Bitcoin Might Benefit from Spot ETH ETF Approval: Michael Saylor

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MicroStrategy founder Michael Saylor has shifted his stance on spot Ether (ETH) exchange-traded funds (ETFs), now arguing that the recent approval by U.S. regulators is beneficial for Bitcoin (BTC) as well. 

This change of heart comes after the U.S. Securities and Exchange Commission (SEC) approved eight spot Ether ETFs to be listed on May 23.

Bitcoin and Spot ETH ETF

In a May 25 episode of the “What Bitcoin Did” podcast with Peter McCormack, Saylor discussed his new perspective. “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 I think that we are politically much more powerful supported by the entire crypto industry,” Saylor stated. 

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He elaborated that these ETFs serve as an additional line of defense for Bitcoin, enhancing its legitimacy and stability in the eyes of investors.

Bitcoin to Receive Majority of Capital

Saylor emphasized that the approval of spot Ether ETFs will accelerate institutional adoption of cryptocurrencies. He believes that investors who were previously skeptical about crypto will now view it as a legitimate asset class, prompting them to allocate capital across various crypto assets. 

However, he maintains that BTC will receive the majority of this capital due to its status as the leading cryptocurrency. “I think mainstream investors will say oh there is a crypto asset class now, maybe we’ll allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% or 70% of that,” he claimed.

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ETH as Security

This is a significant shift from Saylor’s previous views. Just a few weeks prior, he had believed there was little chance of SEC approval for spot Ether ETFs.

On May 3, Saylor had predicted that the SEC would classify ETH as a security, along with other major cryptocurrencies such as BNB, Solana (SOL), XRP, and Cardano (ADA). He had asserted that these tokens would never be wrapped by a spot ETF and would not be accepted by mainstream institutional investors as legitimate crypto assets.

“Two weeks before, the world looked like Bitcoin was going to be the only asset securitized and offered as a spot ETF by the Wall Street establishment and it was going to spread as the one legitimate crypto asset,” Saylor explained. This recent development has clearly altered his outlook, as he now sees the inclusion of Ether as beneficial to the broader acceptance and adoption of crypto assets.

Saylor’s change in tone has not gone unnoticed by the crypto community. Bitcoin commercial litigator Joe Carlasare commented on Twitter, noting Saylor’s shift: “Changing his tune a bit.” Crypto analyst Ricky Bobbyy speculated whether this could lead to Saylor investing in Ether, calling it a “serious 180.”

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