Michael Saylor, a well-known Bitcoin advocate and Executive Chairman of MicroStrategy, has recently raised significant concerns about Ethereum. In a video address at the Blockchain Economy Summit, he expressed skepticism about both the technical reliability and ethical soundness of the Ethereum network, stating that he will not consider investing in Ether until its development is fully completed.
Saylor emphasized that Ethereum's ongoing changes and hard forks introduce new risks and uncertainties. He argued that without a stable protocol, it is difficult to assess Ethereum’s long-term security and viability.
Concerns Over Ethereum’s Technical Reliability
According to Michael Saylor, one of the major issues with Ethereum is that the core protocol is still undergoing significant modifications. He pointed out that frequent large-scale upgrades—while intended to improve the network—also introduce potential vulnerabilities.
Each hard fork or major update can open new attack surfaces, making the network unpredictable from a security standpoint. For investors, this represents a substantial technical risk, as the ecosystem lacks a proven track record of stability over a 5 to 10-year period.
Saylor noted that without a finalized protocol, it is nearly impossible to evaluate Ethereum’s true resilience. This continuous state of development prevents Ethereum from being regarded as a mature and reliable technology.
Questions About Ethical Soundness and Decentralization
Beyond technical aspects, Saylor also cast doubt on what he termed the “ethical健全性” of Ethereum. He argued that true ethical integrity in a blockchain means that no single entity—not even Ethereum co-founder Vitalik Buterin—should have the power to alter the protocol unilaterally.
He stated:
For a network to be ethical, it must be immutable. That means no one, including Vitalik Buterin or the Ethereum Foundation, should be able to change the protocol. If that’s not the case, then Ethereum operates more like a security—and it can never become a global currency.
This level of centralization, in Saylor’s view, disqualifies Ethereum from being considered a truly decentralized and trustless system.
Ethereum’s Development Timeline and Investment Risks
Vitalik Buterin recently mentioned that Ethereum is approximately 40% through its development journey, with a detailed roadmap spanning the next three to four years. While this indicates progress, Saylor interprets it as a sign that Ethereum won’t reach a finalized state for at least another 36 months.
He explained:
As an investor, I want to know when the development will be complete. I want to see technical maturity... I don’t think I will invest in Ether until the development team stops making changes to the protocol.
This perspective underscores Saylor’s preference for Bitcoin, which he views as a finished and secure monetary protocol, compared to Ethereum, which remains a work in progress.
Frequently Asked Questions
Why does Michael Saylor believe Ethereum is like a security?
Saylor argues that if a core group of people—such as the Ethereum Foundation—can influence or change the protocol, then the asset behaves like a security rather than a decentralized currency.
What does Ethereum need to do for Saylor to consider investing?
He wants Ethereum’s development to be fully complete, with no further major changes or hard forks planned, ensuring technical and ethical stability.
How does Bitcoin differ from Ethereum in Saylor’s view?
He sees Bitcoin as a finished product with a fixed protocol and no central authority, while Ethereum is still evolving and influenced by developers.
Is Ethereum’s ongoing development a bad thing?
Not necessarily—for some, it signals innovation. But for conservative investors like Saylor, it means unpredictability and risk.
What is the significance of protocol immutability?
Immutability ensures that no one can alter the rules of the network, which is essential for decentralization, security, and trust.
Where can I learn more about blockchain investment strategies?
👉 Explore reliable crypto investment guides
While innovation continues to thrive within the Ethereum ecosystem, voices like Michael Saylor’s highlight the importance of protocol maturity and decentralization for long-term investment confidence. Until then, he remains steadfast in his Bitcoin-only stance.