{"id":51044,"date":"2024-05-27T01:18:00","date_gmt":"2024-05-27T01:18:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/spot-ethereum-etf-cryptocurrency-michael-saylor-microstrategy-sec"},"modified":"2024-05-27T04:08:42","modified_gmt":"2024-05-27T04:08:42","slug":"spot-ethereum-etf-approval-may-be-better-for-bitcoin-michael-saylor","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51044","title":{"rendered":"\u200b\u200bSpot Ethereum ETF approval &#039;may be better for Bitcoin&#039; \u2014 Michael Saylor"},"content":{"rendered":"<p>MicroStrategy founder Michael Saylor has changed his tone on spot Ether (ETH) exchange-traded funds (ETFs), arguing that the recent nod from the United States regulator is only good news for Bitcoin (BTC) as well.<\/p>\n<p>\u201cIs this good for Bitcoin or not? Yeah, I think it\u2019s good for Bitcoin, in fact, I think it may be better for Bitcoin because I think that we are politically much more powerful supported by the entire crypto industry,\u201d Saylor told Bitcoin podcaster Peter McCormack on the May 25 episode (check below to watch!) of What Bitcoin Did podcast.<\/p>\n<p>\u201cThey serve as another line of defense for Bitcoin,\u201d he said, following the news that the U.S. Securities and Exchange Commission (SEC) approved eight spot Ether ETFs to be listed on their respective exchanges on May 23.<\/p>\n<p>Saylor reiterated that this will &#8220;accelerate institutional adoption,&#8221; as previously wary investors will now recognize crypto as a legitimate asset class.\u00a0Furthermore, Saylor explained they will allocate capital across the various crypto assets, but Bitcoin will still receive the majority of allocated capital as &#8220;the leader&#8221; of cryptocurrencies.<\/p>\n<p>\u201cI think mainstream investors will say oh there is a crypto asset class now, maybe we\u2019ll allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% or 70% of that,\u201d he claimed.<\/p>\n<figure><img decoding=\"async\" title=\"\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2024-05\/ee060db4-11e6-4101-985c-f46bf2c28237.png\" alt=\"\" \/> <iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/lwmyaxpJwoc?si=cYmdM-7__Yqyj6_7\" width=\"100%\" height=\"415\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><figcaption><em>Michael Saylor talking to host Peter McCormack on the What Bitcoin Did podcast. Source: YouTube\/What Bitcoin Did<\/em><\/figcaption><\/figure>\n<p>Saylor acknowledged his opinion has changed on spot Ether ETFs, given he previously was under the impression that there was a slim chance of SEC approval.<\/p>\n<p>\u201cTwo weeks before, 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,\u201d he explained.<\/p>\n<p>On May 3, Cointelegraph reported that Saylor predicted that the SEC would classify ETH as a security, followed by BNB (BNB), Solana (SOL), XRP (XRP), and Cardano (ADA) being viewed in the same way.<\/p>\n<p>\u201cNone of [these tokens] will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets,\u201d said Saylor.<\/p>\n<p>Saylor&#8217;s change in tone on What Bitcoin Did did not go unnoticed by the wider crypto community.<\/p>\n<p>\u201cChanging his tune a bit,\u201d Bitcoin commercial litigator Joe Carlasare posted in a May 25 X post.<\/p>\n<p>\u201cIs the next step Saylor buying ETH? That\u2019s a serious 180,\u201d added crypto analyst Ricky Bobbyy.<\/p>\n<p>Check <span style=\"background: #FDFBAC; padding: 1px 4px;\">other news for today<\/span> and Please stand by..<\/p>\n<p>*********************************<\/p>\n<p>If one of the paying programs on our Monitor appeals to you, please support <em>EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n<p>EN web <strong>Support Chat<\/strong> | Hyips and Crypto questions \u2013 <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"http:\/\/emilynews.com\/chat\/hyips\/\">HyipChatEN<\/a><\/strong><\/p>\n<p>Telegram Chat for Crypto and Hyip reports: <strong><a href=\"https:\/\/telegram.me\/HyipChatEN\" target=\"_blank\" rel=\"noopener noreferrer\">@HyipChatEN<\/a><\/strong><\/p>\n<p>*********************************<\/p>\n<p>Be the first to get most important HYIP news everyday!<br \/>\nSimply Follow <a href=\"https:\/\/www.facebook.com\/EmilyNewsOnline\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline;\">EN Facebook<\/strong><\/a>, <a href=\"https:\/\/telegram.me\/CryptoHyipsEN\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"color: #c03939; text-decoration: underline;\">EN Telegram<\/strong><\/a>, <a href=\"https:\/\/twitter.com\/EmilyHyipNews\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline; font-size: 1.3em;\">EN Twitter<\/strong><\/a><br \/>\nor Subscribe to <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"https:\/\/feedburner.google.com\/fb\/a\/mailverify?uri=Emilynews\" target=\"_blank\" rel=\"noopener noreferrer\">EN Feedburner<\/a><\/strong> and submit your email address!<\/p>\n<p>If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n<p><a href=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13137\" src=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\" alt=\"\" width=\"544\" height=\"600\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MicroStrategy founder Michael Saylor has changed his tone on spot Ether (ETH) exchange-traded funds (ETFs), arguing that the recent nod from the United States regulator is only good news for Bitcoin (BTC) as well. \u201cIs &hellip; <a title=\"\u200b\u200bSpot Ethereum ETF approval &#039;may be better for Bitcoin&#039; \u2014 Michael Saylor\" class=\"exalt-read-more\" href=\"https:\/\/emilynews.com\/blog\/?p=51044\"><span class=\"screen-reader-text\">\u200b\u200bSpot Ethereum ETF approval &#039;may be better for Bitcoin&#039; \u2014 Michael Saylor<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51057,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3812,5652,276,159],"class_list":["post-51044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-cryptonews","tag-emilynews","tag-ethereum","tag-hyipnews","exalt-entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u200b\u200bSpot Ethereum ETF approval &#039;may be better for Bitcoin&#039; 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