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SEC Approves Ethereum Spot ETFs: How the Crypto Market Reacts
On May 23rd, the SEC approved applications for an Ethereum ETF, a move that has been seen as a positive development for Bitcoin and the entire crypto industry by MicroStrategy founder Michael Saylor. Saylor believes that this approval demonstrates the growing political influence of the crypto industry and will promote institutional adoption as cryptocurrencies are increasingly viewed as a legitimate asset class.
However, Saylor maintains that Bitcoin, as the "market leader," will continue to receive the majority of investments. He has consistently referred to Bitcoin as a "safe haven" and his company, MicroStrategy, has invested billions in BTC, currently holding 214,000 BTC.
The strong growth in the price of Bitcoin since the beginning of 2023 has also led to a significant increase in the stock price of MicroStrategy (MSTR), which is used by traditional market investors as a lever on the Bitcoin price. As a result, MSTR is now even part of the MSCI World Index.
For more on why this success is important for MicroStrategy and BTC, visit the article "MicroStrategy Climbs the MSCI World Index."
