Recently the green light given to an Ethereum spot ETF has caused quite a buzz in the market giving hope to Bitcoin investors.
Michael Saylor, the CEO of MicroStrategy and a strong supporter of Bitcoin, as a store of value sees the approval of an Ethereum ETF as a sign for Bitcoin adoption. He had previously thought that US regulations wouldn’t be as friendly towards any asset but recent events suggest a shift in regulatory sentiment.
Despite his optimism about the Ethereum ETF Saylor does have some concerns. At a MicroStrategy World conference he doubted that Ether would get approval and predicted it might be deemed an unregistered security. This differs from the decision and raises questions about how regulations impact market dynamics.
The Ethereum ETF approval also signifies changes in the arena concerning cryptocurrencies. Political shifts and changes, in Biden administration policies play roles in shaping these developments.
The recent passing of a bill, by both the House and Senate allowing U.S. Banks to offer cryptocurrency custody services has established a robust legal framework for the industry as a whole.
Moreover President Trumps remarks have provided some comfort to cryptocurrency holders by promising unwavering support for citizens rights to hold cryptocurrencies if re elected.
Given these shifts in politics and regulations Saylor is optimistic about Bitcoins prospects and potential acceleration of adoption. He expressed, “I see this as a development for Bitcoin. It could actually be beneficial because I believe the entire crypto sector will rally behind us strongly.”
