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Michael Saylor, the Bitcoin bull Chairman of MicroStrategy Inc has unexpectedly made a bullish statement regarding spot Ethereum ETFs. 8 spot Ethereum ETF applications were greenlighted by the United States Securities and Exchange Commission (SEC) last week.

From Criticism To Growing Supporter

Earlier in May, Michael Saylor expressed a very strong criticism of Ethereum and other cryptocurrencies below the ‘Bitcoin stack.’ According to Michael Saylor, these digital currencies are investment contracts, adding that assets like Ethereum will never be wrapped in spot Ethereum ETFs.

Three weeks after he made this statement, spot Ethereum ETFs were approved by the US SEC, however, trading is yet to commence. In a recent interview with Beagle, the host of ‘What Bitcoin Did’, Saylor said Ethereum ETFs and any other product tracking most crypto is not bad after all.

He said with other related products, more investors will make their way into the broader crypto market. According to him, this will help validate Bitcoin as the dominant asset in the industry. 

Michael Saylor earned a lot of criticism for his earlier statement with the likes of Charles Hoskinson slamming him for what he perceived as an unhealthy view of the industry. Already, the change in stance is also being called out seeing the failed prediction that has already come to pass.

The Place of Spot Ethereum ETF

The process leading up to the spot Ethereum ETF approval brought with it a lot of speculations. Now that the approval has been secured, there is still an unspoken definition of whether Ethereum is a security or not.

Michael Saylor has remained a major backer of Bitcoin since August 2020 with a consistent accumulation to date. While it remains uncertain whether he’d be betting on Ethereum, the industry seeks to see how Wall Street accepts the new ETF which is yet to start trading.