ETF Approval would Favor Bitcoin According to Michael Saylor

MicroStrategy chairman Michael Saylor predicted that the Ethereum ETF approval will favor Bitcoin by gaining much faster institutional support.

The chairman of MicroStrategy, Michael Saylor, has espoused an optimistic perspective regarding the United States. The SEC’s approval of Ethereum spot ETFs could have a more significant positive impact on Bitcoin.

On May 25, Saylor articulated this perspective in an episode of the “What Bitcoin Did” podcast. He discussed the implications of the SEC’s May 23 decision to approve eight Ethereum spot ETFs with presenter Peter McCormack.

Saylor, who had previously expressed skepticism regarding the probability of SEC approval for Ethereum ETFs, has since changed his position. He considers the development a catalyst that may strengthen the cryptocurrency sector as a whole, including Bitcoin. According to his words:

Yeah, I think it’s good for Bitcoin. In fact, it may be better for Bitcoin because we are politically much more powerful [when] supported by the entire crypto industry.

In addition, the founder of MicroStrategy elaborated that the authorization of Ethereum spot ETFs provides Bitcoin with an additional line of defense. As a result, he anticipates that institutional adoption will accelerate, as investors who were previously apprehensive may now acknowledge cryptocurrencies as a legitimate asset class.

Saylor forecasts that a proportion of the portfolios of conventional investors will be allocated to cryptocurrencies, with Bitcoin accounting for the majority. According to his proposition, investors may allocate a mere 5% to 10% of their portfolios to the crypto asset class; however, Bitcoin will comprise 60% to 70% of that allocation.

Saylor previously held that Ethereum and other cryptocurrencies such as BNB, Solana, XRP, and Cardano would not be treated as equivalent to Bitcoin. Consequently, his reconsideration has yet to escape the attention of the cryptocurrency community. Industry figures such as Joe Carlasare and Ricky Bobbyy express astonishment at Saylor’s “significant 180-degree turn” and speculate that he may begin investing in ETH in their remarks.

BTC Maxi, Michael Saylor, stated that the approval of an Ethereum ETF “Is Good for” Bitcoin. This article first appeared on Coin Edition.