ETFs
Bad news for Bitcoin purists: Saylor supports Ethereum ETFs!
2h30 ▪ 3 min reading ▪ by Luc José A.
Michael Saylor, known for his status as a Bitcoin evangelist, recently surprised the crypto community by taking a favorable stance towards Ethereum-based ETFs. This former Ethereum skeptic not only revised his judgment but also predicted that this new asset class could accelerate the institutional adoption of cryptos.
Michael Saylor paves the way for Ethereum ETFs
In a recent appearance on the “What Bitcoin Did” podcast, Michael Saylor, co-founder of MicroStrategy and a major Bitcoin evangelist, expressed unexpected support for Ethereum-based exchange-traded funds (ETFs). “In fact, it might be better for Bitcoin, because we are much more politically powerful… supported by the entire cryptocurrency industry,” he stated. Saylor explained that traditional investors may now be more inclined to allocate a larger portion of their portfolios to crypto assets, from the current 1% to potentially 5 or 10%.
This statement marks a stark contrast to Saylor’s previous positions, where he categorically rejected the idea that Ethereum could be accepted by Wall Street. According to him, Bitcoin was an institutional-grade cryptocurrency. However, the recent reversal of the SEC, which approved several Ethereum ETF listing applications, appears to have changed Saylor’s view. This approval, considered unlikely just a few days ago, paves the way for increased institutional adoption of Ethereum ETFs and could redefine the cryptocurrency investment landscape.
Towards a new era of institutional investments in cryptos?
Michael Saylor’s adoption of Ethereum ETFs could mark a watershed moment for the cryptocurrency market. Indeed, its support could encourage other institutional investors to diversify their portfolios beyond Bitcoin. This dynamic could strengthen the perception of Bitcoin as an asset of choice within a broader crypto asset class.
This change of position on the part of one of the most ardent supporters of Bitcoin also raises questions about the future coexistence and complementarity of different cryptos 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. In conclusion, Saylor’s support for Ethereum ETFs may well be the catalyst for a new era of institutional investment in cryptos and profoundly transform the financial landscape.
Maximize your Cointribune experience with our “Read to Earn” program! Earn points for every article you read and access exclusive rewards. Sign up now and start earning benefits.
Click here to join “Read to Earn” and turn your passion for crypto into rewards!
Luc José A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.