Categories: Bitcoin

MicroStrategy chairman deems Ethereum ETF approval good for BTC

microstrategy chairman deems ethereum etf approval good for btc

MicroStrategy chairman Michael Saylor recently reiterated that the spot Ethereum ETF approval is good for Bitcoin. 

Saylor thinks that the approval will entice institutional investors to cryptocurrencies. During an interview on X, the chairman talked about the approval. During the interview, Saylor stated how the Ethereum ETF will boost confidence among traders while offering them more options to choose from.

The chairman added that the ETFs will further establish the crypto asset class, with two major cryptocurrencies leading the scene. The move shows how crypto is now an asset class that boosts confidence and legitimacy.

The statements seem natural given the current state of the crypto market. However, it appears that Saylor has shifted 180 degrees from his position regarding digital assets other than BTC. People even called out and trolled the chairman for his failed predictions about Ethereum ETF approval.

Saylor’s stance on the Ethereum ETF has drastically changed, which many consider to be an ego check. The MicroStrategy chairman is openly claiming that the ETF will support Bitcoin with its user base, adding a new layer of defense.

With this Ethereum ETF approval, even mainstream investors see crypto as a viable asset class. They might even consider rounding up 5% to 10% of their portfolio with crypto. Out of this, around 60% to 70% will go to Bitcoin, added Saylor.

The chairman has made these assessments based on the ongoing market dynamics. The asset is reeling in consistent inflows since Bitcoin ETFs are gaining increased investor activity. Therefore, the recent news about the Ethereum ETF is expected to boost investors’ already high morale. 

It is high time mainstream investors pay heed to cryptocurrencies and start treating them as the well-established assets that they are.

Scott Cook: Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.