Bitcoin
What Michael Saylor Said About Ethereum After ETF Approvals
MicroStrategy Executive Chairman and Co-Founder Michael Saylor appears to be reassessing his stance on Ethereum following the U.S. Securities and Exchange Commission’s (SEC) approval of spot exchange-traded funds (ETFs).
In the latest episode of the “What Bitcoin Did For Me” podcast, Saylor called the SEC decision positive news for Bitcoin and the entire crypto industry.
Approval of Ethereum ETF Signals More Support for Crypto
According to Saylor, the recent approval of multiple Ethereum ETFs showed the growing political influence of the crypto industry. Last week, the financial regulator unexpectedly approved several ETH-related financial instruments, with many industry insiders suggesting that this reversal may be politically motivated.
As such, several stakeholders suggested that the approval highlight a positive aspect change in President Joe Biden’s stance towards cryptocurrencies.
“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 I think we are much more politically powerful and supported by the entire crypto industry,” said Saylor.
Michael Saylor believes that Ethereum ETF will boost the institutional adoption of cryptocurrencies. According to him, more institutions will now recognize crypto as a legitimate asset class and allocate capital into various cryptocurrencies. However, he claims that Bitcoin would receive the majority of these investments as the “leader” of the market.
“I think mainstream investors will say, oh, there’s 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,” noted Saylor.
See more information: Who owns the most Bitcoin in 2024?
The president of MicroStrategy also took the opportunity to express confidence in the future of Bitcoin. Saylor and his company hold a significant position in major cryptocurrencies and have consistently maintained a pro-BTC disposition. The Virginia-based company is the largest public holder of Bitcoin and has accumulated over 214,000 BTC, valued at approximately $15 billion.
“I’m quite optimistic, in fact I think Bitcoin will succeed, is succeeding, is succeeding as quickly as it could reasonably succeed, and we should try to avoid the trend of [mess] with this,” Saylor shouted.
Meanwhile, Saylor’s current stance on Ethereum has changed significantly from his previous position. Previously, he stated that the SEC would classify ETH as security under its regulatory purview. He predicted that other cryptocurrencies, including BNB, Solanaand XRP, would suffer the same fate.
“None [these tokens] will never be wrapped in 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,” he claimed.
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