MicroStrategy is in the spotlight today. One visible trend is that despite the regular accolades he is always showered with, Michael Saylor is being dragged for his recent take on Ethereum.

Michael Saylor Prediction on Ethereum ETF Failed

That Michael Saylor is a Bitcoin maxi is not news. He took this narrative to a new level at the firm’s “Bitcoin For Corporations” earlier this month. In his speech at the event, Saylor did not only eulogize Bitcoin, he stated categorically that Ethereum is a Security.

In his words, he said anything down below the Bitcoin stack is a security. Also he said “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 Street nor institutional investors. Bitcoin is the one universally accepted institutional grade crypto asset. There won’t be another one.”

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

Despite the counter from personalities like Charles Hoskinson, Cardano Founder, a dramatic turnaround by the United States Securities and Exchange Commission (SEC) saw the spot Ethereum ETF product approved on May 23. The approval marks a major unreliability of the personal opinion of leaders in the crypto ecosystem including Michael Saylor.

Crypto X has been thrown into debate on whether the MicroStrategy Founder should be criticized for his stance at the time. It is worth noting that the change in stance by the SEC remains unexplainable even by Ethereum proponents.

Many has attributed the approval to a political intervention, one that is now proving beneficial.

Is Ethereum a Security?

The approval of spot Ethereum ETF by the SEC is undoubtedly a validation for the digital currency. However, the conversations around the potential security status of Ethereum remain unanswered by the regulator or its Chairman Gary Gensler.

In different instances and insinuations, Ethereum alongside other altcoins have been tagged investment contracts. While Ethereum is now in the clear with spot ETF product, other tokens may also find a basis to mount any necessary defense incase the SEC comes calling.

While Michael Saylor remains the core subject for now, firms like Uniswap and Robinhood might have precedent to hang onto should the SEC bring lawsuits after its recently issued Wells Notice to the firms.

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