As an analyst with experience in the cryptocurrency industry, I find Michael Saylor’s recent shift in perspective towards Ethereum and Ethereum ETFs quite intriguing. In the past, he has been a vocal advocate for Bitcoin and its institutional adoption. However, his latest statements suggest that he now sees potential for Ethereum as well.
In his interview on the “What Bitcoin Did” podcast, Michael Saylor, the co-founder of MicroStrategy, expressed optimism regarding Ethereum-based exchange-traded funds (ETFs). He believes that these funds will significantly boost the acceptance and investment from institutions.
Mainstream investors may consider increasing the proportion of their portfolios dedicated to cryptocurrencies, potentially from 5% to 10%, as they view this asset class more broadly. According to Saylor’s conviction, Bitcoin could make up nearly three-quarters (70%) of this expanded allocation, being the foremost crypto asset.
He pointed out that Bitcoin could potentially benefit from their political influence, as they are a significant force within the cryptocurrency sector. They possess a large user base and can act as an additional safeguard for Bitcoin.
As a crypto investor, I was taken aback by the recent about-face from the SEC regarding Ethereum ETF listings. Only a few days prior, it seemed inevitable that their requests would be denied due to the absence of clear engagement, mounting political pressure, and the lingering ambiguity surrounding the legal standing of the underling Ether token. But to my surprise, several of these applications were approved this week instead.
As an analyst, I’m of the belief that Ethereum ETFs are poised to capture around a quarter of the market demand currently being met by Bitcoin ETFs, which were launched in January. However, it remains uncertain when these Ethereum ETFs will commence trading due to the SEC’s requirement for approving corresponding S-1 registration statements.
I used to hold the view that Ethereum wouldn’t gain acceptance in the traditional financial sector due to its classification as a security, according to my previous research. However, my perspective has shifted and I now believe that Ethereum has the potential to join Bitcoin as an “institutional-grade crypto asset.”
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2024-05-26 11:06