According to online reports, Michael Saylor, chairman of the board of directors of Strategy (formerly MicroStrategy), said in the "Coin Stories" podcast that Bitcoin has not yet reached US$150,000 because holders who lack a long-term investment mentality have chosen to leave when Bitcoin prices rise, and a new investor group is entering the market. He pointed out that many bitcoins were previously in the hands of governments, lawyers and bankruptcy trustees who lacked a "ten-year investor mentality" and chose to cash out when Bitcoin prices rebounded. Thaler believes that those with low commitments to long-term investments have seized the opportunity to exit the market, while new investors have entered through methods such as ETFs and Bitcoin Treasury.