According to U.Today, Michael Saylor, the chairman of MicroStrategy Inc and a well-known Bitcoin advocate, has recently expressed a positive view on spot Ethereum ETFs. This comes as a surprise given his previous criticism of Ethereum and other cryptocurrencies. Last week, the United States Securities and Exchange Commission (SEC) approved eight spot Ethereum ETF applications.
In May, Saylor had criticized Ethereum and other digital currencies, stating that they were merely investment contracts and would never be included in spot Ethereum ETFs. However, three weeks after his statement, the U.S. SEC approved spot Ethereum ETFs, although trading has not yet begun.
In a recent interview, Saylor stated that Ethereum ETFs and other products tracking most cryptocurrencies are not necessarily negative. He believes that the approval of Ethereum ETFs is beneficial for Bitcoin as it expands the entire asset class, allowing more money to flow into Bitcoin. He also suggested that the introduction of related products would attract more investors to the broader crypto market, further validating Bitcoin's dominance in the industry.
Saylor's initial comments drew criticism from industry figures such as Charles Hoskinson, who accused him of having a detrimental view of the industry. His change in stance, particularly given the approval of Ethereum ETFs, has also been noted.
The approval of spot Ethereum ETFs has sparked speculation and raised questions about whether Ethereum is a security. Saylor, a staunch Bitcoin supporter since August 2020, has not indicated whether he will invest in Ethereum. The industry is now waiting to see how Wall Street reacts to the new ETF, which is yet to commence trading.