MicroStrategy founder Michael Saylor has recently shifted his stance on spot Ether exchange-traded funds (ETFs), suggesting that the U.S. regulator’s recent approval is beneficial for Bitcoin as well.
“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 told Bitcoin podcaster Peter McCormack on the May 25 episode of the What Bitcoin Did podcast.
“They serve as another line of defense for Bitcoin,” he continued, following the U.S. Securities and Exchange Commission’s (SEC) approval of eight spot Ether ETFs on May 23.
Saylor emphasized that this move will “accelerate institutional adoption,” as previously hesitant investors will now see crypto as a legitimate asset class.
He explained that while capital will be allocated across various crypto assets, Bitcoin will receive the majority, being “the leader” of cryptocurrencies.
“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 claimed.
READ MORE: SEC Approval of Spot Ether ETFs Signals Ether May Not Be a Security, Experts Say
Saylor acknowledged his change in perspective on spot Ether ETFs, having previously believed there was little chance of SEC approval.
“Two weeks before, the world looked like Bitcoin was going to be the only asset securitized and offered as a spot ETF by the Wall Street establishment and it was going to spread as the one legitimate crypto asset,” he explained.
Earlier, on May 3, Cointelegraph reported Saylor’s prediction that the SEC would classify ETH as a security, along with BNB, Solana, XRP, and Cardano.
“None of [these tokens] will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets,” said Saylor.
Saylor’s revised stance on the What Bitcoin Did podcast drew attention from the crypto community.
“Changing his tune a bit,” Bitcoin commercial litigator Joe Carlasare commented in a May 25 X post.
“Is the next step Saylor buying ETH? That’s a serious 180,” added crypto analyst Ricky Bobbyy.
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