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Michael Saylor Suggests Spot Ethereum ETF Approval Could Benefit Bitcoin More

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发布日期: 2024年5月28日

MicroStrategy founder Michael Saylor recently suggested that the approval of spot Ether (ETH) exchange-traded funds (ETFs) by U.S. regulators might actually benefit Bitcoin (BTC). Speaking on the May 25 episode of the “What Bitcoin Did” podcast with Peter McCormack, Saylor discussed the potential implications of this regulatory development.

“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 we are politically much more powerful supported by the entire crypto industry,” Saylor stated. He added that these ETFs provide “another line of defense for Bitcoin,” following the U.S. Securities and Exchange Commission’s (SEC) approval of eight spot Ether ETFs on May 23.

Saylor believes this approval will accelerate institutional adoption of cryptocurrencies, as previously cautious investors may now see the crypto market as a legitimate asset class. While capital will be spread across various crypto assets, he argued that Bitcoin will still attract the lion’s share of investment due to its status as the leading cryptocurrency. “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.

Saylor’s stance on spot Ether ETFs has evolved. Initially skeptical about the likelihood of SEC approval, he now sees the inclusion of Ether ETFs as beneficial to the broader crypto ecosystem and particularly to Bitcoin. “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, spreading as the one legitimate crypto asset,” he noted.

Previously, Saylor predicted that the SEC would classify ETH as a security, alongside other tokens like BNB, Solana (SOL), XRP, and Cardano (ADA), suggesting these assets would never be wrapped by spot ETFs or accepted by mainstream institutional investors. However, the recent approval of Ether ETFs has prompted a reassessment of his views.

Saylor’s updated perspective was noted by the crypto community. Bitcoin commercial litigator Joe Carlasare commented on X, “Changing his tune a bit,” while crypto analyst Ricky Bobbyy speculated, “Is the next step Saylor buying ETH? That’s a serious 180.”

This shift underscores the dynamic nature of the crypto market and the evolving regulatory landscape, highlighting how new developments can influence even the most steadfast opinions within the industry.