- Michael Saylor Makes a U-Turn on ETH After ETF Approvals.
- The executive said the approval will further legitimize crypto assets.
MicroStrategy founder and CEO Michael Saylor has changed his “no second best to Bitcoin” rhetoric after the Ethereum Approval of the ETF.
In response to the approvals, Saylor underlined the update as ‘good for the crypto asset class’ but ‘better’ for Bitcoin [BTC].
‘Is this good for Bitcoin or not? It’s good for Bitcoin. In fact, it may be better for Bitcoin because we are much more powerful politically, backed by the entire crypto industry.”
The term “politically more powerful” can refer to the current political changes caused by crypto regulations passage of the US CBDC ban and the FIT21 Act.
Michael Saylor added that the ETH ETF approval will further legitimize the crypto asset class.
Michael Saylor warms up for ETH
Contrary to the above relative warming of ETH ETF approval, Saylor has always been a Bitcoin maxi and a critic of altcoins.
About two weeks ago, the director believed that Bitcoin would be the only approved crypto asset with a spot ETF and support from Wall Street and TradFi.
The executive branch expected the SEC to reject the ETH ETFs. Here it can be said that Saylor has changed his strict stance towards other crypto assets after the approval of ETH ETF.
However, his emphasis that BTC could benefit more from the ETH ETF adds to the divergent opinions on this topic.
Some industry analysts, such as Jim Bianco and Quinn Thompson, have reiterated that ETH ETF could generate inflows from spot BTC ETFs.
As a result, the launch of ETH ETF could be negative for BTC. Bianco actually projected that ETH could even flip BTC before the next halving.
However, Bitwise CIO Matt Hougan downplayed the ‘threat’ and named that ETH ETF will reach billions, but will not match BTC.
In the meantime, the recent positive regulations and approval of ETH ETFs caused BTC ETFs to register positive net inflows last week.
According to AMBCrypto’s look at Soso Value’s factsInvestment products totaled $819.5 million last week.
It remains to be seen whether these BTC ETF flows will be affected by ETH ETFs when they launch and start trading.