Spot Ethereum ETF approval adds “another line of defense for Bitcoin.” according to Michael Saylor, founder of MicroStrategy.
Michael Saylor, the inventor of MicroStrategy, has shifted his position on spot Ether (ETH) exchange-traded funds (ETFs), contending that Bitcoin will only enjoy the US regulator’s recent approval.
“Is this good for Bitcoin or not? Yeah, I think it’s good for Bitcoin, in fact, I think it may be better for Bitcoin because I think that we are politically much more powerful and supported by the entire crypto industry,” Saylor revealed to Bitcoin podcaster Peter McCormack on the What Bitcoin Did episode that aired on May 25.
“They serve as another line of defense for Bitcoin,” he made this statement in response to the May 23 announcement that the U.S. Securities and Exchange Commission has approved the listing of eight spot Ether ETFs on their respective exchanges.
Saylor restated that this will” accelerate institutional adoption,”. It means that investors who were before hesitant will now acknowledge crypto as a real asset class. Saylor went on to clarify that while capital will be distributed among the other crypto assets, Bitcoin will still receive the major share of capital allocations since it is “the leader” among crypto.
“I think mainstream investors will say oh there is a crypto asset class now, maybe we’ll allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% or 70% of that,” he stated.
He said that, having before believed that there was no prospect of SEC clearance, his view on spot Ether ETFs has changed.
“Two weeks before, the world looked like Bitcoin was going to be the only asset securitized and offered as a spot ETF by the Wall Street establishment and it was going to spread as the one legitimate crypto asset,” he added.
On May 3, Cointelegraph reported that Saylor predicted the SEC would classify ETH as a security. He aslo believes BNB, SOALAN, XRP, and Cardano will be viewed similarly.
“None of [these tokens] will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets,” stated Saylor.
His shift in perspective on What Bitcoin Did was not lost on the larger crypto world.
Bitcoin commercial litigator Carlsare posted on May 25th, X, stating that he was “changing his tune a bit.”
“Is the next step Saylor buying ETH? That’s a serious 180,” said Ricky Bobyy, who is a crypto analyst.
