Michael Saylor, founder of MicroStrategy and vocal Bitcoin advocate, has expressed his belief that the recent approval of spot Ethereum ETFs by the SEC could actually benefit Bitcoin more.
This marks a significant shift from Saylor’s previous predictions. On May 3, he anticipated the SEC classifying Ethereum (ETH) as a security, along with other tokens like BNB, Solana, XRP, and Cardano. He argued that these wouldn’t be viewed as legitimate crypto assets by mainstream investors.
However, in a recent interview with Bitcoin podcaster Peter McCormack, Saylor expressed a newfound optimism. He believes the approval of Ethereum ETFs signifies broader recognition of the entire crypto industry, ultimately strengthening Bitcoin’s position.
“Is this good for Bitcoin or not? Yeah, I think it’s good for Bitcoin, in fact, I think it may be better for Bitcoin because I think that we are politically much more powerful supported by the entire crypto industry,” Saylor stated.
He views these ETFs as an additional layer of defense for Bitcoin and predicts accelerated institutional adoption. Investors wary of entering the crypto space may now see it as a legitimate asset class thanks to the ETF availability.
Saylor anticipates these investors will allocate a portion of their portfolios to crypto, with Bitcoin remaining the dominant choice. “I think mainstream investors will say oh there is a crypto asset class now, maybe we’ll allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% or 70% of that,” he explained.
