In the crypto world, it is not uncommon for individuals to turn from skeptics to maximalists. Michael Saylor is one of them, and his Bitcoin fanaticism has earned him more money than when he was opposed to it. As Saylor made more money, he became an even stronger Bitcoin maximalist, taking serious risks and aligning his company’s fate with Bitcoin.
Michael Saylor and Bitcoin
Michael Saylor, the man behind MicroStrategy, began accumulating Bitcoin before the previous bull market started. As he profited, he made statements that overshadowed his earlier criticisms. During the toughest days of the bear markets, Saylor continued to buy Bitcoin, even indebting his company.
With his massive holdings, he became the biggest Bitcoin bull, turning his company into a de facto Bitcoin ETF before official BTC ETF approvals. Thanks to the billions of dollars in BTC reserves, people bought MSTR shares, effectively owning an ETF that tracked Bitcoin’s performance through traditional stock channels.
Saylor and Ethereum ETF
Here, we should examine the comments of a major Bitcoin maximalist like Saylor (or perhaps someone addicted to making money?) about the spot Ether ETF. MicroStrategy’s founder Michael Saylor changed his views on spot Ether exchange-traded funds and said:
“Is this good for Bitcoin or not? Yes, I think it’s good for Bitcoin, actually, I think it could be better for Bitcoin because I think we are politically much more strongly supported by the entire crypto industry. I think mainstream investors will now say there is a crypto asset class, maybe we will allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% or 70% of it.”
Earlier in May, Saylor had said:
“None of these tokens (ETH, XRP, ADA, etc.) will ever be a spot ETF. None will be accepted by Wall Street, none will be accepted by mainstream institutional investors as crypto assets.”
On Monday, the SEC’s 180-degree turn caused Saylor to make a quick half-turn himself. When it comes to Michael Saylor, this is not surprising.
