March 31, 2023

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Michael Saylor – a Bitcoin bull as well as the CEO of MicroStrategy – stated that the obvious status of Ethereum (ETH) is that of security, doubling down on categorizing Bitcoin (BTC) being the single commodity within the sector of cryptocurrencies.

While appearing in an interview conducted on the behalf of Altcoin Daily, a question was asked from Saylor dealing with the categorization of both ETH and BTC by the Senators in the United States like Cynthia Lummis and Kirsten Gillibrand, along with the rest of the officials from the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

ETH Is A Security

A prolonged run down was provided by Saylor on what is considered by it as the core alterations existing between the networks of Ethereum and Bitcoin, as suggested by him that just the latter has remained unaltered during the previous years. As per him, Ethereum is labeled as a security as it was released on the behalf of an ICO (known as a management group) taking into account a hard fork as well as a difficulty bomb being pushed back frequently.

As argued by the CEO, the permanent requirement is there for a network (that is driven on the behalf of an entity of a group) to have software upgrades denoting an indicator categorizing ETH as security. The executive moved on to discuss the difficulty bomb (that has been delayed for a long) by which the whole industry of ETH mining will be murdered.

What Does Saylor Says About the Status of A Digital currency as a Commodity?

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Saylor mentioned that to categorize a digital asset as a commodity, there is a requirement for it to be supported on the behalf of a wholly decentralized protocol restricting everyone from modifying it even in the case of the demand for change into it. The general classification of the securities notes that they are financial tools that are tradable and fungible to be utilized to collect capital in both the private as well as the open markets.

While the definition of commodities places them as assets or products having a monetary use, silver, gold, as well as the rest of such assets are known as hard commodities, and tea, rice, or other such products are considered to be soft commodities. Saylor repeated that the position of Bitcoin is that of a commodity as Bitcoin’s fundamental structure is immune to any change which is much similar to the gold’s physical makeup.

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