Michael Saylor, the outspoken founder of MicroStrategy and a prominent Bitcoin advocate, has surprised many with a recent change of heart regarding spot Ether ETFs. Previously predicting the SEC would never approve them, Saylor now argues these ETFs could be a boon for Bitcoin itself.
In a recent interview on the “What Bitcoin Did” podcast, Saylor claimed spot Ether ETFs act as “another line of defense for Bitcoin.” Following the SEC’s approval of eight such ETFs in late May, Saylor believes this legitimizes the entire cryptocurrency market for institutional investors.
“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,” Saylor stated. He reasons that newfound mainstream recognition of crypto as an asset class will lead to institutional investment, with Bitcoin receiving the lion’s share – potentially 60-70% – due to its dominant position.
This stance marks a significant shift from Saylor’s earlier predictions. Just weeks prior, he anticipated the SEC classifying Ethereum (ETH) and other altcoins like BNB, Solana, XRP, and Cardano as securities, effectively barring them from spot ETF listings.
The crypto community reacted swiftly to Saylor’s about-face. “Changing his tune a bit,” commented Bitcoin lawyer Joe Carlasare, with crypto analyst Ricky Bobbyy adding, “That’s a serious 180.”
Also Read: Will Ethereum ETFs Sink Bitcoin? Peter Schiff Thinks So, Experts Disagree
Whether this change reflects genuine strategic thinking or simply adapting to market realities remains to be seen. One thing’s for certain: Michael Saylor’s evolving stance on spot Ether ETFs adds another layer of intrigue to the ever-unfolding story of crypto adoption.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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