MicroStrategy founder Michael Saylor has changed his tune on a spot Ethereum exchange-traded fund (ETF), arguing that recent approval from U.S. regulators is also good news for Bitcoin.



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“Is this good for Bitcoin? Yes, I think it’s good for Bitcoin, in fact, I think it’s probably better for Bitcoin because I think we’re politically stronger with the support of the entire crypto industry,” Saylor told Bitcoin Podcaster Peter McCormack on his May 25 show.

“They are another line of defense for Bitcoin,” he said. Previously, 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 will “accelerate institutional adoption” as previously cautious investors will now recognize cryptocurrencies as a legitimate asset class. Furthermore, Saylor explained that they will allocate capital across various crypto assets, but Bitcoin will still receive the majority of allocated capital as the “leader” of cryptocurrencies.

“I think mainstream investors are going to say, oh, there’s a crypto asset class now, maybe we’ll allocate 5% or 10% to the crypto asset class, but Bitcoin is going to be 60% or 70% of that,” he claimed.

Michael Saylor speaks with host Peter McCormack on the What Bitcoin Did podcast. Source: YouTube/What Bitcoin Did

Saylor admitted that his opinion on a spot Ethereum ETF has changed, as he was previously under the impression that the chances of the SEC approving an Ethereum spot ETF were slim.

He explained: “Two weeks ago, it looked like Bitcoin was going to be the only asset that was securitized by a Wall Street institution and offered as a spot ETF, and that it was going to spread as a legitimate crypto asset.”

On May 3, it was reported that Saylor predicted that the SEC would classify ETH as a security, followed by BNB, Solana, XRP, and Cardano.

“None of these tokens will be included in spot ETFs, will not be accepted by Wall Street, and will not be accepted as crypto assets by mainstream institutional investors,” Saylor said.

Saylor’s change in tone on What Bitcoin Did Did not go unnoticed by the broader crypto community.

“Change your attitude a bit,” Bitcoin business litigator Joe Carlasare wrote in a May 25 post.

“Is Saylor’s next step to buy ETH? That would be a 180-degree turn,” added cryptocurrency analyst Ricky Bobbyy.