Michael Saylor suggests that approval of an Ethereum ETF could potentially benefit Bitcoin.

MicroStrategy founder Michael Saylor has altered his stance on spot Ether (ETH) exchange-traded funds (ETFs), stating that the recent approval from the US regulator is not only positive news for Bitcoin (BTC), but may actually benefit Bitcoin more. Saylor made these remarks during an episode of the What Bitcoin Did podcast on May 25, where he emphasized that the approval of eight spot Ether ETFs by the US Securities and Exchange Commission (SEC) will serve as an additional layer of support for Bitcoin. He further explained that this development will accelerate institutional adoption as skeptical investors now recognize cryptocurrency as a legitimate asset class. Saylor also mentioned that while capital will be allocated across various crypto assets, Bitcoin will continue to receive the majority share as the leader in the crypto market. He predicted that mainstream investors may allocate around 5% to 10% of their portfolio to the crypto asset class, with Bitcoin accounting for 60% to 70% of that allocation. Saylor admitted that his opinion on spot Ether ETFs has changed, as he previously believed that SEC approval was unlikely. He mentioned that two weeks prior, it seemed like Bitcoin would be the only asset securitized and offered as a spot ETF by the Wall Street establishment, establishing itself as the sole legitimate crypto asset. Saylor’s change of opinion has been noticed by the wider crypto community, with some speculating that he may even consider buying ETH in the future.