Michael Saylor, co-founder of MicroStrategy, recently shared his thoughts on the approval of cryptocurrency funds based on Ethereum. He believes that this class of assets will be beneficial to Bitcoin, the first cryptocurrency.
During a discussion about the U.S. Securities and Exchange Commission's (SEC) approval of spot Ethereum ETFs, Saylor expressed optimism about their impact on Bitcoin. According to him, any digital asset gaining regulatory approval positively affects the entire industry, strengthening the crypto sector as a whole.
"Yes, I think it's good for Bitcoin. Moreover, I believe it can bring significant benefits to it because politically we are much stronger with the support of the entire industry," Saylor stated. The MicroStrategy co-founder pointed out that cryptocurrency ETFs based on Ethereum would serve as "another line of defense" for Bitcoin. He emphasized that their approval would speed up institutional adoption and attract more investors to the industry.
Saylor acknowledged that market players might be forced to distribute funds among several assets, which could diminish Bitcoin's uniqueness. However, he remains confident that Bitcoin will still receive the majority of the allocated capital. "I think major investors will say, 'Oh, now there's a new class of crypto assets, maybe we'll allocate 5% or 10% of our funds to it.' Nevertheless, Bitcoin will still make up 60% or 70% of their total investment," he explained.
Saylor also mentioned that he has changed his view on spot Ethereum ETFs. Initially, he did not believe in the SEC's approval of exchange-traded funds based on this asset, but his opinion has shifted.
Earlier in May, the MicroStrategy co-founder opined that the Commission would soon classify Ethereum as a security. This classification would have ended attempts to launch investment products based on it. Additionally, he asserted that the SEC would eventually categorize other cryptocurrencies like BNB, XRP, and Cardano as securities.
It is also worth noting that Michael Saylor has made significant gains, reportedly earning $370 million from selling MicroStrategy shares. His insights and actions continue to influence and shape the cryptocurrency landscape.
