Why Ethereum ETFs Are Good for Bitcoin
Michael Saylor, the co-founder of MicroStrategy, believes that the approval of Ethereum Spot ETFs is a positive development for Bitcoin. He explains that these ETFs:
- Enhance Bitcoin’s political power by providing a “line of defense” with Ethereum’s large user base.
- Increase institutional adoption by diversifying investors’ interest in crypto ETFs.
- Legitimize the entire crypto asset class, including Bitcoin, Ethereum, and other aspects like DeFi and NFTs.
Bitcoin’s Price After Ethereum ETF Approval
On May 23, the SEC approved Ethereum Spot ETFs. This unexpected move surprised the crypto community and initially led to a decline in Bitcoin’s price. However, at the time of writing, Bitcoin is trading at $68,613 with a slight increase in trading volume, indicating a gradual recovery.
