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New Best? Laser-eyed Bitcoiners have long-maintained that their chosen asset is the only cryptocurrency institutions will be willing to purchase. With spot ETH ETFs on the horizon, will TradFi soon find a superior alternative?
Bitcoin’s High Priest of HODLing, MicroStrategy founder Michael Saylor, had previously repudiated Ethereum on grounds that the Securities and Exchange Commission (SEC) would declare it – and by extension all non-BTC tokens – as crypto asset securities.
Unfortunately for Saylor, impending approval of spot ETH ETFs opens the door for future spot ETF listings on any crypto asset that meet the murky definition of a commodity, eliminating BTC’s monopoly on TradFi access and forcing it to compete amongst other crypto assets in the free market for capital.
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