Joe Burnett, Director of Market Research at Unchained, explains why Michael Saylor's billion-dollar Bitcoin buys do not significantly impact the price.
Saylor's buying strategy involves a sophisticated reallocation of existing exposure within the Bitcoin ecosystem rather than injecting fresh demand into the market.
The funding structure of Saylor's purchases and balance-sheet maneuvers maintain a neutral effect on the market, with no net new demand created.
Burnett suggests that true price-moving capital would come from sources outside the Bitcoin ecosystem, such as sovereign wealth funds or individuals reallocating holdings directly into BTC.