MicroStrategy founder: Ethereum spot ETF approval may be more favorable for Bitcoin

MicroStrategy founder Michael Saylor was asked in an interview with What Bitcoin Did, "Is the Ethereum spot ETF a good or bad thing for Bitcoin?" Saylor replied: "Yes, I think it is a good thing for Bitcoin, in fact, I think it may be better for Bitcoin because I think Bitcoin will be more powerful politically with the support of the entire crypto industry." Saylor believes that the approval of the Ethereum spot ETF adds "another line of defense" to Bitcoin. Saylor reiterated that this will "accelerate institutional adoption" because previously cautious investors will now recognize that cryptocurrency is a legitimate asset class. In addition, Saylor explained that investors will allocate funds between various crypto assets, but Bitcoin will still receive the majority of allocated funds as the "leader" of cryptocurrencies. He claimed: "I think mainstream investors will say, oh, now there is a crypto asset class, maybe we will allocate 5% or 10% of our funds to the crypto asset class, but Bitcoin will account for 60% or 70% of it."