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Author: Ciaran Lyons, CoinTelegraph; Compiled by: Deng Tong, Bitchain Vision
Founder of MicroStrategyMichael SaylorChanging his attitude towards spot Ethereum Exchange-Trading Funds (ETFs), he believes that the recent endorsement of U.S. regulators is also good news for Bitcoin.
“Is this good for Bitcoin? Yes, I think it’s good for Bitcoin, and in fact, I think it might be better for Bitcoin because I think we’re more politically strong with the support of the entire crypto industry,”Saylor told Bitcoin podcast Peter McCormack on the May 25 show.
“They are another line of defense for Bitcoin,” he said.Earlier, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs to be listed on their respective exchanges on May 23.
Saylor reiterated that this would “accelerate institutional adoption” as previously cautious investors will now recognize cryptocurrencies as a legitimate asset class.Additionally, Saylor explained that they will allocate capital in various crypto assets, butBitcoin will still be the “leader” of cryptocurrencies to acquire most of its allocated capital.
“I think mainstream investors would say, oh, there is a crypto asset class right now,Maybe we will allocate 5% or 10% to the crypto asset class, but Bitcoin will account for 60% or 70% of it,” he claimed.
Michael Saylor talks with host Peter McCormack on the “What Does Bitcoin Do” podcast.Source: YouTube/What did Bitcoin do
Saylor admits that his views on spot Ethereum ETFs have changed because his previous impression was that the SEC had a small chance of approving Ethereum spot ETFs.
“Two weeks ago, it looked like Bitcoin would be the only asset securitized by Wall Street institutions and provided as a spot ETF, and it would be spread as a legal crypto asset,” he explained.
On May 3, it was reported thatSaylor predicts that the SEC will classify ETH as securities, followed by BNB, Solana, XRP, Cardano as securities.
“None of these tokens will be included in spot ETFs, will not be accepted by Wall Street, nor will it be accepted as crypto assets by mainstream institutional investors,” Saylor said.
Saylor’s tone change on What Did Bitcoin Do has not been ignored by the wider crypto community.
“Change attitude a little bit,” Bitcoin business litigation lawyer Joe Carlasare wrote in a May 25 post.
“Is Saylor’s next step to buy ETH? It’s going to be a 180 degree shift,” added cryptocurrency analyst Ricky Bobbyy.
