MicroStrategy founder: Ethereum spot ETF approval may be more beneficial to Bitcoin

In an interview with What Bitcoin Did, Michael Saylor, founder of MicroStrategy, was asked, “Is an Ethereum spot ETF a good or bad thing for Bitcoin?” Saylor responded, “Yes, I think it’s good for Bitcoin, in fact, I think it’s probably better for Bitcoin because I think Bitcoin will be more powerful politically with the support of the entire crypto industry.” Saylor believes that the approval of an Ethereum spot ETF adds “another line of defense” for Bitcoin. Saylor reiterated that this will “accelerate institutional adoption” because previously cautious investors will now recognize cryptocurrencies as a legitimate asset class. Furthermore, Saylor explained that investors will allocate funds between various crypto assets, but Bitcoin will still receive the majority of the allocation funds as the “leader” of cryptocurrencies. He claimed: “I think mainstream investors will say, oh, now there is a crypto asset class, maybe we will allocate 5% or 10% of our funds to the crypto asset class, but Bitcoin will account for 60% or 70% of it.” (Cointelegraph)