The debate between Bitcoin and Ethereum has long been a focal point in the cryptocurrency world. One of the most vocal Bitcoin advocates, Michael Saylor — executive chairman of MicroStrategy and a leading institutional proponent of Bitcoin — recently doubled down on his skepticism toward Ethereum. In a keynote address at the Blockchain Economy Summit, Saylor laid out his concerns about Ethereum’s technical evolution, long-term stability, and ethical foundation.
His stance? He will not invest in Ether (ETH) until Ethereum’s development is fully complete and the protocol becomes immutable.
Technical Reliability: A Work in Progress
Saylor’s primary concern centers around what he calls technical reliability. For a digital asset to serve as a long-term store of value or global monetary standard, its underlying protocol must be stable, predictable, and resistant to change.
“To assess technical reliability, you need to see how the protocol functions over 5 to 10 years,” Saylor explained. “But Ethereum is still undergoing hard forks and constant upgrades. Every major update introduces new attack surfaces.”
This ongoing development cycle, while seen by many as a sign of innovation, is viewed by Saylor as a source of risk. Unlike Bitcoin, which prioritizes network stability and minimal changes, Ethereum continues to evolve through significant upgrades — such as the transition from Proof-of-Work to Proof-of-Stake and future plans for sharding and rollups.
For investors seeking predictability, this constant flux raises questions about long-term security and trustlessness.
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Ethical Integrity: Who Controls Ethereum?
Beyond technical concerns, Saylor raised an even more fundamental issue: the ethical robustness of Ethereum’s governance model.
He questioned whether Ethereum can truly be considered decentralized if key figures like Vitalik Buterin or the Ethereum Foundation retain influence over protocol changes.
“For something to be ethical, I need to know that no one can change it — not Vitalik Buterin, not the Ethereum Foundation. If they can alter the rules, then ETH is effectively a security, not a currency.”
This argument echoes longstanding debates about regulatory classification. If a project’s value depends on the ongoing efforts of a central team or identifiable entity, regulators like the U.S. SEC may classify its token as a security — subjecting it to stricter financial oversight.
Saylor believes that until Ethereum reaches a state where no single party can influence its direction, it cannot function as a neutral, global money layer.
Development Timeline: 40% Complete, 36 Months to Go
Vitalik Buterin recently stated that Ethereum’s development roadmap is approximately 40% complete, with an estimated timeline of 3 to 4 years for full implementation. While this signals progress, Saylor interprets it differently.
“That means Ethereum won’t be finished — or stable — for at least another three years,” he said. “As an investor, I want to see when the development ends. I want to see technological finality.”
This concept of finality is crucial. Saylor compares Bitcoin to a finished masterpiece — a protocol that has remained largely unchanged for over a decade, allowing confidence to accumulate across institutions and markets.
Ethereum, in contrast, remains under active construction. For risk-averse investors focused on capital preservation, this uncertainty can be a dealbreaker.
Bitcoin vs. Ethereum: Divergent Philosophies
At the heart of this debate lies a philosophical divide:
- Bitcoin is designed to be digital gold — scarce, durable, and unchanging.
- Ethereum aims to be programmable money — flexible, upgradable, and adaptable.
Saylor aligns firmly with the former. His company, MicroStrategy, holds over 200,000 BTC on its balance sheet — a bold bet on Bitcoin as the ultimate store of value.
He sees Ethereum’s upgradability not as strength, but as fragility. Each hard fork opens the door to coordination risks, community splits, and potential exploits.
“I don’t want my money sitting on a network that might change its rules next year,” Saylor emphasized. “I want code that’s set in stone.”
FAQ: Addressing Common Questions
Q: Is Michael Saylor completely against Ethereum technology?
A: Not exactly. Saylor’s criticism is focused on investment suitability and monetary policy, not technical capability. He acknowledges Ethereum’s innovations in smart contracts and decentralized applications but argues these features don’t make ETH a reliable long-term asset.
Q: Could ETH ever become “immutable” enough for Saylor to invest?
A: Theoretically, yes — if Ethereum reaches a point where no further upgrades are planned and governance becomes fully decentralized. However, given the project’s ethos of continuous improvement, this scenario seems unlikely in the near term.
Q: Does Saylor believe all altcoins are flawed?
A: His strongest critiques are reserved for projects that he views as securities or centrally controlled. He has previously dismissed most altcoins as speculative or redundant, reinforcing his belief that Bitcoin stands alone as sound digital money.
Q: What does “development complete” mean for a blockchain?
A: It means the core protocol no longer undergoes structural changes. Consensus rules are fixed, security models are battle-tested, and upgrades (if any) are backward-compatible and non-disruptive — similar to how internet protocols like TCP/IP operate today.
Q: Can Ethereum still succeed even if Saylor won’t invest?
A: Absolutely. Institutional adoption doesn’t hinge on any single voice. Many financial firms and developers continue to build on Ethereum, drawn by its ecosystem and scalability roadmap. Saylor’s view represents one perspective in a diverse market.
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Final Thoughts: Stability Over Innovation?
Michael Saylor’s position highlights a growing tension in the crypto space: the trade-off between innovation and stability.
While many praise Ethereum for its rapid development and adaptability, others like Saylor warn that constant change undermines trust — especially for those treating crypto as a long-term financial foundation.
His message is clear: until Ethereum stops changing, it won’t earn his investment.
Whether you agree or disagree, his perspective challenges us to ask deeper questions about what we want from money in the digital age — and what kind of systems we can truly rely on for decades to come.
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