Bitcoin
Bad news for Bitcoin purists: Saylor supports Ethereum ETFs!
2h30 ▪ 3 min reading ▪ by Luc José A.
Michael Saylor, known for his status as a Bitcoin evangelist, recently surprised the crypto community by taking a favorable stance toward Ethereum-based ETFs. This former Ethereum skeptic not only revised his judgment but also predicted that this new asset class could accelerate the institutional adoption of cryptocurrencies.
Michael Saylor paves the way for Ethereum ETFs
During a recent appearance on the “What Bitcoin Did” podcast, Michael Saylor, co-founder of MicroStrategy and great Bitcoin evangelist, expressed unexpected support for Ethereum-based exchange-traded funds (ETFs). “In fact, this could be better for Bitcoin, as we are much more politically powerful… supported by the entire cryptocurrency industry,” he stated. Saylor explained that traditional investors may now be more inclined to allocate a larger portion of their portfolios to crypto assets, from the current 1% to potentially 5% or 10%.
This statement marks a sharp contrast to Saylor’s previous positions, where he categorically rejected the idea that Ethereum could be accepted by Wall Street. According to him, Bitcoin was institutional-grade cryptography. However, the recent reversal by the SEC, which approved several Ethereum ETF listing applications, appears to have changed Saylor’s outlook. This approval, considered unlikely a few days ago, paves the way for greater institutional adoption of Ethereum ETFs and could redefine the cryptocurrency investment landscape.
Towards a new era of institutional investments in cryptocurrencies?
Michael Saylor’s adoption of Ethereum ETFs could mark a decisive turning point for the crypto market. In fact, your support could encourage other institutional investors to diversify their portfolios beyond Bitcoin. This dynamic could reinforce the perception of Bitcoin as the asset of choice within a broader class of crypto assets.
This change of position by one of Bitcoin’s most ardent supporters also raises questions about the future coexistence and complementarity of different cryptocurrencies in institutional portfolios. If Bitcoin remains the leading asset, the growing acceptance of Ethereum and other altcoins could lead to a reevaluation of investment strategies. In conclusion, Saylor’s support for Ethereum ETFs could very well be the catalyst for a new era of institutional investment in cryptocurrencies and profoundly transform the financial landscape.
Maximize your Cointribune experience with our ‘Read to Win’ program! Earn points for each article read and gain access to exclusive rewards. Register now and start accumulating benefits.
Click here to join ‘Read to Earn’ and turn your crypto passion into rewards!
Lucas José A.
Graduated in Science from Toulouse and holder of a blockchain certification consultant delivered by Alyra, I am back on the Cointribune adventure in 2019. Harness the potential of blockchain to transform various sectors of the economy, and gain price engagement to raise awareness and inform the big public about this constantly evolving ecosystem. My goal is to enable you to better understand blockchain and take advantage of the opportunities it offers. I strive now to provide an objective of current affairs analysis, to decipher market trends, to convey the latest technological innovations and to measure in perspective the economic and social countries of this revolution in March.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.