Coin Edition -
- Michael Saylor views the SEC’s approval of Ethereum ETFs as advantageous for Bitcoin’s political strength and industry support.
- Saylor anticipates the move will hasten institutional adoption, with Bitcoin dominating the crypto allocation.
- The crypto community is abuzz with Saylor’s unexpected positive shift on Ethereum ETFs.
Michael Saylor, the chairman of MicroStrategy, has expressed a positive outlook about the U.S. SEC’s approval of Ethereum spot ETFs, suggesting that it could be even more beneficial for Bitcoin.
Saylor expressed this view during an episode of the “What Bitcoin Did” podcast on May 25. He discussed with host Peter McCormack the implications of the SEC’s decision to approve eight Ethereum spot ETFs on May 23.
Saylor, who had previously held reservations about the likelihood of SEC approval for Ethereum ETFs, has now shifted his stance. He sees the development as a potential catalyst that could bolster the entire crypto industry, including Bitcoin. In his words:
Yeah, I think it’s good for Bitcoin. In fact, it may be better for Bitcoin because we are politically much more powerful [when] supported by the entire crypto industry.
Furthermore, the MicroStrategy founder explained that the approval of Ethereum spot ETFs serves as an additional layer of defense for Bitcoin. He expects this development to speed up institutional adoption, as previously cautious investors may now recognize cryptocurrencies as a legitimate asset class.
Saylor predicts that mainstream investors will allocate a portion of their portfolios to crypto, with Bitcoin receiving the majority share. He suggests that while investors might allocate 5% or 10% of their portfolio to the crypto asset class, Bitcoin will constitute 60% to 70% of that allocation.
Notably, Saylor’s previous stance was that Ethereum and other tokens like BNB, Solana, XRP, and Cardano would not receive the same treatment as Bitcoin. As a result, his change of heart has not gone unnoticed by the crypto community. Comments from industry figures like Joe Carlasare and Ricky Bobbyy reflect the surprise at Saylor’s “serious 180” degrees change, pondering whether he might start investing in ETH.
The post BTC Maxi Michael Saylor Says Ethereum ETF Approval “Is Good for” Bitcoin appeared first on Coin Edition.