As in every criticism made by the crypto community towards Cardano, its founder, Charles Hoskinson, came to its defense. This time, he defended ADA from Michael Saylor, CEO of MicroStrategy.
MicroStrategy’s executive president believes that Bitcoin “will be the only institutional asset in the world” and that there will be no other, which he described as “securities.”
Charles Hoskinson Refutes Saylor’s Claims
Michael Saylor opined that BNB, Solana, Cardano, and Ripple will never have spot exchange-traded funds and that large Wall Street banks will never accept them. He even bet that these altcoins will be classified as “securities” by this summer.
“When Ethereum [ETF] is not approved sometime this summer, it will be very clear to everyone that Ethereum is considered a security, not a commodity, after that, BNB, Solana, Ripple and Cardano will be considered securities this summer. They will never be wrapped up in a spot ETF. None of them will be accepted by Wall Street. Bitcoin is the only institutional asset,” Saylor said.
As a result, Charles Hoskinson criticized the stance of MicroStrategy’s CEO. He suggested Saylor is a traditional “Bitcoin maxi” who views all cryptocurrencies besides Bitcoin as scams.
“Bitcoiners: ‘Why is Charles attacking Bitcoin? Altcoiners are so Toxic.’ Bitcoin Maxis: ‘Literally everything but Bitcoin is illegal and a scam,’” Hoskinson wrote.
Read more: How To Buy Cardano (ADA) and Everything You Need To Know
Kadan Stadelmann, CTO at Komodo, agreed with Hoskinson’s stance. He told BeInCrypto that Saylor’s Bitcoin maximalism does shine through most when he notes that most other cryptos are essentially securities. Especially because it is “really easy” to create securities but very difficult to create a commodity, which Satoshi Nakamoto did in Bitcoin.
Moreover, Stadelmann added that nobody knows what the future holds. But it is important to recognize that major companies like BlackRock and FIdelity have done due diligence and applied to roll out spot Ethereum ETFs to the market. If the SEC rejects these applications, the companies could sue the regulatory agency because similar products in the futures markets have been approved.
“Bitcoin is far more established than altcoins. Big companies have conducted a thorough review of Bitcoin – not other crypto assets – and it took them a very long time to do so. However, many people have not heard about Cardno or Ripple, and many know nothing about Ethereum. The unclear regulatory guidelines – due to US Congress’ failure to act – makes the future of Ethereum and other altcoins ETFs uncertain. Without a clear framework an entire industry has been left waiting for clarity,” Stadelmann told BeInCrypto.
It is worth noting that Cardano is on the US Securities and Exchange Commission (SEC) list of securities, along with tokens such as Solana, Polygon, Cosmos, Sandbox, Decentraland, and Algorand, among others.
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