- Michael Saylor makes a U-turn on ETH after ETF approvals.
The executive said that the approval will further legitimize crypto assets.
As a researcher with a background in the crypto industry, I’ve followed Michael Saylor’s stance on Bitcoin and other cryptocurrencies closely. I was intrigued when I heard about his recent change of tune regarding Ethereum [ETH] and the ETF approval.
Michael Saylor, the founder and CEO of MicroStrategy, has shifted his long-held stance that “Bitcoin has no second” following the recent approval of an Ethereum Exchange-Traded Fund (ETF).
In his remarks about the recent approvals, Saylor emphasized that this development was beneficial for the crypto asset class as a whole. However, he expressed the opinion that it was even more advantageous for Bitcoin (BTC) specifically.
As a Bitcoin analyst, I can assert that recent developments are beneficial for Bitcoin. The reasons are twofold. Firstly, Bitcoin’s political clout has grown significantly, making it a more formidable player in the financial landscape. Secondly, the crypto industry as a whole is rallying behind Bitcoin, which strengthens its position and potential for growth.
“The term ‘politically more influential’ can refer to the recent political developments spurred by cryptocurrency regulations, the enactment of the US ban on Central Bank Digital Currencies, and the passage of the FIT21 Act.”
Michael Saylor added that the ETH ETF approval will further legitimize the crypto asset class.
Michael Saylor warm ups to ETH
Despite his previous optimism about an ETH ETF, Saylor has consistently advocated for Bitcoin and expressed skepticism towards altcoins.
Approximately two weeks ago, the executive held the view that Bitcoin would be the favored crypto asset to secure approval for a spot Exchange-Traded Fund (ETF) and receive backing from both Wall Street and Traditional Finance (TradFi).
The executive held the belief that the SEC would turn down the proposed Ethereum ETFS. It’s worth noting that Saylor may have shifted his firm position against other cryptocurrencies following the SEC’s approval of the Ethereum ETFS.
From my perspective as an analyst, his perspective that Bitcoin (BTC) could gain more from an Ethereum (ETH) Exchange-Traded Fund (ETF) approval is a different take on the ongoing debate.
Industry experts such as Jim Bianco and Quinn Thompson have repeated the notion that an ETF based on Ethereum (ETH) might attract investments previously held in Bitcoin (BTC) ETFs.
From my perspective as a researcher, the introduction of the ETH ETF might negatively impact Bitcoin. To put it differently, according to Bianco’s prediction, Ethereum could potentially surpass Bitcoin in value prior to the upcoming Bitcoin halving event.
Matt Hougan, CIO of Bitwise, dismissed the perceived danger and shared his viewpoint that the Ethereum ETF could amass billions in assets, but might not surpass Bitcoin in terms of value.
As a researcher, I’ve observed an encouraging trend in the crypto market lately. The approval of Ethereum ETFs by regulatory bodies has led to significant inflows into Bitcoin ETFs last week.
Based on my analysis of Soso Value’s latest data from AMBCrypto, a collective sum of approximately $819.5 million was invested in their product offerings during the previous week.
The impact of Ethereum ETFs on the flow of Bitcoin ETF investments is yet to be determined once they begin trading.
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2024-05-27 16:55