MicroStrategy founder Michael Saylor said that the reason why Bitcoin has not reached $150,000 yet is because investors who do not have a long-term investment mindset have exited the market.
Speaking to Natalie Brunell on the Coin Stories podcast on May 9, Saylor noted that many Bitcoins have historically been in the hands of governments, lawyers and bankruptcy trustees who do not have a “10-year investor mindset.”
“We are currently going through a rotation process,” Saylor said, adding that many people with no economic interest are selling off their Bitcoin holdings. However, he argued that a new wave of investors is entering the market.
Saylor said, “Unfortunately, a significant portion of Bitcoins ended up in the hands of governments, lawyers and bankruptcy trustees,” indicating that these groups saw rising prices as an exit opportunity. He added that this segment sold in order to provide liquidity in the market.
“Investors who were not committed to the long term viewed this rally as an exit point and withdrew from the market. However, a new class of investors is entering the market through ETFs and corporate treasuries,” he said.
On the other hand, Saylor stated that the US government has not yet officially purchased Bitcoin, and that the Strategic Bitcoin Reserve, established by the executive order signed by Trump on March 7, currently only holds Bitcoins obtained as a result of criminal or civil asset seizures.
However, Saylor stated that he was surprised by the government's positive approach to Bitcoin after Trump took office, and said, “I did not expect the US to embrace Bitcoin so radically in the last six months. I was surprised by how enthusiastic the cabinet members were.”
*This is not investment advice.
