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Known Bitcoin evangelist Michael Saylor recently surprised the crypto community by coming out in favor of an Ethereum-based ETF: Not only has the former Ethereum skeptic changed his tune, but he also predicted that the new asset class could accelerate institutional adoption of cryptocurrencies.
Michael Saylor Paves the Way for an Ethereum ETF
MicroStrategy co-founder and leading Bitcoin evangelist Michael Saylor offered an unexpected endorsement of an Ethereum-based exchange-traded fund (ETF) during a recent appearance on the podcast “What Bitcoin Did.”In fact, this may be a good thing for Bitcoin, since we are much stronger politically and have the support of the entire crypto industry.” Saylor explained that there could be a trend for traditional investors to allocate a larger portion of their portfolios to crypto assets, from the current 1% to potentially 5% or 10%.
This statement contrasts with Saylor's previous stance, where he adamantly rejected the idea that Ethereum would be embraced by Wall Street. Bitcoin, he said, is an institutional-grade cryptocurrency. However, the SEC's recent policy shift, approving multiple listing applications for Ethereum ETFs, seems to have changed Saylor's view. The approval, which seemed unlikely just a few days ago, paves the way for greater institutional adoption of Ethereum ETFs, potentially reshaping the cryptocurrency investment landscape.
A new era of institutional cryptocurrency investment?
Michael Saylor's inclusion of an Ethereum ETF could be a crucial turning point for the cryptocurrency market. Indeed, his endorsement could encourage other institutional investors to diversify their portfolios beyond Bitcoin. The move could reinforce the perception that Bitcoin is the asset of choice within the broader cryptocurrency asset class.
As one of the most ardent Bitcoin advocates, Saylor's change of position also raises questions about the future coexistence and complementarity of various cryptocurrencies in institutional investors' portfolios. If Bitcoin remains the dominant asset, the growing acceptance of Ethereum and other altcoins may lead to a reassessment of investment strategies. In conclusion, Saylor's support for an Ethereum ETF could spark a new era of institutional investment in cryptocurrencies, significantly altering the financial landscape.
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He holds a degree from Sciences Po Toulouse and is a Blockchain Certified Consultant by Alyra. In 2019, he returned to the Cointribune venture, working to expand the potential of blockchain to multiple sectors of the economy and to educate and inform the public about the constantly evolving ecosystem. My objective is to gain a deeper understanding of blockchain and seize the opportunities it offers. I am committed to providing an objective analysis of the current situation, elucidating market trends, communicating the latest technological innovations and gauging the prospects of economic and social challenges in this revolution of the market.
Disclaimer
The views, thoughts and opinions expressed in this article are those of the author and should not be taken as investment advice. Please conduct your own research before making any investment decisions.
