Strategy founder Michael Saylor says Bitcoin hasn’t reached $150,000 yet because holders without a long-term outlook have been selling off while a new cohort of investors are beginning to enter the market.

“I think we’re going through a rotation right now,” Saylor said on the Coin Stories podcast with Natalie Brunell on May 9.

The lack of “10-year investor mindset” led to Bitcoin sell-off

Saylor said “lots of non-economically interested parties are rotating out of the asset.” However, at the same time, “a new cohort of investors are entering.”

“A lot of Bitcoin, for whatever reason, was left in the hands of the governments and the hands of lawyers, and in the hands of bankruptcy trustees,” he added.

Strategy’s Michael Saylor spoke to Natalie Brunell on the Coin Stories podcast. Source: Natalie Brunell

Saylor said that many of these trustees do not have a “10-year investors mindset,” and as Bitcoin’s (BTC) price began to rally, they took advantage and “thought this is a good exit point to get liquidity.”

“So I think people less committed to the long term have taken the opportunity to exit the market and a whole new class of investors are entering by way of ETFs and by way of Bitcoin treasury companies.”

After Bitcoin reached its all-time high of $109,000 on Jan. 20 just hours before US President Donald Trump’s presidential inauguration, it experienced a downtrend, falling as low as $76,273 on April 9, before starting to show signs of recovery.

On May 8, Bitcoin reclaimed $100,000 for the first time since Feb. 1 after US President Donald Trump proposed tariffs. The recent price surge has pushed Strategy’s Bitcoin holdings to 50.27% above their average Bitcoin purchase price of $68,569. At the time of publication, the firm holds 555,450 Bitcoin, valued at approximately $57.23 billion, according to Saylor Tracker data.

Saylor is surprised at US government sentiment shift

Spot Bitcoin ETFs posted $564.7 in inflows over the past five trading days, according to Farside data.

Meanwhile, Saylor said he’s not surprised the US government hasn’t yet bought Bitcoin for its Strategic Bitcoin Reserve which Trump signed an executive order for on March 7. The reserve is holding Bitcoin that was forfeited as part of criminal or civil asset forfeiture proceedings.

However, Saylor didn’t anticipate their stance to change so quickly following Trump’s inauguration.

Related: Strive to become Bitcoin treasury company

“I was surprised that the US embraced Bitcoin as radically as it has over the last six months, I think I didn’t expect all the Cabinet members to be so enthusiastic,” he said.

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