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Bitcoin Evangelist Saylor Warms Up to Ethereum

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Sun, 26/05/2024 - 7:54
 Bitcoin Evangelist Saylor Warms Up to Ethereum
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During a recent appearance on the "What Bitcoin Did" podcast, MicroStrategy co-founder Michael Saylor spoke positively about Ethereum exchange-traded funds, predicting that they will help accelerate institutional adoption. 

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Mainstream investors might be willing to allocate a higher percentage of their portfolios (from 5% to 10%) instead of just 1% now that view crypto as a broader asset class. Saylor is convinced that Bitcoin is going to account for up to 70% of that allocation as the leader of the crypto asset class. 

"In fact, it might be better for Bitcoin because we are politically much more powerful…supported by the entire cryptocurrency industry…They obviously have a lot of political power, a lot of users, and they serve as another line of defense for Bitcoin," he said. 

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In a stunning U-turn, several 19b-4s listing requests filed by Ethereum ETF issuers were approved earlier this week. Just days before that, the U.S. Securities and Exchange Commission was predicted to reject them due to the lack of engagement, political pressure, and the uncertainty surrounding the legal status of the underlying Ether token. 

Bloomberg ETF expert James Seyffart believes that Ethereum ETFs will be able to reach roughly 25% of the demand for the Bitcoin ETFs that went live in January. For now, it is unclear when these Ethereum ETFs will actually start trading since the SEC also has to approve corresponding S-1 registration statements.

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Saylor has now changed his tune after previously predicting that Ethereum would never be accepted by Wall Street since it is very "clear" that the flagship altcoin is a security. He claimed that Bitcoin was the only "institutional grade crypto asset."

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