Bitcoin yet to hit $150K because outsiders are ghosting — Michael Saylor
Michael Saylor says those “less committed” to Bitcoin took the opportunity to exit the market after Bitcoin’s price surged.
Strategy founder Michael Saylor says Bitcoin hasn’t reached $150,000 yet because holders without a long-term outlook have been selling off while a new cohort of investors are beginning to enter the market.
“I think we’re going through a rotation right now,” Saylor said on the Coin Stories podcast with Natalie Brunell on May 9.
The lack of “10-year investor mindset” led to Bitcoin sell-off
Saylor said “lots of non-economically interested parties are rotating out of the asset.” However, at the same time, “a new cohort of investors are entering.”
“A lot of Bitcoin, for whatever reason, was left in the hands of the governments and the hands of lawyers, and in the hands of bankruptcy trustees,” he added.
“So I think people less committed to the long term have taken the opportunity to exit the market and a whole new class of investors are entering by way of ETFs and by way of Bitcoin treasury companies.”
Saylor is surprised at US government sentiment shift
Spot Bitcoin ETFs posted $564.7 in inflows over the past five trading days, according to Farside data.
Meanwhile, Saylor said he’s not surprised the US government hasn’t yet bought Bitcoin for its Strategic Bitcoin Reserve which Trump signed an executive order for on March 7. The reserve is holding Bitcoin that was forfeited as part of criminal or civil asset forfeiture proceedings.
However, Saylor didn’t anticipate their stance to quickly change so positively following Trump’s inauguration.
“I was surprised that the US embraced Bitcoin as radically as it has over the last six months, I think I didn’t expect all the Cabinet members to be so enthusiastic,” he said.
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