MicroStrategy chairman and co-founder Michael Saylor appears to be reconsidering his stance on Ethereum following the U.S. Securities and Exchange Commission (SEC) approval of a physical exchange-traded fund (ETF).
Speaking on the latest episode of his “How Bitcoin Impacted Me” podcast, Saylor said the SEC’s decision is good news for Bitcoin and the cryptocurrency industry as a whole.
Ethereum ETF Approval Signals Further Support for Cryptocurrencies
According to Saylor, the SEC's recent approval of several Ethereum ETFs is indicative of the crypto industry's growing political influence. Last week, financial regulators unexpectedly approved several Ethereum-related financial products, with many in the industry suggesting the change in policy may be politically motivated.
As such, multiple sources argued that the approval highlights a positive change in President Joe Biden's stance on cryptocurrencies.
“Is this a good thing for bitcoin or not? Well, I think it's good for bitcoin. In fact, I think it might be better for bitcoin because I think we're a lot stronger politically and we have the support of the crypto industry as a whole,” Saylor said.
Michael Saylor believes that the Ethereum ETF will accelerate the adoption of cryptocurrencies by institutional investors. He says that more institutional investors will recognize cryptocurrencies as a legitimate asset class and allocate capital to various cryptocurrencies. However, he argues that Bitcoin, as the “leader” of the market, will capture the lion's share of these investments.
“Mainstream investors will say, well, now we have the crypto class, so maybe I'll allocate 5% or 10% to the crypto class, but Bitcoin will be 60% or 70% of that,” Saylor said.
Read more: Who will own the most Bitcoin in 2024?
The MicroStrategy chairman also used the opportunity to express his confidence in Bitcoin's future. Saylor and his company hold key positions in top cryptocurrencies and have been consistently pro-Bitcoin. The Virginia-based company is the largest public holder of Bitcoin, holding more than 214,000 BTC, valued at approximately $15 billion.
“I’m a pretty big optimist and I think Bitcoin will be successful, it is successful, it’s successful as fast as possible, and we should try to avoid the trends that will make it less successful. [mess] “And with that,” Saylor agreed.
Meanwhile, Saylor’s current stance on Ethereum marks a significant shift from his previous position. Previously, he said he expected the SEC to classify ETH as a security under its regulatory authority. He predicted that other cryptocurrencies, including BNB, Solana, and XRP, would suffer the same fate.
“None of them [these tokens] “It will never be packaged in a spot ETF, it will never be accepted by Wall Street, and it will never be accepted by mainstream institutional investors as a crypto asset,” he said. Claimed.
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