As an institutional investor, Saylor said he would need to wait until the protocol is complete before making a decision on its value — but Ethereum may not be stable for three years.
Michael Saylor has criticized Ether and Bitcoin Cash — questioning whether both assets are economically, technically or ethically sound.
Speaking at the Blockchain Economy Istanbul Summit, MicroStrategy's CEO pointed to remarks from Ethereum co-founder Vitalik Buterin, who recently said the blockchain is about 40% done.
As an institutional investor, Saylor said he would need to wait until the protocol is complete before making a decision on its value — but Ethereum may not be complete or stable for three years.
And while Ethereum's monetary policy could change over the next three years, Saylor said Bitcoin's monetary policy has been decided for the next 1,000 years.
From a technical perspective, Saylor said he would need to see a finished protocol function for five to ten years without a hack taking place, adding:
"Every time you do a big upgrade you introduce new attack surfaces."
Crucially, he would want to see that no individual can change Ethereum's protocol — and investors need to be confident that the assets they held wouldn't be diluted.
Saylor explains he adopts this stance to many other assets — and that's why he doesn't hold the likes of Dogecoin or stocks in some major tech companies.
The entrepreneur saved his biggest attack for Bitcoin Cash, and claimed it was a "horrific mistake" to proceed with a hard fork that doubled block sizes because it diminishes mining incentives. Overall, he says the past five years have shown BCH is a "failure."