It seems the ultimate Bitcoin bull is starting to see the merit in Ethereum.
Posted May 29, 2024 at 11:34 am EST.
When the Bitcoin maximalist-in-chief starts singing Ethereum’s praises, you know something big has happened. Michael Saylor’s recent comments might surprise his most devoted followers.
Saylor, founder of MicroStrategy and known for his unwavering support of Bitcoin, appears to be softening his stance on Ethereum. In the past, Saylor has insisted that Bitcoin would be the only cryptocurrency to gain acceptance from mainstream financial institutions and that ETH would be deemed a security. However, the approval last week of eight spot Ether ETFs has prompted a surprising shift in his rhetoric.
Watch: Is US Politics Driving the ETH ETF Approval?
In a May 25 episode of the “What Bitcoin Did” podcast, Saylor expressed a newfound appreciation for Ethereum. “Is this good for Bitcoin or not? Yeah, I think it’s good for Bitcoin,” Saylor told host Peter McCormack. He elaborated, “They serve as another line of defense for Bitcoin.”
Saylor now believes that the approval of Ether ETFs could accelerate institutional adoption of cryptocurrencies as a whole. He suggested that this regulatory green light might encourage hesitant investors to view crypto as a legitimate asset class. “Mainstream investors will say, ‘Oh, there is a crypto asset class now, maybe we’ll allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% or 70% of that,’” he explained.
This position is a marked departure from Saylor’s earlier predictions. As recently as May 3, he was skeptical about the SEC approving any cryptocurrency other than Bitcoin for spot ETFs. In a speech named “Bitcoin: There is no second best,” he even suggested that tokens like ETH, BNB, SOL, XRP, and ADA would never gain such acceptance.
The question now is whether he will pivot further. Will he start buying ETH? Or even more surprisingly, would he swap BTC for ETH? It seems unlikely, but his recent change in tone suggests it’s not impossible.
Read more: Michael Saylor’s Bitcoin Strategy May Be on the Verge of Paying Even More Dividends for MicroStrategy
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