Michael Saylor thinks Ethereum ETF is good for bitcoin

The approval of spot ETFs for ether (ETH), Ethereum’s native cryptocurrency, has changed the landscape even for bitcoiners like Michael Saylor, founder and director of software services company MicroStrategy.

During his participation in the “What Bitcoin Did” podcast, he spoke with host Peter McCormack about How politics has changed the position of both Republicans and Democrats on bitcoin and cryptocurrencies.

“Two weeks ago, it looked like bitcoin was going to be the only asset offered through an ETF accepted by Wall Street and spread as the only legitimate digital asset,” Saylor said.

However, this changed with the approval of ether ETFs last Thursday in the United States and with the acceptance of the FIT21 bill in that country’s Congress. This is legislation aimed at regulating the bitcoin and cryptocurrency ecosystem.

For Saylor, all of this is a boost for the digital asset industry. «I think it is good for bitcoin. In fact, it may be better for bitcoin because we are more politically powerful when there is support from the entire cryptocurrency industry.

The cryptocurrency industry also has a lot of political power, a lot of users, and serves as another line of defense for bitcoin.

Michael Saylor, founder and director of MicroStrategy.

Saylor believes that everything that is happening will lead to major investors allocating money to this type of financial products or even directly in cryptocurrencies.

In that case, he estimates that they could invest between 5% and 10%, but bitcoin will make up between 60% and 70% of that allocation. Therefore, he believes that everything that happens in terms of regulation and approval of bitcoin and ether ETFs could accelerate institutional adoption.

It’s good for marketing, a lot will happen, so investors will have to rethink all their investment models and move forward in a new world.

Michael Saylor, founder and director of MicroStrategy.

Saylor was one of the least optimistic about Ethereum ETFs. At the beginning of May, he assured that those financial instruments would not be approved and they would make it clear that the cryptocurrency was a security and not a commodity, as bitcoin is, as reported by CriptoNoticias.

For now, the approved funds of the companies VanEck, Ark21Shares, Hashdex, Grayscale, Invesco Galaxy, BlackRock and Fidelity are waiting for the United States Securities and Exchange Commission (SEC) to begin their listing on the stock market.

Some forms still need to be completed and delivered by the issuing companies so that negotiations can begin.