Crypto: Expert Declares Ethereum ETF as Useless

Samson Mow, ardent advocate for bitcoin, has never minced words regarding Ethereum crypto and altcoins in general. To him, bitcoin is the only true digital currency worthy of the name. Recently, he took to his X (formerly Twitter) to criticize the newly approved Ethereum spot ETFs, branding them as “s-coins” and highlighting their uselessness for the bitcoin ecosystem.

A Clear Opposition to Michael Saylor

On X, Mow stated that “shitcoins,” a term used by bitcoin maximalists to refer to altcoins, bring no benefit to bitcoin. According to Mow, the Ethereum ETF spot has no real demand, and bitcoin supporters will not change their minds because of this new development.

Mow’s position on the Ethereum ETF starkly contrasts with that of Michael Saylor, founder of MicroStrategy. Saylor, a major bitcoin evangelist, sees the approval of the Ethereum ETF as a positive sign for the leading crypto. To him, this decision by the SEC could attract more capital towards bitcoin by enhancing the credibility of all digital assets.

Saylor, whose company accumulates bitcoins to register them on its balance sheet, firmly believes that the Ethereum ETF can benefit the broader cryptocurrency market.

However, Mow considers this vision to be flawed. He believes that the Ethereum ETF market is a trap for investors and serves only to dilute the attention and resources that should be devoted to bitcoin.

One Last Chance to Sell ETH Crypto

In a recent tweet, Mow stated that it was the “last chance for investors to sell ETH above 0.05 BTC.” This assertion reinforces his viewpoint that Ethereum, and by extension Ethereum ETFs, do not have a solid future. Mow emphasizes that bitcoin remains the only genuine option for serious investors.

Mow’s critique comes at a time when the cryptocurrency market is in a state of fervor. Recent significant flows into Bitcoin ETFs, with major players like BlackRock and Fidelity increasing their holdings, demonstrate growing confidence in bitcoin. Conversely, Ethereum and its derivatives seem to struggle to maintain their relevance in the face of this dominance.

Samson Mow’s statement on the uselessness of the Ethereum ETF is sparking intense debates within the cryptocurrency community. On one side, leaders like Michael Saylor see the Ethereum ETF as an opportunity to strengthen the entire digital asset market. On the other side, Mow and bitcoin maximalists remain skeptical, viewing these financial instruments as unnecessary distractions.

This divergence of opinions reflects the underlying tensions within the cryptocurrency community, where financial and ideological stakes are high. While bitcoin continues to dominate in terms of capitalization and adoption, the future of altcoins and associated ETFs remains uncertain.

Investors and observers will need to closely monitor these developments to understand how these dynamics will influence the overall cryptocurrency market in the coming years. The outcome of this debate could very well determine the next major market movements and investment strategies to be adopted.