Bitcoin’s struggle to surpass the $150,000 mark can be attributed to a significant rotation of investors, according to Strategy founder Michael Saylor. Speaking on the Coin Stories podcast with Natalie Brunell on May 9, Saylor emphasized that many early investors without a long-term outlook have been selling off their holdings while a new class of investors is starting to enter the market.
The Lack of Long-Term Investors Led to Bitcoin Sell-Off
Saylor explained that a substantial amount of Bitcoin was in the hands of non-economically interested parties, such as government entities, lawyers, and bankruptcy trustees. These holders, lacking a “10-year investor mindset,” capitalized on Bitcoin’s recent price surge to exit the market. Meanwhile, a new cohort of investors — including institutional buyers and Bitcoin treasury firms — are stepping in as sellers exit.
The Bitcoin price peaked at $109,000 on January 20, the same day as President Donald Trump’s inauguration, before plummeting to $76,273 on April 9. Since then, Bitcoin has rebounded, reaching $100,000 on May 8, marking its first such milestone since February 1.
Saylor noted that Strategy’s Bitcoin holdings have now appreciated by 50.27% above their average purchase price of $68,569. The firm currently holds 555,450 Bitcoin, valued at approximately $57.23 billion, according to Saylor Tracker data.
Also Read: Why Bitcoin Won’t Hit $1M Until Sovereign Wealth Funds Dive In — Scaramucci Explain
Saylor Surprised by US Government’s Bitcoin Enthusiasm
Despite the ongoing market turbulence, Saylor expressed surprise at the US government’s unexpectedly positive stance toward Bitcoin. Following President Trump’s executive order to establish a Strategic Bitcoin Reserve, the US has begun holding Bitcoin seized from criminal and civil asset forfeitures.
Saylor remarked that he did not anticipate such widespread enthusiasm for Bitcoin within Trump’s Cabinet, signaling a potential shift in the broader regulatory landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
