MicroStrategy co-founder Michael Saylor, a notable figure in the crypto world, has stirred controversy with his recent comments at the Bitcoin for Corporations 2024 event. Saylor’s predictions about the regulatory fate of major altcoins like Ethereum (ETH), XRP, BNB, Cardano (ADA), and Solana (SOL) have left many in the community angry.
What did he say that was so controversial? Dive right in.
During his speech on the 1st and 2nd of May, Saylor made some bold claims. He suggested that top cryptocurrencies such as XRP, BNB, ADA, and SOL could face scrutiny from regulators, particularly the SEC. Saylor even went as far as to suggest that Ethereum and other big tokens might be labeled as securities, making it difficult for them to gain acceptance from large investors.
Saylor’s assertion that these altcoins may never gain acceptance from mainstream institutional investors or be used as collateral in traditional financial markets has sparked outrage within the crypto community.
“None of them will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets,”
Throughout his talk, Saylor expressed strong belief in Bitcoin as the top choice for institutional investments. He argued that Bitcoin’s widespread acceptance makes it the only viable option for institutional portfolios, dismissing the idea of any other cryptocurrency competing for that position.
Saylor’s remarks drew swift pushback.
XRP lawyer Bill Morgan challenged Saylor’s views, particularly regarding XRP’s classification as a security. Morgan defended XRP, citing a previous legal ruling that deemed XRP itself not a security.
“If he is so ignorant that he is confusing Ripple the company with XRP the token and thinks that XRP will be deemed a security (by whomever) when a judge already found XRP itself is not a security why trust what he says about Bitcoin? He is more hostile to the wider crypto ecosystem than Gary Gensler.”
Bill Morgan
Charles Hoskinson, the creator of Cardano, also criticized Saylor’s comments. He highlighted the recurring criticism from Bitcoin maximalists, who often dismiss alternative cryptocurrencies as illegitimate or scams.
“‘Bitcoiners: ‘Why is Charles attacking Bitcoin? Altcoiners are so toxic.’ Bitcoin Maxi’s: ‘Literally everything but Bitcoin is illegal and a scam.’”
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