LATEST: Michael Saylor Believes Spot Ethereum ETF Could Benefit Bitcoin

Michael Saylor, the co-founder of MicroStrategy, has lately taken the stand for the approval of eight spot Ether exchange-traded funds by the U.S. Securities and Exchange Commission. In one of his recent shows, Saylor mentioned that this was a very big win for Bitcoin because it shows leadership for Bitcoin and that the institutional adoption will be driven by this. He thinks institutional adoption will pave the way for other investors to start participating, followed by firms and retail trading.

Saylor insinuated that now mainstream investors could possibly put some part of their portfolio into cryptocurrency, with a majority of the new investment going into Bitcoin. This reversal of rhetoric comes just over six months since he suggested in a tweet that the SEC would never approve an Ether ETF.

The crypto community has been taking notice of the nuanced change in perspective towards potentially creating a more inclusive future of cryptos in traditional financial markets. It is seen as a strategic coup that greatly elevates Bitcoin’s clout and political power for the industry.


34.8K Reads