Sign Up on MEXC
Highlights
- Michael Saylor has hailed the prospect of spot Ethereum ETF
- He believes the new product can enhance the overall Bitcoin position in the industry
- This stance differs from his earlier take regarding Ethereum's security status
Michael Saylor, MicroStrategy Chairman has expressed that the approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC) is advantageous for Bitcoin. Saylor believes that this approval will attract more institutional investors to the crypto market.
Spot Ethereum ETF To Bring More Investors To Crypto
Saylor shared his perspectives in an interview with Beagle, host of “Bitcoin gamblers anonymous” on X. According to the Bitcoin maxi, the approval of spot Ethereum ETF will give investors more confidence and options to pick and choose.
.@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
“I think the approval will legitimize the crypto asset class, supported by both Bitcoin and Ethereum ETFs,” Saylor said. “This move signifies that crypto is now recognized as an asset class, with Bitcoin leading the way.”
Notably, Saylor’s recent stance is seen as a major shift from his earlier position about any digital asset that is not Bitcoin. On X, following Saylor’s failed prediction against spot Ethereum ETF approval, many users trolled him. The anger by the online community was Saylor’s categorization of Ethereum as a security just days to the SEC’s decision.
In what some consider as an “ego check,” Saylor emphasized that the approval of Ethereum’s ETF will enhance Bitcoin’s position within the crypto industry.
“It is good for Bitcoin. We are much more powerful when supported by the entire crypto industry. Ethereum, with its vast user base, provides another layer of defense for Bitcoin.”
Accelerating Institutional Adoption
He also noted that mainstream investors might begin to see crypto as a viable asset class. As such, it can fuel a potential allocation of 5% to 10% of their portfolios to crypto. Of this, a significant portion, around 60% to 70%, going to Bitcoin.
The projections by Michael Saylor on asset allocation are based on prevailing market dynamics. Recently, the spot Bitcoin ETF market witnessed significant investor activity, marked by consistent net inflows and notable performances from major ETFs. The total inflows surpassed 15,000 BTC.
As per the spot Ethereum ETF approval, Saylor concluded that it was good overall for the market.
“I think this will accelerate institutional adoption and serve as a strong marketing boost,” Saylor added. “It’s a new era, and we need to rethink our models to align with this evolving landscape.”
Read More: Yuga Labs Co-Founder Unveils Key Projects Ahead For Bored Ape Franchise
- SEC’s Paul Atkins Pushes for On-Chain Capital Raising Without Uncertainty
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- SEC Delays Decision on Franklin Templeton’s Solana and XRP ETFs
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
