It would seem that Michael Saylor, a Bitcoin promoter, has become fond of Ethereum.
Michael Saylor, co-founder of MicroStrategy, recently made an interview on the podcast “What Bitcoin Did,” where he expressed optimism over Ethereum exchange-traded funds and predicted that they would speed up institutional adoption.
Now that mainstream investors see cryptocurrency as an asset class in its own right, they may be ready to increase their current allocation of 1% to 5% to 10%. As the most prominent cryptocurrency, Saylor predicts that Bitcoin is currently valued at over 70% of that distribution.
“Actually, the whole cryptocurrency sector is behind us, so we’re politically a lot more powerful. This may be good for Bitcoin. Their political power, user base, and role as an additional Bitcoin defender are all readily apparent,” he said.
Earlier this week, Ethereum ETF issuers had a number of their 19b-4s listing petitions granted, which was a surprising about-face. Lack of participation, political pressure, and confusion about the underlying Ether token’s legal status led many to believe that the U.S. Securities and Exchange Commission would reject them only days before that.
James Seyffart, an ETF specialist at Bloomberg, predicts that Ethereum ETFs may meet demand equal to around 25% of that for the Bitcoin ETFs that debuted in January. Since the SEC must also approve the relevant S-1 registration statements, the exact start of trading for these Ethereum ETFs is still unknown.
Saylor has now reversed his position; he had previously predicted that Wall Street would never embrace Ethereum as a security, as it is extremely “obvious” that the main altcoin is one. The only “institutional grade crypto asset was Bitcoin,” he said.
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