News
Will Saylor Buy Ethereum ETFs?
Michael Saylor Changes His Tone on Ethereum (ETH): Will Saylor Buy Ethereum ETFs?
Michael Saylor, president of MicroStrategy, has been a strong advocate of Bitcoin, often discussing its advantages on various platforms. MicroStrategy owns more than 1% of the entire Bitcoin supply and Saylor’s personal holdings. Despite his focus on Bitcoin, Saylor has recently started talking about Ethereum.
Not to be missed:
Saylor appeared on the “What Bitcoin did” podcast in late May to discuss his views on Bitcoin and cryptocurrencies. “Bitcoin would be the only asset securitized and offered as a spot ETF by the Wall Street establishment, and it would spread as the only legitimate crypto asset,” Saylor noted.
Saylor was alluding to the recent advancement of Ethereum spot ETFs to the next stage of approval, which occurred just days before the interview. While the outlook for approval was initially bleak through much of 2024, the SEC is now taking a closer look at each application. Speculation suggests that negotiations could begin by the end of the summer.
The advancement of Ethereum ETFs surprised everyone, including Saylor. Previously, Saylor believed that Bitcoin was the only crypto asset worthy of investment, while other cryptocurrencies merely mimicked Bitcoin’s success. However, ETF approval likely legitimizes Ethereum in the eyes of institutional investors.
Trend: If you invested $1000 in DOGE when Elon Musk first tweeted about it in 2019, that’s how much you would have today.
For years, Saylor has focused on Bitcoin’s limited supply and its use of blockchain for transactions. However, during the interview, he acknowledged the benefits of Ethereum, noting that “digital art, NFTs, tokens, … DeFi” are all part of “a whole range of use cases” for cryptocurrencies.
Despite recognizing the advantages of Ethereum, Saylor still believes that Bitcoin will remain the leader in the cryptocurrency industry. He noted that institutional investors might “allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% to 70% of that.” Ethereum ETFs could attract new cryptocurrency investors who will also buy Bitcoin.
This raises the question of whether Saylor will invest in Ethereum ETFs. Based on his interview comments, his top cryptocurrency choice remains Bitcoin. While he acknowledges some advantages of Ethereum and other tokens, he believes these advantages will attract more people to Bitcoin. “I think we are much more powerful politically [when] supported by the entire cryptocurrency industry,” he said. Considering this perspective, it seems unlikely that Saylor will make significant investments in Ethereum ETFs, although it is not entirely out of the question.
The story continues
Read next:
“THE SECRET WEAPON OF ACTIVE INVESTORS” Power up your stock market game with the #1 trading tool. 1 “news and everything else”: Benzinga Pro – Click here to start your 14 day trial now!
Get the latest stock analysis from Benzinga?
This article Michael Saylor Changes His Tone on Ethereum (ETH): Will Saylor Buy Ethereum ETFs? originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.