After the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 filings for Ethereum spot ETFs, Bitcoin extremist Michael Saylor also changed his stance on Ethereum being a security and stated that this change would be more beneficial for Bitcoin.
Last Friday (24th), the SEC officially approved the 19b-4 filings submitted by eight Ethereum spot ETF issuers, opening the door for potential large-scale investments in ETH and prompting Bitcoin extremist Michael Saylor to change his attitude towards ETH.
Just at the beginning of May, Michael Saylor analyzed that other cryptocurrencies, including ETH, would also be classified as unregistered securities by the SEC, including BNB, SOL, XRP, and ADA. He straightforwardly stated that apart from Bitcoin, most cryptocurrencies are unregistered securities for regulatory agencies.
However, with the preliminary approval of the Ethereum spot ETF, Michael Saylor admitted on the 25th in Peter McCormack’s podcast program that his views on the Ethereum spot ETF had changed and believed that the recent recognition by U.S. regulatory agencies was better news for Bitcoin.
Approval of Ethereum ETF is more advantageous for BTC
Michael Saylor considers the approval of the Ethereum spot ETF as another defense line for Bitcoin, and now its listing seems inevitable, which means that Bitcoin has once again broken through the defense line. He stated:
Last week, Standard Chartered Bank also predicted that the approval of the Ethereum spot ETF would benefit BTC, as it would further legitimize the cryptocurrency industry, and vowed that Bitcoin would reach a new all-time high last weekend.
Michael Saylor pointed out that the SEC’s approval would accelerate institutional adoption because cautious investors would now acknowledge that cryptocurrencies are a legitimate asset class. Furthermore, he explained that although there are now more types of cryptocurrencies available for institutional investment, Bitcoin will still receive the majority of capital allocation as the “leader” of cryptocurrencies.
He stated:
Will Michael Saylor position himself with ETH?
Michael Saylor’s change in tone on the program has drawn widespread attention from the crypto community. Some in the community have started to speculate whether MicroStrategy will expand its diamond hand strategy and choose to buy ETH.
Cryptocurrency analyst Ricky Bobbyy also concurred:
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