Michael Saylor, the executive chairman of MicroStrategy, recently stated that the approval of Ethereum spot ETFs is a positive development for Bitcoin adoption. In an interview on the What Bitcoin Did podcast, Saylor shared his belief that the crypto asset class will gain legitimacy and be supported by both political parties. He previously expressed skepticism towards Ethereum, stating that it would not be approved by regulators and would be classified as an unregistered security. However, recent developments, including the approval of Ether ETFs and changing political winds, have led Saylor to revise his stance. He now believes that the approval of Ethereum ETFs could accelerate institutional adoption of Bitcoin. Saylor attributes this shift to political developments, including bipartisan legislation enabling banks to offer crypto custody services and the passing of FIT21, a bill providing a legal framework for crypto issuers and companies. Additionally, former President Donald Trump expressed support for protecting citizens’ rights to hold crypto, which may have influenced the change in regulatory stance. Overall, Saylor sees these developments as a positive sign for the crypto industry and believes that Bitcoin will continue to lead the way as the universally accepted institutional grade crypto asset.
