Michael Saylor, known for his advocacy of Bitcoin, has become more open to Ethereum. This suggests a shift in his perspective towards the cryptocurrency landscape.
MicroStrategy co-founder Michael Saylor expressed optimism regarding Ethereum exchange-traded funds (ETFs) during a recent appearance on the “What Bitcoin Did” podcast. According to Saylor, these ETFs will accelerate institutional Ethereum adoption.
.@saylor on the Ethereum ETF approval and what the recent crypto regulatory changes mean for Bitcoin pic.twitter.com/jOmM4rRJud
— Beagle (@BeagleBitcoin) May 25, 2024
Viewing cryptocurrency as a more all-encompassing asset class, Saylor suggested a probable shift in mainstream investor behavior based on preparedness to increase portfolio allocation from the current 1% to a range of 5% to 10%.
Bitcoin Poised for 70% Dominance Amid Ethereum ETFs SEC Approval
He mentioned emphasizing that Bitcoin would predominate in this distribution, maybe considering up to 70% as the main cryptocurrency.
The U.S. Securities and Exchange Commission (SEC) approved many 19b-4 applications by Ethereum ETF issuers earlier this week. This decision went against earlier projections of rejection based on little participation, political pressure, and legal uncertainty about Ether.
Expert Bloomberg ETF James Seyffart said that roughly 25% of the demand displayed for newly launched January Bitcoin ETFs might come from Ethereum ETFs.
Bloomberg ETF analyst James Seyffart said demand for spot Ethereum ETFs could reach 20% to 25% of demand for spot Bitcoin ETFs. This prediction is based on the Ethereum market being approximately 30% the size of Bitcoin. Limitations of the Ethereum ETF include the inability to…
— Wu Blockchain (@WuBlockchain) May 25, 2024
The beginning of trading for these Ethereum ETFs is undetermined, as the SEC still awaits confirmation of matching S-1 registration statements.
From his former position, where he discounted the possibility of Wall Street embracing Ethereum, Saylor’s viewpoint on Ethereum has changed significantly to reflect it as a security. He once positioned Bitcoin as the only “institutional-grade crypto asset.”
