Bitcoin
Will Saylor Buy Ethereum ETFs?
Michael Saylor changes tone on Ethereum (ETH): Will Saylor buy Ethereum ETFs?
Michael Saylor, president of MicroStrategy, has been a strong supporter of Bitcoin, frequently discussing its benefits on various platforms. MicroStrategy has more than 1% of all Bitcoin supply and personal appearances by Saylor. Despite his focus on Bitcoin, Saylor has recently started talking about Ethereum.
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Saylor appeared in the “What Bitcoin Did“podcast in late May to discuss his views on Bitcoin and crypto. “Bitcoin would be the only asset securitized and offered as an ETF in sight by the Wall Street establishment – and it would spread as the only legitimate crypto asset,” noted Saylor .
Saylor was alluding to the recent advancement of Ethereum ETFs in sight to the next stage of approval, which occurred just days before the interview. While prospects for approval were initially bleak for much of 2024, the SEC is now taking a closer look at each application. Speculation suggests negotiations could begin in late summer.
The advance of Ethereum ETFs surprised everyone, including Saylor. Previously, Saylor believed that Bitcoin was the only crypto asset worthy of investment, with other cryptocurrencies only imitating Bitcoin’s success. However, the approval of ETFs legitimizes Ethereum in the eyes of institutional investors.
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For years, Saylor has focused on the limited supply of Bitcoin and the use of blockchain for transactions. However, during the interview, he acknowledged the advantages of Ethereum, noting that “digital art, NFTs, tokens,…DeFi” are part of “a full range of use cases” for crypto.
Despite recognizing the benefits of Ethereum, Saylor still believes that Bitcoin will remain the leader in crypto. He noted that institutional investors might “allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% to 70% of that.” Ethereum ETFs can attract new crypto investors who will also buy Bitcoin.
This raises the question of whether Saylor will invest in Ethereum ETFs. Based on his interview comments, his top crypto choice remains Bitcoin. While he recognizes some benefits of Ethereum and other tokens, he believes these benefits will attract more people to Bitcoin. “I think we are politically much more powerful [when] supported by the entire crypto industry,” he said. Given this perspective, it seems unlikely that Saylor will make significant investments in Ethereum ETFs, although that is not entirely out of the question.
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This article Michael Saylor changes tone on Ethereum (ETH): Will Saylor buy Ethereum ETFs? originally appeared in Benzinga.com
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