Michael Saylor, the founder of MicroStrategy, has recently shifted his perspective on the approval of Ether exchange-traded funds (ETFs), seeing it as a positive development for both Ether and Bitcoin. In a conversation with Peter McCormack on the “What Bitcoin Did” podcast, Saylor expressed his optimism about how this approval could accelerate the adoption of Bitcoin. He believes that the approval of Ether ETFs will strengthen the infrastructure supporting Bitcoin and provide an additional layer of legitimacy and protection within the traditional financial system.
Saylor also discussed the impact of this shift on institutional investors, suggesting that they may now view cryptocurrencies as a legitimate asset class. While funds may be allocated to various cryptoassets, Saylor believes that Bitcoin will capture the majority of investments due to its position as the leader among cryptocurrencies.
Previously, Saylor was skeptical about the approval of Ether spot ETFs by the SEC and projected a scenario where Bitcoin would be the only crypto asset legitimized through a spot ETF by Wall Street. However, the recent approval of Ether ETFs has made Saylor recognize their potential to further boost the Bitcoin ecosystem.
Saylor’s change in perspective has sparked discussion within the cryptocurrency community, with figures such as Joe Carlasare and analyst Ricky Bobbyy weighing in on the implications of this shift. Bobbyy raises the question of whether Saylor’s next move will be to buy ETH, noting the significant turnaround in his stance.
It is important to note that the views expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.