Bitcoin bull Michael Saylor changes his stance on Ethereum spot ETF products
Michael Saylor called Ethereum spot ETF applications approval a great move for the Bitcoin & Crypto adoption at the institutional level.
Michael Saylor is the former CEO of the Bitcoin bull firm Microstrategy, a company that provides business intelligence services & currently holds 214,400 Bitcoin (BTC) on the company’s balance sheet.
In a podcast on the “What Bitcoin Did” YouTube channel, Michael Saylor shared his opinion on the Ethereum spot ETF applications.
On the approval of ETH spot ETF by the United States Securities and Exchange Commission (SEC), Saylor said that it is a great thing for the whole crypto sector because it will change the mentality of big players & now they will look toward this sector as a legitimate sector.
Saylor said that it will overall result in a better outcome for Bitcoin adoption among institutional investors.
According to Saylor, the Crypto industry is now politically supported at a very big level & this is a key benefit that we are willing to see for Bitcoin.
Furthermore, the former Microstrategy CEO said that now big investors, including institutions, will allocate a significant amount of money to multiple crypto assets but they will buy Bitcoin in huge amounts over other crypto assets.
It is worth it to note that Saylor has been a very big crypto hater. In his life, he mainly supported Bitcoin as the best digital asset and every time he passed bad comments against Ethereum & other cryptocurrencies.
Last year, Saylor said that all the crypto assets were unregistered security tokens except Bitcoin. For such comments, Saylor was criticised by the majority of the crypto advocates.
Bitcoin price action
The current trade price of Bitcoin is $68,768 & this trade price is 0.5% down over the last 24 hours.
Since last two weeks, the market sentiments inclined toward Ethereum Cryptocurrency, as the US SEC engaged with the ETH spot ETF applicants to green signal the trading of ETF.
Read also: Popular Bitcoin maximalist says political support for Bitcoin is not good for the long run
