According to MicroStrategy creator Michael Saylor, the approval of spot Ether ETFs adds “another line of defence for Bitcoin.” When it comes to spot Ether exchange-traded funds (ETFs), MicroStrategy founder Michael Saylor has reversed his position, claiming that Bitcoin will only benefit from the US regulator’s recent approval.
What effect does this have on Bitcoin? In the May 25 episode of the What Bitcoin Did podcast, Saylor spoke with Bitcoin podcaster Peter McCormack. “Yeah, I think it’s good for Bitcoin, in fact, I think it may be better for Bitcoin because I think we are politically much more powerful,” Smith said.
He stated, “They serve as another line of defence for Bitcoin,” in response to the news that on May 23, the U.S. Securities and Exchange Commission (SEC) approved the listing of eight spot Ether ETFs on their respective exchanges. Saylor restated his prediction that this will “accelerate institutional adoption,” meaning that investors who had been hesitant in the past will now acknowledge cryptocurrencies as a real asset class.
Additionally, he clarified that while capital will be distributed across the many crypto assets, Bitcoin will still receive the lion’s share of capital allocations as “the leader” among cryptocurrencies. He predicts that while mainstream investors may devote 5% or 10% to the crypto asset class, Bitcoin will account for 60% or 70% of that allocation.
Saylor said that, having previously believed that there was no prospect of SEC clearance, his view on spot Ether ETFs has altered.
“Two weeks prior, it appeared that Bitcoin would be the sole asset securitized and made available as a spot ETF by the Wall Street establishment, and it would gain popularity as the only genuine cryptocurrency asset,” he clarified.
Saylor was said to have predicted on May 3 that the SEC will classify ETH as a security, and that BNB, Solana, XRP, and Cardano would be considered similarly.
“These tokens won’t ever be covered by a spot ETF, Wall Street won’t accept them, and mainstream institutional investors won’t accept them as crypto assets,” Saylor stated.
Saylor’s shift in demeanour throughout the audio broadcast was not overlooked by the larger cryptocurrency community. Bitcoin commercial litigator Joe Carlasare posted on May 25th, X, stating that he was “changing his tune a bit.” “Is Saylor purchasing ETH as the next step? That is a significant 180, said cryptocurrency analyst Ricky Bobbyy.