MicroStrategy Founder Revises Stance on Ether ETFs, Highlights Benefits for Bitcoin
Summary:
MicroStrategy founder, Michael Saylor, has revised his perspective on spot Ether (ETH) exchange-traded funds (ETFs), asserting that their recent approval by US regulators is also beneficial for Bitcoin (BTC). He believes the endorsement strengthens Bitcoin's position, speeds up institutional acceptance, and aids in recognizing crypto as a legitimate asset class. Saylor admits that his viewpoint has evolved, having previously believed that Bitcoin was the only cryptocurrency that had potential for securitization and offering as a spot ETF by Wall Street. This shift in opinion has been noted by the wider crypto community.
Michael Saylor, the founder of MicroStrategy, has shifted his stance regarding Ether (ETH) spot exchange-traded funds (ETFs), asserting that the recent approval from the US regulator is beneficial for Bitcoin (BTC) too. Saylor, speaking to Bitcoin podcaster Peter McCormack on the May 25 episode of What Bitcoin Did podcast, emphasized that the support of the entire crypto industry makes Bitcoin stronger. "I think it may be better for Bitcoin because we are much stronger backed by the entire crypto industry," Saylor expressed.
Following the announcement of the US Securities and Exchange Commission (SEC) endorsing eight spot Ether ETFs to be listed on their respective exchanges on May 23, Saylor stated it serves as added support for Bitcoin. He re-emphasized that this will "speed up institutional acceptance", creating an environment for formerly hesitant investors to see crypto as a valid type of asset. He added that funds will be distributed across the crypto asset lineup, however, Bitcoin, being the leading cryptocurrency, will get the lion's share of allocated capital.
Saylor admitted his viewpoint regarding spot Ether ETFs has evolved, as earlier he held a belief that SEC approval chances were slender. Previously, Saylor was under the impression that among all cryptocurrencies, only Bitcoin had the potential to be securitized and offered as a spot ETF by Wall Street.
Saylor's altered perspective was observed by people watching the podcast episode. The wider crypto community noted his changed stance. Reactions from Bitcoin commercial litigator Joe Carlasare, and crypto analyst Ricky Bobbyy, among others, suggest that the crypto community is taking notice of Saylor’s shift in opinion. His previous prediction, cited by Cointelegraph on May 3, was that the SEC would consider ETH a security, a category likely to include BNB (BNB), Solana (SOL), XRP (XRP), and Cardano (ADA). Saylor also stated none of the other tokens will be allowed by Wall Street or mainstream institutional investors.
Published At
5/26/2024 8:18:11 AM
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