{"id":912147,"date":"2026-06-12T10:12:19","date_gmt":"2026-06-12T15:12:19","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/06\/12\/michael-saylor-says-confidence-in-ethereum-has-collapsed\/"},"modified":"2026-06-12T10:12:19","modified_gmt":"2026-06-12T15:12:19","slug":"michael-saylor-says-confidence-in-ethereum-has-collapsed","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/06\/12\/michael-saylor-says-confidence-in-ethereum-has-collapsed\/","title":{"rendered":"Michael Saylor Says Confidence in Ethereum Has Collapsed"},"content":{"rendered":"
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\"Saylor<\/figure>\n<\/div>\n
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Strategy chairman Michael Saylor<\/a> has once again questioned Ethereum\u2019s long-term position in the crypto market. According to him, growing competition from networks like Solana, BNB Chain, Sui, Hyperliquid, and various Layer-2 solutions is weakening Ethereum\u2019s value proposition.<\/p>\n

Saylor argues that the crypto market is becoming more utility-driven, meaning investors will eventually favor networks that deliver the most real-world use cases rather than relying on reputation alone.\u00a0<\/p>\n

Saylor Points to Rising Ethereum Competition\u00a0<\/strong><\/h2>\n

He says Ethereum is no longer operating in a market where it has a clear advantage. Competition from networks such as Solana, BNB Chain, Sui, Hyperliquid, and several Layer-2 solutions has intensified, forcing projects to compete more directly for users, liquidity, and developer activity.<\/p>\n

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\u201cConfidence in Ethereum has collapsed if you\u2019re paying attention. What you see in the rest of the crypto market is there\u2019s a competition between Ethereum, Solana, BNB. For a long time, Sui was the next Solana and then that collapsed and now there\u2019s Hyperliquid. And then there\u2019s competition at the layer 2\u2019s with Arbitrum and Base,\u201d he said.\u00a0<\/p>\n

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\"Add<\/a><\/p>\n<\/div>\n<\/blockquote>\n

According to Saylor, this growing competition has reduced the premium investors once assigned to many smart contract platforms. Rather than benefiting from scarcity or narrative-driven demand, these networks now have to prove their value through adoption and real-world utility.<\/p>\n

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\u201cAll of those things have stripped the monetary premium out of all those crypto tokens. I think they\u2019re not going to have a monetary premium. They\u2019re going to live or die based on utility, and they\u2019re all in a difficult competition,\u201d he said.<\/p>\n<\/blockquote>\n

He contrasted that situation with Bitcoin, which he says has strengthened its position over the past year as a digital monetary asset while other blockchain ecosystems compete for market share.<\/p>\n

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\u201cThe last 12 months have been really good for the position of Bitcoin as the dominant digital monetary network. They\u2019ve established Bitcoin as digital capital,\u201d he said.<\/p>\n<\/blockquote>\n

ETH Price Has Been Under Pressure<\/strong><\/h2>\n

The timing of Saylor\u2019s comments comes as Ethereum continues to underperform.<\/p>\n

ETH recently dropped<\/a> toward the $1,600 region after breaking below several major support levels. The asset is trading under its 50-day, 100-day, and 200-day moving averages, reflecting continued weakness. At one point, its Relative Strength Index (RSI) also slipped into oversold territory, highlighting the extent of the recent sell-off.<\/p>\n<\/div>\n

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