KEY POINTS
- Saylor said spot Ether ETFs can 'serve as another line of defense' for Bitcoin
- He acknowledged that he was among those who believed the SEC wouldn't approve the funds two weeks prior
- Some crypto users on X said it was 'about time' a Bitcoin maximalist admitted crypto isn't just about BTC
Michael Saylor, a long-time Bitcoin maximalist – a cryptocurrency holder who advocates very strongly for a particular token – has shared his thoughts about the recent approval of spot Ether (ETH) exchange-traded funds (ETFs), and digital assets enthusiasts are all for his gradual transition.
"Yeah, I think it's good for Bitcoin. I think, in fact, it may be better for Bitcoin" as spot ETH ETFs "can serve as another line of defense" for the world's largest digital asset by market value, the MicroStrategy founder and executive chairman told What Bitcoin Did podcaster Peter McCormack in a Friday episode.
.@saylor on the Ethereum ETF approval and what the recent crypto regulatory changes mean for Bitcoin pic.twitter.com/jOmM4rRJud
— Beagle (@BeagleBitcoin) May 25, 2024
Saylor said "two weeks before," Bitcoin looked like "the only asset securitized and offered as a spot ETF" by the U.S. Securities and Exchange Commission (SEC). His comments echo analysts who only changed their sentiments on the possibility of getting a spot Ether ETF in the last three days, leading to the funds' approval.
The crypto titan, whose company has amassed over 200,000 BTC over the years, said he still believes Bitcoin "will be the leader of the crypto asset class" that has apparently started getting more recognition as a legitimate asset group by the traditional finance industry.
Saylor's comments were picked up by the crypto community, with some pointing out how he has been "changing his tune a bit" since the spot Ethereum ETF approval last week.
"I'm impressed at how quickly and honestly @saylor is at checking his ego, reassessing the situation, accurately pointing out key points, and still saying focused on his primary objective," one user said.
Another user predicted that Saylor "will buy his first $ETH position in 2024" if the tech titan continues to explore investment possibilities across other crypto assets and not just Bitcoin.
As with many other Ether maximalists, one user said it's "about freaking time a maxi realized it's not just about $btc."
Ether, the native cryptocurrency of the Ethereum blockchain, is the world's second-largest digital currency by market cap. Its latest price, at over $3,800 as of writing, is still quite far from BTC's $68,400.
However, ETH has made some significant strides since it was introduced to the world by programmer Vitalik Buterin in 2013. Compared to the price flights of Satoshi Nakamoto's Bitcoin, Ether has many more steps to run before it can catch up to BTC. Still, the approval of spot ETH ETFs is deemed by some industry experts as a "game changer" in the crypto space, as it could help boost wider mainstream digital assets adoption.
