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Michael Saylor of Microstrategy says Spot Ethereum ETF Approvals Are Good for Bitcoin (Why).
Spot Ethereum ETFs are supported by MicroStrategy co-founder and former CEO Michael Saylor. The crypto entrepreneur said Ethereum ETFs were “good” for Bitcoin and the crypto market.
Spot Ethereum ETF Approval Has “Better” Bitcoin Impact
In a recent interview with Bitcoin Gamblers Anonymous host Beagle, Saylor discussed how Ethereum Spot ETFs might affect the crypto market if the SEC approved them.
The MicroStrategy creator said the SEC's approval of Spot Ethereum ETF boosts Bitcoin's political strength. He said an Ethereum Spot ETF would be a “line of defense” for Bitcoin, citing Ethereum's large user base and crypto industry backing.
Saylor also suggested that Spot Ethereum ETFs might boost institutional adoption by diversifying investors' cryptocurrency ETF interest. This might boost Bitcoin's price by raising demand and prompting a surge.
The MicroStrategy co-founder also disclosed that until the SEC approved a Spot Bitcoin ETF on January 10, Bitcoin was the only asset not considered a security. Bitcoin would have been the only crypto asset considered genuine.
Saylor expects a different result once the SEC authorized Ethereum Spot ETFs. Bitcoin and Ethereum, the world's biggest cryptocurrencies, will legitimize the global crypto asset class, he said.
Bitcoin Price After SEC Ethereum Spot ETF Approval
The US SEC approved a crucial rule modification to enable Ethereum ETFs on Thursday, May 23. After months of regulatory delays, this permission was granted.
When the US SEC approved Ethereum Spot ETFs, crypto enthusiasts were surprised twice. This approval caused Bitcoin's price to fall as the crypto community celebrated an Ethereum Spot ETF.
BTC is at $68,613, down 0.96% in 24 hours. A 21.11% rise in the cryptocurrency's daily trading volume of around $18.6 billion indicates a small boost in investor confidence.
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