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Bitcoin Promoter Saylor Approaches Ethereum
Alex Dovbnja
Bitcoin evangelist Michael Saylor appears to have gotten hooked on Ethereum
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During a recent appearance on “What Bitcoin Did” podcastsMicroStrategy co-founder Michael Saylor spoke positively about Ethereum Exchange Traded Funds, predicting they will help accelerate institutional adoption.
Traditional investors may be willing to allocate a higher percentage of their portfolios (5% to 10%) instead of just 1% now that they see cryptocurrencies as a broader asset class. Saylor believes Bitcoin will account for up to 70% of that allocation as the leader of the crypto asset class.
“In fact, it might be better for Bitcoin because we are much more politically powerful… supported by the entire cryptocurrency industry… Obviously they have a lot of political power, a lot of users and serve as another line of defense for Bitcoin,” He he said.
In a surprising reversal, several 19b-4 filings submitted by Ethereum ETF issuers were approved earlier this week. A few days earlier, the US Securities and Exchange Commission was expected to reject them due to lack of commitment, political pressure and uncertainty surrounding the legal status of the underlying Ether token.
James Seyffart, Bloomberg ETF expert you think that Ethereum ETFs will be able to reach approximately 25% of the demand for Bitcoin ETFs launched in January. For now, it is unclear when these Ethereum ETFs will actually start trading, as the SEC also needs to approve the corresponding S-1 registration statements.
Saylor has now changed his tune after previously predicting that Ethereum would never be accepted by Wall Street as it is very “clear” that the flagship altcoin is a stock. He claimed that Bitcoin was the only “institutional-grade crypto asset.”
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.