Author: Ciaran Lyons, CoinTelegraph; Compiler: Deng Tong, Golden Finance
MicroStrategy founder Michael Saylor has changed his tune on spot Ethereum exchange-traded funds (ETFs), arguing that the recent endorsement from U.S. regulators is also good news for Bitcoin.
"Is this good for Bitcoin? Yes, I think it is good for Bitcoin, in fact, I think it is probably better for Bitcoin because I think we are politically stronger with the support of the entire crypto industry," Saylor told Bitcoin podcaster Peter McCormack on his show on May 25.
"They are another line of defense for Bitcoin," he said. Previously, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs to be listed on their respective exchanges on May 23.
Saylor reiterated that this will “accelerate institutional adoption” as previously cautious investors will now recognize crypto as a legitimate asset class. Furthermore, Saylor explained that they will allocate capital across a variety of crypto assets, but Bitcoin will still receive the majority of allocated capital as the “leader” of crypto.
“I think mainstream investors will say, oh, now there’s a crypto asset class, maybe we’ll allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% or 70% of that,” he claimed.
Michael Saylor speaks with host Peter McCormack on the What Bitcoin Did podcast. Source: YouTube/What Bitcoin Did
Saylor admitted that his opinion on a spot Ethereum ETF has changed as he was previously under the impression that the chances of the SEC approving an Ethereum spot ETF were slim.
“Two weeks ago, it looked like Bitcoin was going to be the only asset to be securitized by a Wall Street institution and offered as a spot ETF, and that it would spread as a legitimate crypto asset,” he explained.
On May 3, CoinMarketCap reported that Saylor predicted the SEC would classify ETH as a security, followed by BNB, Solana, XRP, and Cardano.
“None of these tokens will be covered by a spot ETF, accepted by Wall Street, or accepted as a crypto asset by mainstream institutional investors,” Saylor said.
Saylor’s change of tone on What Bitcoin Did Did not go unnoticed by the wider crypto community.
“Slightly changing the tune,” Bitcoin business litigator Joe Carlasare wrote in a May 25 post.
“Is Saylor’s next step to buy ETH? That would be a 180-degree turn,” added cryptocurrency analyst Ricky Bobbyy.
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