Michael Saylor stated that ETH ETFs had no chance of being adopted by Wall Street.
The SEC has recently authorized all ETH ETF proposals.
Saylor, who was caught off guard by the quick clearance, now believes that ETH ETFs are beneficial to the industry.
From criticism to increased support
Michael Saylor was confident that the SEC would take action against major altcoins as early as May. This may block the listing and trading of all spot ETH ETFs. His comments shook the cryptocurrency world, raising concerns that Ethereum and other well-known altcoins would fall under the regulatory authority of the SEC and be classified as securities.
But in a surprising turn of events, the SEC surprised everyone by abruptly approving every Ethereum ETF. Now caught off guard, Michael Saylor did a total 180-degree turn, retracted his prior comments, and accepted the SEC’s surprising decision.
He believes that as other comparable products become available, more investors will enter the broader crypto market. They claim that this will support Bitcoin’s position as the leading asset in the market.
Michael Saylor was criticized for his previous assertion. Among those who opposed him was Charles Hoskinson, who voiced concern about the negative perception of the area. The shift in approach is already being questioned, given the failed predictions that have already occurred.
The Place of Spot Ethereum ETF
Many rumors were spread during the process before the Ethereum ETF was approved on the spot. Even after receiving approval, there is still no clear definition of whether Ethereum is a security or not.
Michael Saylor has been a strong supporter of Bitcoin since August 2020, with a steady accumulation to date. While it is unclear whether he will be betting on Ethereum, the industry is waiting to see how Wall Street reacts to the new ETF, which has yet to begin trading.
Saylor shifts Tune on Ethereum ETFs
“I think this is excellent for Bitcoin; in fact, I believe it may be better for Bitcoin because it seems like we have a lot of political clout, supported by the entire cryptocurrency industry.”
The MicroStrategy founder added that the approval of eight-spot ETH ETFs would “accelerate institutional adoption” and legitimate the asset class, giving investors trust.
He maintained that Bitcoin will continue to draw the majority of investments, but the arrival of fresh assets will encourage investors to diversify, if only somewhat.
