MicroStrategy founder Michael Saylor said that the approval of Ethereum spot ETFs provides "another line of defense for Bitcoin".
Michael Saylor changes attitude about ETH after Ethereum ETF is approved. Photo: CryptoSlate
Recently, Bitcoin billionaire Michael Saylor changed his opinion on Ethereum spot ETFs, saying that the approval of US regulators also brings good news for Bitcoin.
“They Vai as another line of defense for Bitcoin,” he said in the context of the US Securities and Exchange Commission (SEC) approving eight Ether spot ETFs on May 24.
As Coin68 previously reported, the SEC has approved Grayscale and Bitwise's Ethereum spot ETF proposal to trade on the NYSE; iShares (BlackRock) on Nasdaq; along with VanEck, ARK/21 Shares, Invesco, Fidelity and Franklin Templeton on the Cboe BZX stock exchange.
“Is this good for Bitcoin? I think yes, I think Bitcoin has even benefited more because the ecosystem has been more strongly supported politically by the entire crypto industry," Mr. Saylor Chia Bitcoin podcaster Peter McCormack in an episode of podcast titled “Bitcoin is Forever Money" on May 25.
. @saylor on the Ethereum ETF approval and what the recent crypto regulatory changes mean for Bitcoin pic.twitter.com/jOmM4rRJud
— Beagle (@BeagleBitcoin) May 25, 2024
Mr. Saylor affirmed that the emergence of ETFs will increase the level of adoption from institutions, as investors who were initially hesitant will gradually see crypto as a legalized asset class. Additionally, the MicroStrategy founder explained that institutional investors will allocate Capital to different types of digital assets, however, Bitcoin will still receive the majority of Capital as the market leader. school.
“I think mainstream investors will think that there are a bunch of crypto assets out there, we'll allocate 5% or 10% to a bunch of different types, but Bitcoin will make up 60% to 70% of that,” he said. said.
Saylor admitted that his opinion has changed on Ethereum spot ETFs, as he previously thought they were less likely to be approved by the SEC.
“Two weeks ago, it looked like Bitcoin would be the only asset securitized and offered as a spot ETF on Wall Street stock exchanges and it would spread as a crypto asset,” he explained. sole legality".
On May 3, Mr. Saylor predicted that the SEC would classify ETH as a security , followed by BNB, Solana, XRP, and Cardano.
“None of these Token will be approved through spot ETFs, none of them will be approved by Wall Street, none of them will be approved by institutional investors , ” Saylor said. mainstream accepted as crypto assets”.
Mr. Saylor has not yet mentioned the possibility of directly investing in Ethereum, similar to how his company MicroStrategy is one of the largest holders of Bitcoin in the world with more than 214,000 BTC , worth more than 14 million USD. .5 billion USD.
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