MicroStrategy govt chairman and co-founder Michael Saylor seems to be reassessing his stance on Ethereum after the US Securities and Trade Fee’s (SEC) approval of spot exchange-traded funds (ETFs).

Within the newest episode of the “What Bitcoin Did For Me” podcast, Saylor referred to as the SEC’s choice constructive information for Bitcoin and all the crypto business.

Ethereum ETF Approval Alerts Extra Help for Crypto

Based on Saylor, the SEC’s current approval of a number of Ethereum ETFs confirmed the crypto business’s rising political affect. Final week, the monetary regulator unexpectedly authorised a number of ETH-related monetary devices, with many business insiders suggesting this reversal may need political motivations.

As such, a number of stakeholders steered the approval highlighted a constructive shift in President Joe Biden’s stance in direction of cryptocurrencies.

“Is this good for Bitcoin or not? Yeah, 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 and supported by the entire crypto industry,” Saylor mentioned.

Michael Saylor believes the Ethereum ETFs will increase the institutional adoption of cryptocurrencies. Based on him, extra establishments will now acknowledge crypto as a authentic asset class and allocate capital throughout numerous cryptocurrencies. Nevertheless, he maintains Bitcoin would obtain the biggest share of those investments because the “leader” of the market.

“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,” Saylor famous.

Learn extra: Who Owns the Most Bitcoin in 2024?

The MicroStrategy chairman additionally seized the chance to specific confidence in Bitcoin’s future. Saylor and his firm maintain a major place within the high cryptocurrency and have persistently maintained a pro-BTC disposition. The Virginia-based firm is the biggest public holder of Bitcoin and has amassed over 214,000 BTC, valued at roughly $15 billion.

“I’m quite the optimist, I actually think that Bitcoin is going to succeed, it is succeeding, it’s succeeding as fast as it could reasonably succeed, and we ought to try to avoid the tendency to [mess] with it,” Saylor chimed.

In the meantime, Saylor’s present stance on Ethereum has considerably shifted from his earlier place. Earlier, he said that the SEC would classify ETH as a safety beneath its regulatory purview. He predicted that different cryptos, together with BNB, Solana, and XRP, would undergo the identical destiny.

“None of [these tokens] will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets,” he claimed.