MicroStrategy’s Michael Saylor Considers Spot Ethereum ETF Approval Beneficial for Bitcoin
MicroStrategy’s Michael Saylor portrayed a turning turnaround to consider the spot Ethereum ETF approval is beneficial to Bitcoin.
MicroStrategy’s founder camouflaged defense for Bitcoin by indicating that it benefits from the accelerated approval of spot Ether exchange-traded funds (ETFs) by the Security and Exchange Commission (SEC).
MicroStrategy’s Michael Saylor Hails Spot Ethereum Approval
The MicroStrategy founder who serves as the chair changed tone on the spot Ether ETF would face likely rejection. He now changes tune to indicate that the move by the Gary Gensler-led Commission to approve 19b-4s from eight applicants is good news for Bitcoin.
Saylor responded in affirmative to the question by podcaster Peter McCormack on whether the spot Ethereum ETF approval is good or bad for Bitcoin. He continued that it benefits Bitcoin since he considers it powerfully supported politically by the entire digital assets industry.
Saylor added on Saturday, May 25, when appearing in What Bitcoin Did podcast, that the spot Ethereum ETF approval on Thursday adds another defense line for Bitcoin.
Spot Ethereum Approval Blessing Bitcoin
MicroStrategy’s former chief indicated that securing ETH ETF approval would likely accelerate institutional adoption. The Bitcoin crusader indicated that doubtful investors will embrace crypto as a legitimate asset class.
Saylor illustrated that the institutions will likely allocate additional capital across several crypto assets. Bitcoin will emerge as the largest capital allocation recipient and the leading cryptocurrency.
Saylor projected that the mainstream investors would recognize the presence of the crypto asset class and perhaps allocate 5-10%. Saylor claimed that Bitcoin will receive allocation within 60-70%.
Saylor Downplayed Other Cryptos Securing the ETF Wrap
Saylor admitted changing his opinion on Ether ETFs from the previous stance that they have a slim chance of securing approval. He added that two weeks ago, he portrayed that Bitcoin would remain the only crypto asset securitized and accessible via the spot EFTs by the Wall Street issuers.
Saylor illustrated that spot ETFs will likely expand to the other legitimate cryptos.
Saylor revealed on May 3 that the SEC is bound to classify the ETH as security. The classification will extend to the BNB, Solana, ADA, and XRP.
Saylor declared that the tokens will miss out on the spot ETF wrap as none will strike acceptance by the mainstream institutional investors as worthy crypto assets.
The wider crypto community noted Michael Saylor’s tone change when appearing on What Bitcoin Did Show and considered spot Ethereum ETF approval as a catalyst for enhancing Bitcoin.
Joe Carlasare, identified as the Bitcoin commercial litigator, took to the X post on Saturday, May 25, pointing out that Saylor altered the tune.
Crypto analyst Ricky Bobby questioned whether Michael Saylor would ultimately acquire ETH. Such a possibility would amount to a serious 180 turn.
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