After the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 filing for an Ethereum spot ETF, Bitcoin extremist Michael Saylor also changed his stance on Ethereum being a security, stating that this change would be more favorable for Bitcoin.
Last Friday (24th), the SEC officially approved the 19b-4 filings (exchange rule amendments) submitted by eight Ethereum spot ETF issuers, opening the door for potential large-scale investments in ETH and prompting Bitcoin extremist Michael Saylor to change his attitude towards ETH.
Just at the beginning of May, Michael Saylor analyzed that other cryptocurrencies, including ETH, would also be classified as unregistered securities by the SEC, including BNB, SOL, XRP, and ADA, stating that most cryptocurrencies other than Bitcoin are unregistered securities from a regulatory perspective.
However, with the preliminary approval of the Ethereum spot ETF, Michael Saylor admitted in a podcast program with Peter McCormack on the 25th that his view on the Ethereum spot ETF had changed and that the recent recognition by U.S. regulatory agencies was better news for Bitcoin.
Approval of the Ethereum ETF is more favorable for BTC
Michael Saylor views the approval of the Ethereum spot ETF as another line of defense for Bitcoin, and now it seems inevitable that it will be listed, which means that Bitcoin has once again broken through the defense line. He stated:
Last week, Standard Chartered Bank also predicted that the approval of the Ethereum spot ETF would be beneficial for BTC, as it would further legitimize the crypto industry, and vowed that Bitcoin would reach a new all-time high over the weekend.
Michael Saylor pointed out that the SEC’s approval will accelerate institutional adoption, as cautious investors will now acknowledge that cryptocurrencies are a legitimate asset class. Furthermore, he explained that although the variety of crypto assets available for institutional investment has increased, Bitcoin will still receive the majority of capital allocation as the “leader” of cryptocurrencies.
He stated:
Will Michael Saylor allocate to ETH?
Michael Saylor’s change in tone on the program has attracted widespread attention from the crypto community. Some people in the community began to speculate whether MicroStrategy would expand its diamond-hand strategy and choose to buy ETH.
Cryptocurrency analyst Ricky Bobbyy also agreed:
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