Michael Saylor Says Bitcoin Will Benefit From Ethereum ETF Approval.
The chairman of MicroStrategy, Michael Saylor, has stated that Bitcoin benefits from the Securities and Exchange Commission (SEC) approving a spot Ethereum ETF. Saylor thinks that the institutional investor base in the cryptocurrency sector will grow as a result of this permission.
SPOT ETHEREUM ETF TO BRING MORE INVESTORS TO CRYPTO
In an interview on X, Saylor discussed his viewpoints. The Bitcoin maxi claims that investors will have greater confidence and more options when the spot Ethereum ETF is approved.
I believe the approval, backed by both Bitcoin and Ethereum ETFs, will legitimize the crypto asset class,” Saylor said. “With Bitcoin leading the way, this move signifies that crypto is now recognized as an asset class.”
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’sfailed 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.
Saylor underlined that the acceptance of Ethereum’s ETF will strengthen Bitcoin’s standing within the cryptocurrency industry in what some view as a “ego check.”
It benefits Bitcoin. When the entire cryptocurrency market is behind us, we are far more formidable. Another line of defense for Bitcoin is Ethereum’s large user base.
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.
