Bitcoin: The Impostors Are Slipping Out The Back Door Once Again!

Bitcoin still struggles to reach the symbolic target of $150,000, despite a recent rebound to $104,000 recorded on May 8. Michael Saylor, founder of MicroStrategy and a strong bitcoin advocate, has clearly identified the culprits of this slowdown: opportunistic investors, whom he calls tourists or weak hands, who leave the market at the slightest sign of quick gain.

A Turbulent Journey in 2025

The recent path of bitcoin perfectly illustrates this volatility exacerbated by speculative movements. On January 20, 2025, the crypto had reached an all-time high of $109,000, just hours before the presidential inauguration of Donald Trump .

This moment seemed to mark a decisive step towards even higher peaks. However, the momentum quickly reversed, leading to a slow descent down to $76,273 on April 9.

It was only in early May, following President Trump’s new market-friendly tax proposals, that bitcoin regained strength, breaking the symbolic $100,000 barrier and stabilizing around $104,000.

In the “Coin Stories” podcast hosted by Natalie Brunell on May 9, Michael Saylor spoke candidly about the reasons behind this chaotic dynamic. He claims that the current stagnation mainly comes from a rotation of investors:

I believe we are currently experiencing a rotation. Many people without a real long-term perspective are leaving the market to cash in their gains, while a new cohort of stronger investors, attracted by Bitcoin ETFs and treasury companies, is beginning to enter.

This observation directly points to those whom Saylor considers responsible for the slowdown: investors without genuine commitment, motivated solely by the pursuit of quick and easy profits.

Bitcoin: Between Weak Hands and Institutional Investors

Michael Saylor also highlights a rarely discussed issue: a significant part of bitcoin is today in the hands of actors such as governments, lawyers, or bankruptcy trustees, who do not necessarily have a long-term investment horizon.

These institutional holders, without a “10-year investor mindset,” have taken advantage of recent peaks to liquidate their positions and obtain liquidity.

It is precisely this type of massive selling that, according to him, hampers the natural progression of BTC toward higher levels.

Furthermore, Saylor expresses genuine surprise at the dramatic turnaround of the U.S. administration toward bitcoin.

The decree signed by Donald Trump on March 7, 2025 , creating a strategic reserve composed of bitcoins confiscated in legal proceedings, marks, according to him, a major change:

I was surprised that the United States adopted bitcoin so radically over the past six months. I did not expect such enthusiasm within the American Cabinet.

This government support is perceived as a strong positive signal for the crypto’s future, despite the current lack of direct bitcoin purchases by the state.

For Michael Saylor, MicroStrategy perfectly embodies this long-term strategy. With 555,450 bitcoins in wallet, valued at approximately $57.23 billion at the current price, the company shows an impressive capital gain of 50.27% compared to its average purchase price of $68,569. Ultimately, Saylor is categorical: bitcoin will reward those who look far ahead, those who hold firm despite the turbulences.