- Michael Saylor changed his tune on ETH after the ETF was approved.
- Executives said the approval would further legitimize crypto assets.
MicroStrategy founder and CEO Michael Saylor has reiterated his previous statement that there is no next-billion-dollar cryptocurrency to Bitcoin. Ethereum ETF approval.
Commenting on the approval, Saylor said: Underlined This Update Is ‘Good for the Crypto Asset Class’ But ‘Even Better’ Bitcoin [BTC].
“Is this a good thing for Bitcoin or a bad thing? It's good for Bitcoin. In fact, it might be good for Bitcoin because we're a lot stronger politically and we have the support of the whole crypto industry.”
The phrase “politically powerful” may refer to the current political shifts brought about by cryptocurrency regulation. aisle Regarding the US CBDC ban and the FIT21 Act.
Michael Saylor added that the approval of an ETH ETF would further legitimize the crypto asset class.
Michael Saylor prepares for ETH
In contrast to the above relative readiness for an ETH ETF approval, Saylor has always been a Bitcoin believer and a critic of altcoins.
About two weeks ago, the executive believed Bitcoin would become the only approved crypto asset with a spot ETF and backed by Wall Street and TradFi.
The executive predicted that the SEC would reject the ETH ETF, which suggests that Saylor has changed his tough stance on other crypto assets after the ETH ETF was approved.
However, his emphasis that BTC could gain more from an ETH ETF further deepened the divide on the issue.
Some industry analysts, such as Jim Bianco and Quinn Thompson, have repeatedly argued that an ETH ETF could draw inflows from the spot BTC ETF.
As a result, the launch of an ETH ETF could be negative for BTC. Projected ETH may also reverse course with BTC before the next halving.
However, Bitwise CIO Matt Hogan downplayed the “threat”, saying: Mentioned ETH ETFs will reach billions of dollars, but they won't come close to BTC.
Meanwhile, recent deregulation and approval of ETH ETFs led to positive net inflows into BTC ETFs last week.
According to AMBCrypto and data from Soso Value, the total value of investment products reached $819.5 million last week.
It remains to be seen whether these BTC ETF flows will be affected when the ETH ETF is launched and begins trading.
