MicroStrategy chairman Michael Saylor recently reiterated his belief that the approval of a spot Ethereum ETF is beneficial for Bitcoin. According to Saylor, this approval will attract institutional investors to the world of cryptocurrencies. In an interview on X, he discussed the significance of the approval, emphasizing how it will enhance traders' confidence and provide them with more investment options.

Saylor also noted that the introduction of ETFs will contribute to establishing the crypto asset class, with Bitcoin and Ethereum leading the way. This move underscores the growing confidence and legitimacy of cryptocurrencies as an asset class.

These statements reflect the current state of the crypto market. However, it marks a significant shift in Saylor's perspective on digital assets other than Bitcoin. Some people have criticized and mocked him for his previous predictions regarding the approval of an Ethereum ETF.

Saylor's evolving stance on the Ethereum ETF is seen as a humbling experience for him. He now openly acknowledges the potential of the ETF to benefit Bitcoin by expanding its user base and adding an additional layer of defense.

With the approval of the Ethereum ETF, even mainstream investors are beginning to view cryptocurrencies as a viable asset class. Saylor estimates that they may allocate 5% to 10% of their portfolio to crypto, with a majority going to Bitcoin.

These assessments are based on the current market dynamics, which show consistent inflows into the asset class, particularly into Bitcoin ETFs. Therefore, the news of the Ethereum ETF approval is expected to further boost investor confidence.

This development marks a significant milestone, signaling that it's time for mainstream investors to recognize cryptocurrencies as established assets deserving of serious consideration.