Spot Ethereum ETF Approval ‘Could Be Better For Bitcoin’ – Michael Saylor
MicroStrategy founder Michael Saylor has changed his tone on spot Ether (ETH) exchange-traded funds (ETFs), saying the latest nod from the US regulator is only good news for Bitcoin (BTC).
“Is this good for Bitcoin or not? Yes, I think it's good for Bitcoin, in fact, I think it might be better for Bitcoin because we're politically supported by the entire crypto industry,” Salor told Bitcoin podcaster Peter McCormack on his May 25th podcast.
Following the US Securities and Exchange Commission's (SEC) May 23 approval of Eight Points Ether ETFs to be listed on their respective exchanges, they will “serve as another line of defense for Bitcoin.”
Salor reiterated that this will “accelerate institutional adoption” as previously cautious investors now recognize crypto as a legitimate asset class. Saylor also stated that they allocate capital to various crypto assets, but Bitcoin still receives the majority of allocated capital as the “leading” cryptocurrency.
“I think mainstream investors will say, oh 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%,” he said.
Salor admits that his opinion on spot Ether ETFs has changed, considering there was little chance of SEC approval earlier.
“A couple of weeks ago, the world thought that Bitcoin was being hidden by the Wall Street establishment as a spot ETF and sold as a legitimate crypto-asset,” he explained.
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On May 3, Cointelegraph reported that Saylor predicted that the SEC would classify ETH as a security, followed by BNB (BNB), Solana (SOL), XRP (XRP) and Cardano (ADA).
“None [these tokens] It will never be wrapped by a spot ETF, none of which will be accepted by Wall Street, none of which will be accepted by mainstream institutional investors as crypto-assets,” Salor said.
Sayler's change of tone did not go unnoticed by the broader crypto community.
“Changing his tune a bit,” Bitcoin trading analyst Joe Carlassare posted in a May 25 X post.
“The next step is Saylor buying ETH? This is a serious 180,” added crypto analyst Ricky Bobby.
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