Bitcoin Climb to $150K Delayed by Investor Rotation, Says Michael Saylor
The path to $150K Bitcoin is being slowed not by a lack of demand, but by a shift in who is holding the asset, according to Michael Saylor, founder of Strategy. Speaking on the Coin Stories podcast with Natalie Brunell on May 9, Saylor explained that the cryptocurrency is undergoing a major transformation as short-term holders exit and a new wave of institutional and long-term investors step in. Saylor pointed to the recent market dynamics as a sign of what he called a “rotation,” where early or reluctant holders—such as government agencies, legal custodians, and bankruptcy trustees—are selling off their BTC holdings. These groups, he argued, often lack a “10-year investor mindset” and instead see rising prices as a good moment to liquidate their assets for immediate gains. Also read: Metaplanet Doubles Down on BTC with $52M Purchase “Bitcoin hasn’t reached $150,000 yet because people less committed to the long term have taken the opportunity to exit the market,” Saylor said. “At the same time, a whole new class of investors are entering by way of ETFs and by way of Bitcoin treasury companies.” New Cohort of Bitcoin Investors on the Rise Saylor emphasized that while this sell-off has temporarily held back Bitcoin’s price surge, it’s setting the stage for a more stable future. According to him, the next leg of Bitcoin’s growth will be supported by entities with a much longer time horizon, such as institutions and firms treating Bitcoin as part of their treasury strategy. Spot Bitcoin ETFs have seen $564.7 million in inflows over the past five trading days, according to data from Farside, signaling increasing demand from institutional investors. This influx of capital is coinciding with a growing trend among companies seeking to hold BTC as a long-term reserve asset. Also read: BlackRock’s IBIT Streak Hits 16 Days: Is This the Strongest Signal for BTC Yet? US Bitcoin ETF inflows (Source: Farside Investors) Saylor’s own firm, Strategy, is a prime example of this approach. The company now holds 555,450 Bitcoin—valued at approximately $57.23 billion—purchased at an average price of $68,569. With BTC recently reclaiming the $100,000 mark on May 8, Strategy’s holdings are now 50.27% above their cost basis, thanks to the latest price rebound. Government Attitudes and Strategic Reserves Saylor also addressed the evolving role of the U.S. government in the Bitcoin ecosystem. While he expressed surprise at how quickly sentiment shifted after President Donald Trump’s inauguration, he noted that the government’s embrace of the digital asset has accelerated in recent months. Trump’s executive order, signed on March 7, authorized the formation of a Strategic BTC Reserve. This reserve includes Bitcoin that was confiscated in civil and criminal proceedings. However, despite the policy shift, Saylor said he’s not surprised that the government has yet to actively buy BTC for the reserve, implying that strategic accumulation is still in its infancy. Also read: BTC Strategic Reserve Explained Looking Ahead: Bitcoin’s Next Growth Phase Despite recent volatility—including a drop from an all-time high of $109,000 on Jan. 20 to a low of $76,273 on April 9—BTC appears to be regaining momentum. Its recent rally above $100,000 was partly attributed to geopolitical tensions and tariff announcements by President Trump, which increased investor interest in Bitcoin as a hedge. Saylor remains bullish, viewing the current transitional period as a healthy evolution for the market. With early sellers exiting and long-term investors entering through vehicles like ETFs and corporate treasuries, he believes BTC is laying the groundwork for its next major move. Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations. View all posts