Michael Saylor’s remarks implying that altcoins such as ADA, XRP, and ETH would never see spot ETFs stirred a response from Charles Hoskinson, the founder of IOG and the Cardano blockchain. Saylor’s comments echo the prevalent stance among Bitcoin maximalists, who frequently dismiss all other cryptocurrencies as unregistered securities.
Bitcoin supporter Michael Saylor’s recent remarks about alternative cryptocurrencies have drawn a response from Cardano founder Charles Hoskinson. Saylor’s statement suggesting that altcoins won’t have spot ETFs has been met with irony and criticism from the cryptocurrency community.
Saylor Remarks: ADA, XRP, ETH Won’t Get ETFs
Michael Saylor, the founder and chairman of MicroStrategy, delivered a bold prediction during the recent Bitcoin for Corporations 2024 event. He anticipates that Ethereum will face classification as a security, rather than a commodity, by the Securities and Exchange Commission (SEC) this summer. Additionally, Saylor suggested that other altcoins like BNB, Solana, XRP, and Cardano could meet the same fate, being labeled as unregistered securities by the SEC. These remarks indicate Saylor’s belief that Wall Street firms will never consider these altcoins, thereby excluding them from having spot ETFs.
Saylor’s assertions align with the views of many Bitcoin maximalists, who assert Bitcoin’s superiority as the sole legitimate cryptocurrency while viewing others as centralized unregistered securities.
Cardano Founder Responds to Saylor’s Remarks
Charles Hoskinson, the creator of Cardano, responded to Michael Saylor’s comments with a hint of dark irony. He quoted Saylor’s tweet and commented on the accusations he often faces from Bitcoin maximalists who claim that he is constantly attacking Bitcoin. Hoskinson’s response highlighted the hypocrisy of Bitcoin maximalists who label all other cryptocurrencies as scams while accusing others of toxicity.
This exchange underscores the ongoing debate within the crypto community about the legitimacy and future of altcoins.
In Summary
In the crypto community, there’s an ongoing debate between Bitcoin maximalists, who think Bitcoin is the only real cryptocurrency, and supporters of altcoins, like Charles Hoskinson. While Michael Saylor insists Bitcoin is the best, Hoskinson and others believe altcoins have potential too. As crypto evolves, these differing opinions will keep shaping the industry.
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