Michael Saylor's Bitcoin-Only Prophecy Not Aging Well As Wall Street Embraces $27 Billion In Ethereum ETFs, Buzz Builds Around XRP And Even Dogecoin

Michael Saylor may now seem comfortable with the rise and adoption of the broader crypto ecosystem, but just over a year ago, he was every bit the staunch Bitcoin BTC/USD maximalist.

At the time, he dismissed the likes of Ethereum ETH/USD, Solana SOL/USD and XRP XRP/USD, predicting that Wall Street would never accept anything beyond Bitcoin.

Saylor’s Sweeping Prediction About Other Cryptos

During the MicroStrategy World: Bitcoin for Corporations event in May 2024, Saylor said that no other token is going to achieve institutional acceptance this decade.

"You could see the writing on the wall when the spot ETF of Bitcoin was approved in January. By the end of May, you’ll know that Ethereum is not going to be approved," the Strategy Inc. MSTR co-founder stated.

He predicted that Ethereum, along with Solana, XRP, and other altcoins, would eventually be deemed as securities.

"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," Saylor made a sweeping statement.

Institutions Embraced ETH, Other Altcoins

However, Saylor was proven remarkably wrong.

Not only were spot Ethereum ETFs approved by the SEC later that month, but the momentum for similar investment products tied to other altcoins also accelerated, boosted by the arrival of a pro-cryptocurrency administration under President Donald Trump.

Since listing, the nine ETH ETFs have together attracted $12.84 billion in net inflows and $27.73 billion in total assets, according to data from SoSo Value.

Moreover, several spot ETF applications centered around Solana, XRP and even Dogecoin DOGE/USD have been filed with the SEC. Big-ticket financial names, such as Grayscale, 21Shares and Fidelity, have thrown their hat in the ring.

Additionally, the cryptocurrency treasury play popularized by Saylor’s firm has quickly spread to other coins. According to CoinGecko, more than $15 billion in ETH has been purchased by companies for their corporate treasuries, while SOL-focused firms have invested nearly $1.4 billion.

With things changing quickly around him, Saylor has taken a more accommodating view. During an interview last month, he said that the growing treasury interest in ETH and other cryptocurrencies is “good for everybody” in the digital asset space.

Price Action: At the time of writing, BTC was exchanging hands at $116,000, up 1.84% in the last 24 hours, according to data from Benzinga Pro.

Strategy shares were up 0.87% in after-hours trading after closing down 0.13% at $326.02 during Thursday’s regular trading session. Year-to-date, the stock has gained 12.57%.

As of this writing, the stock demonstrated a very high Momentum score. Visit Benzinga Edge Stock Rankings to see how it compares with Bitmine Immersion Technologies Inc. BMNR, the largest ETH treasury company.