Michael Saylor, an outspoken Bitcoin maximalist and MicroStrategy co-founder has expressed hope over newly approved Ethereum exchange-traded funds (ETFs). During his appearance on the “What Bitcoin Did” podcast, Saylor predicted that these ETFs would lead to a mainstream institutional adoption of cryptocurrencies.
Saylor, who is a well-known proponent of Bitcoin states that Ethereum ETF’s may make investors allocate more funds in their portfolios towards digital currencies with this percentage potentially growing from 1% at present levels to between 5-10%. However, he still holds that Bitcoin will be the primary determinant with about 70% of these allocations being under its control since it is the leader among crypto asset classes.
“In fact, it might be better for Bitcoin because we are politically much more powerful…supported by the entire cryptocurrency industry,” Saylor surprisingly admitted about Ethereum’s potential advantages. By seeing Ethereum as having a large number of users and political power behind it, Saylor was able to emphasize one possible advantage of Bitcoin.
However, this is a significant shift in his position following this unexpected endorsement from him about Ethereum as an investment.
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