Introduction
Michael Saylor, executive chairman of MicroStrategy and a vocal Bitcoin advocate, believes BTC hasn’t yet reached the $150,000 milestone due to short-term-minded investors exiting the market. Meanwhile, a new generation of long-term holders is stepping in—bringing fresh institutional energy to Bitcoin’s price action.
Rotating Hands: The Exit of Weak Holders
Speaking on the Coin Stories podcast with Natalie Brunell, Saylor explained that many Bitcoin holders who lack a “10-year investor mindset” are selling off. He highlighted that a significant portion of BTC was in the hands of government bodies, bankruptcy trustees, and legal entities—groups unlikely to hold through market cycles.
“People less committed to the long term have taken the opportunity to exit the market,” he said.
New Blood Enters: ETFs and Treasury Allocations
Saylor pointed out that while old holders exit, new ones—especially through Bitcoin ETFs and treasury-focused companies—are entering at scale. He called this phase a “rotation,” suggesting the market is gradually consolidating under more serious hands.
BTC Price Action Since All-Time High
Bitcoin hit a record high of $109,000 on January 20, just hours before President Donald Trump’s inauguration. Since then, it corrected to as low as $76,273 in early April. However, the trend reversed again when BTC reclaimed $100,000 on May 8—fueled by geopolitical moves including Trump’s proposed tariffs.
As of now, MicroStrategy’s holdings are up over 50% from their average buy-in of $68,569, holding 555,450 BTC worth more than $57 billion, according to SaylorTracker.
The U.S. Government’s Surprising Embrace of Bitcoin
Saylor expressed surprise at how quickly the American government warmed up to Bitcoin. While he wasn’t shocked they hadn’t yet bought BTC for the Strategic Reserve, he didn’t expect such a favorable shift in sentiment post-inauguration.
“I didn’t expect all the Cabinet members to be so enthusiastic,” he noted.
Bitcoin ETFs also saw over $564 million in inflows in just five trading days, showing growing institutional confidence despite the correction.
Conclusion
Michael Saylor believes Bitcoin’s short-term volatility masks a long-term rotation from weak to strong hands. With ETF inflows surging, government stance evolving, and long-term conviction rising, Bitcoin’s next leg up could come sooner than skeptics expect.