“Laser-eye” gang is having to eat their words after the ETH ETF approval, but still say ETH will never rival BTC.<\/p>\n
Ethereum holders were on the edge of their seats, waiting for a price surge after the U.S. Securities and Exchange Commission (SEC) approved <\/a>the Ethereum spot ETF filing Form 19b-4.<\/p>\n But the huge gains they had hoped for didn’t come through, leading to a clash of perspectives between Ethereum loyalists and Bitcoin \u2018maxis\u2019.<\/p>\n For Ethereum enthusiasts, like Dhee.ETH<\/a>, the price of Ethereum is not fully reflective of its true value.<\/p>\n “It takes time to reflect on the price. Even for Bitcoin, the ETF was approved in January, but the all-time high happened in March,” Dhee.ETH, an Ethereum educator, told The Defiant. \u201cMarket reacts by buying on rumors and selling on news.\u201d<\/p>\n Some Bitcoin maxis don\u2019t agree.<\/p>\n Bitcoin maximalists are a subgroup of the broader Bitcoin ecosystem that believes Bitcoin is the one and only true crypto asset. They adhere to a Bitcoin-only future, labeling any other token that isn\u2019t BTC a scam.<\/p>\n The laser-eyes, as they are dubbed since they sport laser eyes on most of their Twitter profile pictures, thought that Bitcoin would be the only commodity considered as such by U.S. regulators. <\/p>\n But when securities regulators approved the Ethereum ETF, legal experts saw that as an indication regulators also classify ETH as a commodity.<\/p>\n On May 23, the SEC gave the green light for eight spot Ether ETF applications to be listed on exchanges. Interestingly, Ether fell <\/a>by 3% just before the news broke. At the time of writing, Ethereum is trading at $3,963.<\/p>\n Maxis are now flipping their narrative, adjusting for current events.<\/p>\n \u201cBitcoin will still win regardless against lesser assets like Ethereum because Bitcoin has compelling utility and a focused narrative as hard freedom money & store of monetary value,\u201d said Terrence Yang, Managing Director at Swan Bitcoin. \u201cEthereum\u2019s potential is tiny compared to Bitcoin just like other MLM plays like Herbalife\u2013a known ponzi scheme\u2013is tiny compared to AI or the internet.\u201d<\/p>\n Yang isn\u2019t alone in his view either.<\/p>\n Bitcoin educator Kashif Raza,<\/a> founder of Bitinning, told The Defiant that institutions might find Ethereum less attractive compared to Bitcoin due to its unlimited supply. He estimated that Ethereum might only attract 15 to 20% of the investment that Bitcoin receives, both in the short and long term.<\/p>\n “It’s akin to asking an institution whether they would prefer to invest in a gold ETF or a silver ETF,” Raza said. “Bitcoin\u2019s store of value will likely attract more investment.”<\/p>\n Bitcoiners have been saying that \u201ctheir\u201d asset will win thanks to the regulatory front for years.<\/p>\n On May 2, Michael Saylor, CEO of MicroStrategy and a well-known Bitcoin bull, took a harsh stance<\/a> regarding a potential ETH ETF at the MicroStrategy World 2024 conference. He predicted that the SEC will classify Ethereum as a security \u201cand not a commodity,\u201d a view that has been long peddled by bitcoiners.<\/p>\n He added that the SEC will reject related spot ETF applications, including those from asset managers like BlackRock.<\/p>\n One bitcoiner that takes a nuanced, yet favorable to Bitcoin, view is Dennis Porter.<\/p>\n The CEO and Co-founder of the Satoshi Action Fund, a non-profit that advocates for good policy regarding Bitcoin mining, told The Defiant that even though he considers that Bitcoin has a \u201cbetter value proposition\u201d than Ethereum, the approval is good for the industry.<\/p>\n \u201cNot only is the broader space scoring points,\u201d he said, but \u201cwe see Gary Gensler’s SEC losing battle-after-battle and Liz Warren’s anti-crypto army crumbling.\u201d<\/p>\n Saylor walked back his earlier statements and echoed Porter\u2019s view when he appeared on the May 25 episode of the “What Bitcoin Did” podcast with Peter McCormack.<\/p>\n \u201cI think it may be better for Bitcoin because I think that we are politically much more powerful supported by the entire crypto industry,\u201d Saylor said.<\/p>\n The political battle, with Ethereum\u2019s installation in Wall Street, is sending positive vibes throughout the industry.<\/p>\n Ethereum has been slow to catch up to its all-time high, a feat that Bitcoin\u2013and many other tokens\u2013have already achieved.<\/p>\n But with the new ETF approval, investors are betting<\/a> the network\u2019s multiple use-cases will take it there and beyond.<\/p>\nOnly Crypto Commodity<\/h2>\n
Winning By Regulation<\/strong><\/h2>\n
Demise of Anti-Crypto Army is Good For All<\/strong><\/h2>\n
ETH \u2018Wildly Undervalued\u2019<\/strong><\/h2>\n