Bitcoin
There’s a Second Best: Bitcoin Bull Michael Saylor Smooths on Ethereum
For years, MicroStrategy founder Michael Saylor avoided acknowledging the existence of such a thing as the “crypto industry.” For him, there was Bitcoin-an asset he compared to gold of our time – and then thousands of cheap imitators that are hardly worth mentioning.
“There is no second best”, says the entrepreneur – who can personally own more than a billion dollars in BTC – was known to say.
That is, at least, until now.
It looks like last minute’s shocking episode approval from the place Ethereum ETFs from two weeks ago caused the Bitcoin maximalist to change his stance on crypto — or, at least, adjust his political calculus.
“Bitcoin would be the only asset securitized and offered as a spot ETF by the Wall Street establishment – and it would spread as the only legitimate crypto asset,” Saylor said recently on “What Bitcoin Did” podcast, summarizing his thinking ahead of the US Securities and Exchange Commission’s reverse approval of spot ETH ETFs.
For some time before that watershed moment, Saylor had spoken out loud foreseen that no other crypto asset besides Bitcoin would ever earn that crucial seal of approval from traditional finance. He also stated that Ethereum would be designated as a security by the SEC.
Now, the approval of the Ethereum ETF – which some industry analysts suggest means that Ethereum cannot be considered a title– appears to have changed his mind about the viability of crypto as an industry bigger than just Bitcoin.
“I think that at this moment the best expectation is [that] the crypto asset class will be legitimized,” Saylor said.
In particular, the entrepreneur seemed impressed by the industry-wide efforts that resulted in a recent series of key political victoriesincluding the approval of the spot Ethereum ETF.
“I think we are politically much more powerful [when] supported by the entire crypto industry,” said Saylor. “They obviously have a lot of political power, a lot of users.”
Saylor’s MicroStrategy holds more than 1% of all BTC in circulation – a sum currently worth more than $14 billion. He has a lot of time resisted asks to invest in any other crypto assets.
Edited by Andrew Hayward
Editor’s note: This story was updated after publication to note that Saylor had previously stated that Ethereum would be declared an unregistered security by the SEC.