Saylor’s Perspective on Short-Term Holders
Michael Saylor, the founder of Strategy (formerly MicroStrategy), recently spoke on the Coin Stories podcast with Natalie Brunell on May 9, 2025. He attributed Bitcoin’s failure to reach $150,000 to short-term holders, including governments, lawyers, and bankruptcy trustees. These entities, he argued, lack a “10-year investor mindset” and have been selling off their Bitcoin during price surges, creating selling pressure that stalls price growth. This perspective highlights a market rotation, where these non-economically interested parties are exiting, making room for new investors.
For instance, Saylor noted, “Lots of non-economically interested parties are rotating out of the asset,” emphasizing that these holders see price rallies as an opportunity to liquidate for liquidity. This behavior, he suggests, has delayed Bitcoin’s ascent to higher price levels.
Market Rotation and New Investor Entry
The market dynamics Saylor described involve a shift, with a new cohort of investors entering, particularly through spot Bitcoin ETFs and corporate treasury strategies. Recent data shows Bitcoin ETFs have seen inflows of $564.7 million over the past five trading days, according to Farside data, indicating growing institutional interest. This influx of long-term investors could potentially drive future price increases, counterbalancing the selling pressure from short-term holders.
Saylor’s company, Strategy, exemplifies this long-term commitment, holding 555,450 BTC, valued at approximately $57.54 billion as of recent reports. This holding is over 50% above their average purchase price of $68,569, showcasing significant unrealized gains and confidence in Bitcoin’s future.
Bitcoin Price Fluctuations and Technicals
Bitcoin’s price has experienced notable volatility. It reached a high of $109,000 on January 20, 2025, dropped to a low of $76,273 on April 9, and recovered to around $100,000 by May 8. As of the latest data, Bitcoin is trading around $103,200, with key resistance at $103,340 and support at $102,800. Technical indicators, such as tightening Bollinger Bands, an RSI near 51, and a MACD showing weak bearish momentum, suggest a market in consolidation, potentially poised for a breakout.
These fluctuations align with Saylor’s comments, as the selling by short-term holders during rallies, such as the drop to $76,273, may have contributed to price stagnation below $150,000.
U.S. Government and Future Predictions
Saylor also referenced the U.S. government’s role, noting the creation of a Strategic Bitcoin Reserve, signed into law by President Trump on March 7, 2025. While the government has not actively accumulated beyond seized assets, this move signals potential institutional adoption, which could support long-term price growth. Saylor’s bold prediction is that Bitcoin could reach $1 million within the next five years, driven by such developments and increasing institutional interest.
