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Michael Saylor Says Ethereum ETF Is Bitcoin Positive, Here’s Why
Goffredo Beniamino
Michael Saylor Made a 360 Degree Turnaround and Validates the Ethereum Spot ETF
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Michael Saylor, the president of MicroStrategy Inc’s Bitcoin Bull, unexpectedly made a bullish statement regarding spot ETFs on Ethereum. The US Securities and Exchange Commission (SEC) last week gave the green light to eight spot applications for Ethereum ETFs.
From critic to growing supporter
In early May, Michael Saylor expressed strong criticism of Ethereum and other cryptocurrencies beneath the “Bitcoin stack.” Second for Michael Saylor, these digital currencies are investment contracts, adding that assets like Ethereum will never be wrapped up in Ethereum spot ETFs.
Three weeks after making this statement, Spot ETF on Ethereum have been approved by the US SEC; however, negotiations have yet to begin. In a recent interview with “What Bitcoin Did” host Beagle, Saylor said that Ethereum ETFs and any other product that tracks most cryptocurrencies aren’t bad after all.
He said that with more related products, more investors will make their way into the broader cryptocurrency market. According to him, this will help validate Bitcoin as the dominant asset in the industry.
Michael Saylor earned a lot of criticism for his previous statement, with the likes of Charles Hoskinson criticizing him for what he perceived as an unhealthy view of the industry. A change of position is already being announced, as the failed prediction has already come true.
Location of Spot Ethereum ETF
The process that led to the spot approval of the Ethereum ETF brought with it a lot of speculation. Now that approval has been obtained, there is still the unspoken question whether Ethereum is a stock or not.
Michael Saylor has remained a major supporter of Bitcoin since August 2020 with steady accumulation to date. While it remains uncertain whether it would bet on Ethereum, the industry is looking to see how Wall Street will accept the new ETF, which has yet to begin trading.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.