Michael Saylor Endorses Ethereum ETFs as Beneficial for Bitcoin
Michael Saylor, the founder and executive chairman of MicroStrategy, has recently expressed a change in his stance regarding spot Ethereum exchange-traded funds (ETFs).
In a recent interview with Bitcoin podcaster Peter McCormack, Saylor stated that the approval of eight ETH ETFs by the United States Securities and Exchange Commission (SEC) is good news for Bitcoin. He believes that the Ethereum ETFs will serve as an additional line of defense for Bitcoin, thanks to Ethereum’s large user base.
TLDR
Michael Saylor, MicroStrategy founder, now sees Ethereum ETFs as beneficial for Bitcoin, potentially boosting institutional adoption.
Saylor believes Bitcoin will still receive the majority of allocated funds from investors as the market leader.
MicroStrategy is considering adding Ethereum to its cryptocurrency portfolio, marking a strategic shift for the firm.
Global Bitcoin ETF reserves have surpassed 1 million BTC, with US-based ETFs being the biggest contributors.
The strong institutional interest in Bitcoin ETFs could lead to a supply crunch and potentially impact the BTC price positively.
Saylor noted that the approval of Ethereum ETFs would accelerate institutional adoption, as traditional investors who were previously hesitant will now recognize cryptocurrency as a legitimate asset class.
He expects mainstream investors to allocate a portion of their funds to the crypto asset class, with Bitcoin receiving the majority of the allocated capital as the market leader.
Saylor’s opinion on Ethereum ETFs has evolved. Just a few weeks ago, he predicted that the SEC would classify Ethereum and other major cryptocurrencies as securities, making it unlikely for them to be approved for spot ETFs. However, his recent comments suggest a shift in his perspective.
This change in stance has led to speculation about whether MicroStrategy, a major Bitcoin investor, may consider adding Ethereum to its cryptocurrency portfolio.
Sources confirm that the company’s interest in Ethereum will not affect its ongoing Bitcoin strategy, and MicroStrategy plans to continue growing its Bitcoin holdings.
In related news, Michael Saylor celebrated a significant milestone in the Bitcoin ETF arena.
He highlighted that 32 global Bitcoin ETPs (exchange-traded products) have amassed a reserve of over 1 million BTC, with US-based ETFs being the biggest contributors.
Leading the pack is Grayscale’s GBTC ETF, followed by BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Bitcoin ETF.
The strong institutional interest in Bitcoin ETFs could be a bullish signal for the future trajectory of the Bitcoin price.
With a large amount of BTC locked in these ETFs, a supply crunch may occur, potentially catalyzing a rebound in Bitcoin’s value.
While the future remains uncertain, the changing perspectives of influential figures like Michael Saylor and the increasing institutional interest in cryptocurrencies suggest that the market is maturing and gaining mainstream acceptance.
The post Michael Saylor Endorses Ethereum ETFs as Beneficial for Bitcoin appeared first on Blockonomi.
