Will Ethereum be dubbed by Wall Street with an ETF? Michael Saylor says no. There will be no Ethereum ETF in the United States.
ETF – Bitcoin vs Ethereum
Michael Saylor, executive chairman and co-founder of MicroStrategy, says the SEC will classify Ethereum as “security” this summer and reject ETF applications filed by various asset managers, including BlackRock.
Mr. Saylor made the prediction during his conference presentation MicroStrategy World 2024.
“Bitcoin is the best digital asset. For what ? Because it is increasingly clear that no other will be accepted at the institutional level during this decade. Bitcoin is the only crypto that will succeed.
This is what the creation of Bitcoin ETFs in January signals to us. By the end of May, everyone will realize that there will be no Ethereum ETF. Once rebuffed, we will know that Ethereum is a 'security' and not a 'commodity' [comme l’or, le cuivre, le maïs, etc]. »
For the billionaire, cryptos that do not work with a consensus system based on Proof of Work are “securities”.
“Ethereum, BNB, Solana, Ripple, Cardano and everything else are just digital assets not registered with the SEC. None will benefit from an ETF. Wall Street and large institutional investors won't want it.
Bitcoin is the only digital asset universally accepted and designed for institutional investors. There won't be another one this decade. I can't predict what will happen in 20 years. But between 2024 and 2030, the die is cast, bitcoin has won, there is no second best.”
Despite the validation of an Ethereum ETF in Hong Kong last week, expectations have collapsed in recent weeks regarding the United States. Polymarket estimates the probability of an Ethereum ETF being approved at just 11%.
The deadline is May 23. According to Mr. Saylor, the ETF proposed by VanEck will be rejected. The SEC will likely rule on the other ETF applications at the same time.
Note that the blockchain development company Consensys intends to wage a legal battle with the SEC to force it to recognize Ethereum as a “commodity”.
It will be difficult. Only bitcoin is an “asset without an issuer”. Satoshi Nakamoto gave bitcoin to the world before disappearing. The simple fact that Consensys (a firm owned by Joseph Lubin, one of the founders of Ethereum) wants to start a legal battle is enough to disqualify it.
Don’t miss our article: Bitcoin – Saylor dots the i’s.
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