Michael Saylor Revises View on Ether, Predicts ETF Will Accelerate Crypto Adoption
Saylor changed his view after realising that Ether ETF approval could bolster the entire crypto industry, including Bitcoin.
He predicts that mainstream investors will allocate a significant portion of their crypto investments to Bitcoin, reinforcing its dominance.
Michael Saylor has long been a strong Bitcoin advocate with little regard for other cryptos. In early May he speculated whether the US Securities and Exchange Commission (SEC) would soon crack down on altcoins.
Not only did he say that most altcoins, such as SOL, ADA, and ETH, should be deemed securities, but he also argued that an Ether ETF would not be approved.
#Bitcoin – There is No Second Best pic.twitter.com/PLDgwGwF9J
— Michael Saylor (@saylor) May 2, 2024
According to Saylor, only proof-of-work (PoW) delivers true decentralisation. During a podcast conversation with What Bitcoin Did, Saylor said that changing a network from PoW to PoS (proof-of-stake) means changing its status, thereby creating a security in the process.
Related: Trump Vows to Position US as Global Leader in Bitcoin and Crypto, Endorses Right to Self-Custody
Now, just days after the Spot Ether ETFs have been partly approved by the regulator, the MicroStrategy CEO seems to have had a change of heart. Speaking on the podcast Saylor said the Ether ETF could be a good thing for Bitcoin.
Is this good for Bitcoin or not? I think it’s good for Bitcoin – in fact, I think it may be better for Bitcoin because I think that we are politically much more powerful supported by the entire crypto industry.
According to Saylor, the approval of Spot Ether ETFs will bring more institutional investors to the sector, overall giving it more legitimacy. While institutions will be pouring money into the broader crypto sector, Saylor believes Bitcoin will be the largest beneficiary.
I think 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.
MicroStrategy Makes its Way Into Largest Index with US$13 billion AUM
Saylor’s MicroStrategy has been buying up BTC to the tune of US$13 billion (AU$19.6 billion), lifting the company into the MSCI World Index.
The strategy to buy and hold Bitcoin on a company’s balance sheet has been so popular that Japanese firm Metaplanet has recently started copying it. The share price of Metaplanet has since skyrocketed, amid plans to buy more BTC.
Saylor remains very bullish about Bitcoin’s future but admits his opinion on Spot Ether ETFs has changed:
Two weeks before, the world looked like Bitcoin was going to be the only asset securitized and offered as a spot ETF by the Wall Street establishment and it was going to spread as the one legitimate crypto asset.
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The post Michael Saylor Revises View on Ether, Predicts ETF Will Accelerate Crypto Adoption appeared first on Crypto News Australia.
Filed under: Bitcoin - @ May 27, 2024 6:26 am