Michael Saylor, the executive chairman and co-founder of MicroStrategy, appears to be reassessing his stance on Ethereum following the US Securities and Exchange Commission’s (SEC) approval of spot exchange-traded funds (ETFs). Saylor believes this move signals growing political support for crypto and will drive more institutional adoption towards the sector.
Positive Shift for Crypto
In the latest episode of the “What Bitcoin Did For Me” podcast, Saylor called the SEC’s decision positive news for Bitcoin and the entire crypto industry. According to Saylor, the approval of several Ethereum ETFs indicates the crypto industry’s increasing political influence. Last week, the financial regulator unexpectedly approved several ETH-related financial instruments, suggesting a possible political motivation behind the decision.
Boosting Institutional Adoption
Saylor believes the approval of Ethereum ETFs will boost the institutional adoption of cryptocurrencies. He expects more institutions to recognize crypto as a legitimate asset class and allocate capital across various cryptocurrencies, with Bitcoin receiving the largest share as the market leader.
“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 because I think that we are politically much more powerful and supported by the entire crypto industry,” Saylor said.
Confidence in Bitcoin’s Future
Saylor also expressed confidence in Bitcoin’s future, noting that mainstream investors might allocate 5% or 10% to the crypto asset class, with Bitcoin comprising 60% or 70% of that allocation. MicroStrategy, the largest public holder of Bitcoin, has amassed over 214,000 BTC, valued at approximately $15 billion.
“I’m quite the optimist, I actually think that Bitcoin is going to succeed, it is succeeding, it’s succeeding as fast as it could reasonably succeed, and we ought to try to avoid the tendency to [mess] with it,” Saylor stated.
Shift in Stance on Ethereum
Saylor’s current stance on Ethereum represents a significant shift from his previous position. Earlier, he predicted that the SEC would classify ETH as a security and that other cryptocurrencies, including BNB, Solana, and XRP, would suffer the same fate. He claimed that none of these tokens would be wrapped by a spot ETF or accepted by mainstream institutional investors as crypto assets.
Michael Saylor’s reassessment of Ethereum and the SEC’s approval of Ethereum ETFs highlight the evolving landscape of the cryptocurrency industry. This shift indicates growing political support and institutional adoption, positioning crypto as a significant asset class in the financial world.
