Bitcoin
Bitcoin Evangelist Saylor Warms Up to Ethereum
Alex Dovbnya
It looks like Bitcoin evangelist Michael Saylor likes Ethereum
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During a recent appearance on “What Bitcoin Did” podcastMicroStrategy co-founder Michael Saylor has spoken positively about Ethereum exchange-traded funds, predicting they will help accelerate institutional adoption.
Top investors may be willing to allocate a higher percentage of their portfolios (5% to 10%) rather than just 1% now that they view crypto as a broader asset class. Saylor is convinced that Bitcoin will account for up to 70% of this allocation as the leader of the crypto asset class.
“In fact, it might be better for Bitcoin because we are much more powerful politically… supported by the entire cryptocurrency industry… They obviously have a lot of political power, a lot of users and serve as another line of defense for Bitcoin,” he said.
In a stunning turn of events, several listing applications for 19b-4s filed by Ethereum ETF issuers were approved earlier this week. Just days before this, it was predicted that the US Securities and Exchange Commission would reject them due to lack of engagement, political pressure, and uncertainty surrounding the legal status of the underlying Ether token.
Bloomberg ETF Expert James Seyffart believe that Ethereum ETFs will be able to meet around 25% of the demand for Bitcoin ETFs that went live in January. For now, it is unclear when these Ethereum ETFs will begin trading, as the SEC also needs to approve the corresponding S-1 registration statements.
Saylor has now changed his opinion after previously predicting that Ethereum would never be accepted by Wall Street, as it is very “clear” that the leading altcoin is a security. He claimed that Bitcoin was the only “institutional-grade crypto asset.”
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the booming industry – from price analysis to Blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.