MicroStrategy founder Michael Saylor has shifted his perspective on spot Ether exchange-traded funds (ETFs). He now believes that the recent approval of these ETFs by U.S. regulators is positive news for Bitcoin.
Positive Impact on Bitcoin
Saylor shared his views on the May 25 episode of the “What Bitcoin Did” podcast with host Peter McCormack. “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 we are politically much more powerful, supported by the entire crypto industry,” Saylor stated. He explained that the approval of spot Ether ETFs by the U.S. Securities and Exchange Commission (SEC) on May 23 provides “another line of defense for Bitcoin.”
Accelerating Institutional Adoption
Saylor emphasized that the approval of spot Ether ETFs will “accelerate institutional adoption.” He believes that previously hesitant investors will now see cryptocurrency as a legitimate asset class. While capital will be distributed across various crypto assets, Saylor maintains that Bitcoin will still receive the majority of allocated capital, given its status as the “leader” of cryptocurrencies. “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 claimed.
Also Read: SEC Approves Spot Ether ETF, Marking a Major Milestone for Crypto Industry
Shift in Opinion
Saylor acknowledged his changed stance on spot Ether ETFs. He had previously believed there was little chance of SEC approval. “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 explained.
Future Predictions
Saylor predicted that the SEC would classify Ether (ETH) as a security, followed by other cryptocurrencies like BNB, Solana, and Cardano being 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,” Saylor stated.
