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Bad News for Bitcoin Purists: Saylor Supports Ethereum ETFs!
Mon 27 May 2024 ▪ 3 minute read ▪ by Luc Jose A.
Michael Saylor, known for his status as a Bitcoin evangelist, recently surprised the cryptocurrency community by adopting a favorable stance towards Ethereum-based ETFs. This former Ethereum skeptic not only revised his opinion, but also predicted that this new asset class could accelerate institutional adoption of cryptocurrencies.
Michael Saylor pioneers Ethereum ETFs
During a recent appearance on the “What Bitcoin Did” podcast, Michael Saylor, co-founder of MicroStrategy and leading Bitcoin evangelist, expressed unexpected support for Ethereum-based Exchange Traded Funds (ETFs). “In fact, this might be better for Bitcoin, as we are much more politically powerful… supported by the entire cryptocurrency industry,” he has declared. Saylor explained that traditional investors may now be more likely to allocate a larger portion of their portfolios to cryptocurrencies, from the current 1% to the potential 5% or 10%.
This statement marks a stark contrast to Saylor’s previous positions, where he adamantly rejected the idea that Ethereum could be accepted by Wall Street. According to him, Bitcoin was the institutional-grade cryptocurrency. However, the recent U-turn by the SEC, which approved several requests to list Ethereum ETFs, appears to have changed Saylor’s perspective. This approval, considered unlikely just 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 investment in cryptocurrencies?
Michael Saylor’s adoption of Ethereum ETFs could mark a turning point for the cryptocurrency market. In fact, his 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 cryptocurrency class.
This change of stance 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 primary asset, the growing acceptance of Ethereum and other altcoins could lead to a reevaluation of investment strategies. Ultimately, Saylor’s support for Ethereum ETFs could be the catalyst for a new era of institutional investment in cryptocurrencies and profoundly transform the financial landscape.
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Luc Jose A.
Graduated in Science Po Tolosa and holder of a blockchain certification consultant issued by Alyra, I returned to participate in Cointribune in 2019. Capturing the potential of blockchain to transform numerous sectors of the economy, I have made a commitment to raise awareness and inform the great public about this constantly evolving ecosystem. My goal is to allow anyone to better understand blockchain and learn about the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to convey the latest technological innovations and to put into perspective the economic and social efforts of this revolution in brands.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.