Michael Saylor, the Bitcoin bull chairman of MicroStrategy Inc, has unexpectedly made a bullish statement regarding spot Ethereum ETFs. Eight spot Ethereum ETF applications were greenlit by the United States Securities and Exchange Commission (SEC) last week.
From criticism to growing supporter
Earlier in May, Michael Saylor expressed strong criticism of Ethereum and other cryptocurrencies below the "Bitcoin stack." According to Michael Saylor, these digital currencies are investment contracts, adding that assets like Ethereum will never be wrapped in spot Ethereum ETFs.
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Three weeks after he made this statement, spot Ethereum ETFs were approved by the U.S. SEC; however, trading is yet to commence. In a recent interview with Beagle, the host of "What Bitcoin Did," Saylor said Ethereum ETFs and any other product tracking most crypto is not bad after all.
In his interview post Ethereum ETF approval, Michael Saylor completely reframes his narrative to say that the Ethereum ETF approval is a GOOD thing for Bitcoin because it makes the entire asset class bigger and thus more money can flow into Bitcoin. 😂 pic.twitter.com/TxSduvRp9C
— Autism Capital 🧩 (@AutismCapital) May 26, 2024
He said that with other related products, more investors will make their way into the broader crypto market. According to him, this will help validate Bitcoin as the dominant asset in the industry.
Michael Saylor earned a lot of criticism for his earlier statement, with the likes of Charles Hoskinson slamming him for what he perceived as an unhealthy view of the industry. Already, the change in stance is being called out, seeing the failed prediction that has already come to pass.
Place of Spot Ethereum ETF
The process leading up to the spot Ethereum ETF approval brought with it a lot of speculation. Now that the approval has been secured, there is still the unspoken question of whether Ethereum is a security or not.
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Michael Saylor has remained a major backer of Bitcoin since August 2020 with a consistent accumulation to date. While it remains uncertain whether he would be betting on Ethereum, the industry seeks to see how Wall Street accepts the new ETF, which is yet to start trading.