Markets
There’s a Second Best: Bitcoin Bull Michael Saylor Softens on Ethereum
For years, MicroStrategy founder Michael Saylor has refrained from acknowledging the existence of such a thing as the “cryptocurrency industry.” For him yes Bitcoin-a resource he compared to gold of our time – and then thousands of cheap imitators hardly worth mentioning.
“There is no second best”, the entrepreneur, who can own personally more than a billion dollars in BTC—era known to say.
That is, at least, until now.
It seems that the shocking, eleventh hour approval of place Ethereum ETFs two weeks ago caused the Bitcoin maximalist to change his stance on cryptocurrencies or, at the very least, adjust his political calculations.
“Bitcoin would have been the only asset securitized and offered as a spot ETF by the Wall Street establishment, and it would have spread as the only legitimate crypto asset,” Saylor said recently on “What Bitcoin did” podcast, which summarizes his thoughts before the U-turn on the Securities and Exchange Commission’s approval of spot ETH ETFs.
For quite some time before that watershed moment, Saylor had been speaking out loud expected that no other crypto asset besides Bitcoin would ever get that crucial stamp of approval from traditional finance. He also stated that Ethereum would be designated as a security by the SEC.
Now, the approval of the Ethereum ETF, which some industry analysts suggest means that Ethereum cannot be considered a guarantee—seems to have changed his views on the viability of cryptocurrencies as a bigger industry than just Bitcoin.
“I think the best expectation is right now [that] the crypto asset class will be legitimized,” Saylor said.
In particular, the entrepreneur appeared impressed by the efforts made at sector level which have recently led to a series of initiatives key politic victoriesincluding spot approval of the Ethereum ETF.
“I think politically we are much more powerful [when] supported by the entire cryptocurrency industry,” Saylor said. “Obviously they have a lot of political power and a lot of users.”
Saylor’s MicroStrategy holds up over 1% of all BTC in circulation, a sum currently worth more than $14 billion. He has a lot of time resisted invites you to invest in any other crypto assets.
Editor’s note: This story was updated after publication to note that Saylor had previously said that Ethereum would be declared an unregistered security by the SEC.