Michael Saylor, the founder of MicroStrategy, has shifted his stance on spot Ether (ETH) exchange-traded funds (ETFs), stating that the recent approval from the US regulator is not only good news for Bitcoin (BTC), but may actually be better for Bitcoin. Saylor expressed his views during an episode of the What Bitcoin Did podcast with Peter McCormack on May 25.
Saylor believes that the approval of eight spot Ether ETFs by the US Securities and Exchange Commission (SEC) will contribute to the acceleration of institutional adoption. He emphasized that this development will enable previously hesitant investors to view cryptocurrencies as a legitimate asset class. While capital will be allocated across various crypto assets, Saylor expects Bitcoin to receive the majority of the allocated capital as it is considered the leader among cryptocurrencies.
According to Saylor, mainstream investors will likely recognize the existence of a crypto asset class and allocate a portion, such as 5% or 10%, to it. However, Bitcoin is expected to make up 60% or 70% of that allocation.
Saylor admitted that his opinion on spot Ether ETFs has changed since he previously believed that the chances of SEC approval were slim. He explained that just two weeks prior, it seemed like Bitcoin would be the only asset securitized and offered as a spot ETF by the Wall Street establishment, positioning it as the only legitimate crypto asset.
The broader crypto community took note of Saylor’s change in perspective. Bitcoin commercial litigator Joe Carlasare commented on a Reddit post, stating that Saylor’s tune had changed. Similarly, crypto analyst Ricky Bobbyy speculated on whether Saylor would consider buying ETH, highlighting the significant shift in his opinion.
In other news, there is a documentary about the FTX collapse available on Amazon Prime for $2,500, with assistance from Saylor’s mother.