MicroStrategy founder Michael Saylor has shifted his perspective on spot Ether (ETH) exchange-traded funds (ETFs), asserting that the U.S. regulator's recent approval is beneficial for Bitcoin (BTC) as well.
In a discussion with Bitcoin podcaster Peter McCormack on the May 25 episode of the "What Bitcoin Did" podcast, Saylor commented, “Is this good for Bitcoin or not? Yeah, I think it’s good for Bitcoin. In fact, I think it may be better for Bitcoin because we are politically much more powerful supported by the entire crypto industry.”
Saylor views the approval of spot Ether ETFs as a protective measure for Bitcoin. Following the U.S. Securities and Exchange Commission's (SEC) approval of eight spot Ether ETFs on May 23, he believes this move will bolster institutional adoption of cryptocurrencies.
“This will accelerate institutional adoption,” Saylor noted. “Mainstream investors will now see crypto as a legitimate asset class, and while they may allocate capital across various crypto assets, Bitcoin will still receive the majority, as it remains the leader of cryptocurrencies.”
He predicted that institutional investors might allocate 5% to 10% of their portfolios to the crypto asset class, with Bitcoin making up 60% to 70% of that allocation.
### A Shift in Perspective
Saylor acknowledged a significant change in his outlook on spot Ether ETFs. Previously, he doubted the likelihood of SEC approval, believing Bitcoin would be the sole asset offered as a spot ETF by Wall Street.
“Two weeks before, it seemed like Bitcoin was going to be the only asset securitized and offered as a spot ETF by the Wall Street establishment,” he explained.
### Related: Ethereum Rally Stalls at $3.8K — Is SEC ETH ETF Decision Already Priced In?
Earlier, on May 3, Cointelegraph reported that Saylor anticipated the SEC would classify ETH, along with BNB, Solana (SOL), XRP (XRP), and Cardano (ADA), as securities. He believed these tokens would not be included in spot ETFs or accepted by mainstream institutional investors.
Saylor's change of heart has caught the attention of the crypto community. Bitcoin commercial litigator Joe Carlasare noted on X (formerly Twitter), “Changing his tune a bit,” while crypto analyst Ricky Bobbyy speculated, “Is the next step Saylor buying ETH? That’s a serious 180.”
Source:.coinmarketcap
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