- Saylor suggests Ethereum ETF approval helps legitimize cryptocurrencies as a viable asset class, including Bitcoin.
- Predicts mainstream investors might allocate 5% to 10% of portfolios to crypto, with majority in Bitcoin.
Michael Saylor, Chairman of MicroStrategy, recently stated that the U.S. Securities and Exchange Commission’s (SEC) approval of a spot Ethereum ETF is beneficial for Bitcoin. Saylor shared his perspective in an interview where he discussed the implications of this development on the cryptocurrency market.
During the conversation with Beagle, host of “Bitcoin Gamblers Anonymous” on the social platform X, Saylor mentioned that the SEC’s decision could increase institutional interest in cryptocurrencies, particularly Bitcoin. He said:
“The approval will help establish the cryptocurrency asset class, which includes both Bitcoin and Ethereum ETFs.”
He argued that this recognition of cryptocurrencies as a viable asset class places Bitcoin at the forefront of the financial sector.
This perspective marks a change from Saylor’s previous statements about digital assets other than Bitcoin. Before the SEC’s decision , he had classified Ethereum as a security, which had sparked criticism from the online community. Now, Saylor suggests that the inclusion of Ethereum could strengthen Bitcoin’s position within the cryptocurrency industry.
He emphasized the cooperative strength of Bitcoin and Ethereum, noting, “It is beneficial for Bitcoin. The entire crypto industry’s support, including Ethereum’s large user base, strengthens Bitcoin’s position.”
Saylor also speculated on the potential shifts in investment strategies following the Ethereum ETF’s approval. He predicted that mainstream investors might allocate 5% to 10% of their portfolios to cryptocurrencies, with Bitcoin receiving about 60% to 70% of that portion.
This assessment aligns with recent trends in the cryptocurrency market, where Bitcoin ETFs have seen significant inflows, with totals exceeding 15,000 BTC.
Saylor believes that the approval of Ethereum ETFs will not only support Bitcoin’s status but also accelerate institutional adoption of cryptocurrencies. He stated,
“This could provide a significant marketing boost. It’s a new era, and we need to adjust our models to align with the changing landscape.”
Overall, Saylor’s remarks highlight the anticipated positive impact of Ethereum ETFs on the broader acceptance and integration of cryptocurrencies into traditional financial systems.
