Michael Saylor Says This Is The Reason Why Bitcoin Is Stuck Sideways And Not Breaking Out
Strategy Inc. (NASDAQ:MSTR) CEO Michael Saylor shared in an interview aired Friday his views on why Bitcoin (CRYPTO: BTC) has been chopping sideways.
People Are Bitcoin Rich But Fiat Poor, Says Saylor
During a podcast with Bitcoin influencer Natalie Brunell, Saylor said that $2.3 trillion worth of Bitcoin, its market capitalization, is unbanked, meaning owners cannot borrow against it.
“And because they can’t get a loan against it, at the point that you all of a sudden find yourself Bitcoin rich, but fiat poor. You don’t have a lot of dollars,” Saylor emphasized. “Then you think I have to go and sell it.”
He compared the situation to a startup where employees, suddenly rich with penny stock options, are forced to sell because they can’t borrow against them. He added that the current wave of selling is driven primarily by cryptocurrency OGs, who had a lot of money for a long time and are now diversifying.
Saylor did, …
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