MicroStrategy founder Michael Saylor explains why Bitcoin has yet to reach the $150,000 mark. According to Saylor, short-term investors who lacked a long-term perspective exited the market in response to price volatility. He suggests that this selling pressure was driven by investors with limited economic interest in Bitcoin. However, Saylor believes this is just a temporary phase as a new wave of investors, particularly those through ETFs and corporate treasuries, are entering the market. His insights highlight that a significant portion of Bitcoin has historically been held by entities like governments, lawyers, and bankruptcy trustees who primarily seek short-term gains from rising prices.