Why Bitcoin Hasn’t Hit $150K Yet: Insights from Michael Saylor

Strategy founder Michael Saylor explains that Bitcoin has not yet reached the $150,000 mark because investors lacking a longterm perspective have been selling their holdings, while a new group of investors is entering the market. During a podcast interview, Saylor mentioned that a market rotation is underway. He pointed out that many noneconomically motivated parties, such as governments, lawyers, and bankruptcy trustees, have held significant amounts of Bitcoin. These trustees generally do not have a longterm investment mindset, and as Bitcoin’s price rose, they saw an opportunity to liquidate their holdings. Meanwhile, new investors are entering via ETFs and Bitcoin treasury companies.

Saylor observed that after Bitcoin hit an alltime high of $109,000 just before the US presidential inauguration, its price declined sharply to about $76,000 in April before beginning to recover. Recently, Bitcoin surpassed $100,000 again, driven by increased institutional interest. His firm’s Bitcoin holdings have grown significantly, now comprising over 50% above their average purchase price, with the current holdings valued at approximately $57 billion.

He also expressed surprise at the U.S. government’s shift in attitude towards Bitcoin. While the government has not yet purchased Bitcoin for its strategic reserve—despite a presidential order—Saylor did not expect such a positive change in stance so soon after Trump’s inauguration. He was particularly surprised at the enthusiastic response from government officials towards Bitcoin over the past six months.