Microstrategy's Michael Saylor States Spot Ether ETF Approval 'May Be Better for Bitcoin'

Michael Saylor, Executive Chairman of Microstrategy, stated that the approval of several spot ether ETF proposals by the U.S. SEC might be good for Bitcoin. In “What Bitcoin Did,” Peter McCormack’s podcast, Saylor stated this approval gives rise to a crypto asset class, including several use cases like tokens, NFTs, and defi, with Bitcoin at the lead.

Michael Saylor Believes Spot Ether ETF Approval Gives Rise to the Crypto Asset Class

Michael Saylor, Executive Chairman of Microstrategy and bitcoin entrepreneur, has commented on the changes coming to the cryptocurrency investment and regulation arena after the approval of the spot ether exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).

In “What Bitcoin Did,” a cryptocurrency-centric podcast hosted by Peter McCormack, Saylor recognized two weeks ago he believed that bitcoin would be the only asset available freely for financial mainstream investors. “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,” he stressed.

However, he recognized that a spot ether ETF’s approval changed the landscape regarding regulation and investing, introducing what he called the crypto asset class. For Saylor, now this new crypto asset class will be legitimized by both political parties in America, including an “entire range of use cases” featuring digital trading, digital art, non-fungible tokens (NFTs), and decentralized finance, among others.

Nonetheless, Saylor still believes that Bitcoin will lead this insurgent asset class, putting this movement in a good light for bitcoin, which will bring the crypto community together. He stated:

I think it’s good for Bitcoin. I think it may be better for Bitcoin. I think that we are politically much more powerful supported by the entire crypto industry.

Furthermore, Saylor argued that this might also increase the allocation of investments in Bitcoin. He explained that investors might allocate 5% or 10% of their portfolio into this crypto asset class, with Bitcoin being 60% of this allocation.