Michael Saylor, founder of MicroStrategy, believes that the approval of spot Ether ETFs could benefit Bitcoin.
Saylor is a strong Bitcoin supporter. His business is built on buying as much Bitcoin as possible. No wonder, he is looking for bullish signs everywhere. And he is lucky enough to find them.
In a recent podcast with Peter McCormack, Saylor explained that the SEC's approval of eight spot Ether ETFs is positive for Bitcoin. He argued that these ETFs add a layer of defense for Bitcoin, making it politically stronger.
Saylor mentioned that institutional adoption would accelerate as investors begin to see crypto as a legitimate asset class. He expects Bitcoin to receive the majority of the capital allocation within the crypto sector, estimating that Bitcoin will account for 60-70% of investments.
He also acknowledged a shift in his perspective.
Previously, he doubted the SEC would approve Ether ETFs.
Two weeks ago, he believed Bitcoin would remain the sole crypto asset recognized by Wall Street. Now, he sees the approval as enhancing Bitcoin's standing among institutional investors.
Saylor's comments stirred reactions in the crypto community.
Some analysts speculated if this change might lead Saylor to invest in Ether, a stark contrast to his earlier stance. We have known him for years as a dedicated Bitcoin maximalist.
Despite the broader acceptance of multiple crypto assets, Saylor remains confident that Bitcoin will maintain its leading position. He emphasized that while Ether ETFs are a positive development, Bitcoin's dominance will continue.