Bitcoin has yet to hit the $150,000 mark, and according to Michael Saylor, it’s because short-term participants are exiting the market, making room for a new wave of committed investors.
Speaking with Natalie Brunell on the Coin Stories podcast on May 9, the executive chairman and co-founder of Strategy, Michael Saylor, explained that Bitcoin’s upward momentum is being affected by a transition in market participants.
“We’re in the middle of a significant rotation,” Saylor noted, referring to a shift away from transient holders toward long-term believers in the asset. “A substantial amount of Bitcoin has ended up in the hands of governments, legal entities, and bankruptcy administrators — groups that typically don’t have a decade-long investment horizon.”
These entities, Saylor emphasized, are primarily focused on liquidity rather than long-term growth. “When Bitcoin’s price started climbing, they saw a chance to liquidate and opted to cash out rather than hold,” he said.
The surge in Bitcoin’s price — which reached an all-time high of $109,000 on January 20, just before former President Donald Trump’s inauguration — was followed by a pullback, with the price dipping to $76,273 on April 9. However, the digital asset began recovering and, on May 8, broke past the $100,000 barrier once again, spurred by Trump’s announcement of proposed tariffs.
Strategy’s Bitcoin portfolio has significantly benefited from the rebound. As of now, the company holds 555,450 BTC, with their average purchase price at $68,569. According to Saylor Tracker, the total value of these holdings has climbed to approximately $57.23 billion — representing a gain of over 50% on average per coin.
New investor class stepping in through ETFs and treasuries
Saylor observed that while early, less-dedicated participants are exiting, a more strategic group is entering the scene. “ETFs and Bitcoin treasury companies are paving the way for serious, long-term institutional capital to flow into Bitcoin,” he said.
This shift is evidenced by growing inflows into spot Bitcoin ETFs, which saw $564.7 million enter over the last five trading sessions, according to data from Farside Investors. These developments underscore the increasing appetite among institutions for Bitcoin exposure via regulated, secure investment vehicles.
US government warming to Bitcoin faster than expected
Saylor also addressed the evolving attitude of the U.S. government toward Bitcoin. While he wasn’t shocked that the government hadn’t yet made direct purchases for its Strategic Bitcoin Reserve — an initiative formalized by Trump’s executive order on March 7 — he was surprised at the rapid shift in tone from federal leadership.
“I didn’t foresee the United States embracing Bitcoin this quickly and enthusiastically,” Saylor remarked. “To see so many Cabinet members showing support within just six months is remarkable.”
The Strategic Bitcoin Reserve is currently made up of BTC seized through legal proceedings, such as civil and criminal asset forfeitures. Still, broader official participation could soon follow if this pro-Bitcoin trend continues under the Trump administration.
In summary, Bitcoin’s path to $150,000 is temporarily delayed not due to lack of momentum, but because of a necessary reshuffling in its investor base. As short-term sellers exit and long-term, institutional players step in — facilitated by ETFs and clearer government direction — the stage is being set for the next major price milestone. The evolving regulatory landscape and growing strategic adoption could soon provide the fuel for Bitcoin’s next rally.
