Michael Saylor, the founder of MicroStrategy, has experienced a significant shift in his perspective regarding the approval of Ether exchange-traded funds (ETFs). In a conversation with Peter McCormack on the “What Bitcoin Did” podcast, Saylor expressed his optimistic view that the approval of these ETFs could accelerate Bitcoin adoption. He believes that this development is not only good for Ether but also for Bitcoin, as the entire crypto industry is politically supported and more powerful than ever.
The US Securities and Exchange Commission (SEC) approved eight spot Ether ETFs on May 23, a decision that Saylor believes will strengthen the infrastructure supporting Bitcoin. He sees these ETFs as an additional line of defense for Bitcoin, adding a layer of legitimacy and protection within the traditional financial system.
Saylor also discussed the impact of this shift on institutional investors’ perception of cryptocurrencies. He speculates that while funds may be allocated to various cryptoassets, Bitcoin, as the leading cryptocurrency, will capture the majority of investments. Saylor predicts that mainstream investors will view cryptocurrencies as a legitimate asset class and allocate a portion of their investments to it, with Bitcoin comprising 60% to 70% of that allocation.
Previously, Saylor was skeptical about the approval of Ether spot ETFs by the SEC and believed that Bitcoin would be the only crypto asset legitimized through a spot ETF by Wall Street. However, the reality turned out differently, and Saylor now recognizes the potential of Ether ETFs to further boost the Bitcoin ecosystem.
Saylor’s new stance has sparked discussion within the cryptocurrency community, with figures like Joe Carlasare and analyst Ricky Bobbyy weighing in on the implications of this change in perspective. Bobbyy even questions whether Saylor’s next move will be to buy Ether, noting the significant shift in his views.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Ethereum (ETH) is targeting $4,000 as it approaches a key price breakout. The price of Ethereum has soared 20% amid expectations of ETF approval.
