In an exclusive interview with Cointelegraph, crypto commentator Udi Wertheimer lays out a provocative thesis: Over the last five years, institutions have been quietly buying out old Bitcoin (BTC) holders — and it’s reshaping the market in a way few have appreciated.
“For the last five years, they’ve been buying out old holders of Bitcoin,” Udi explains. “Both kind of old Bitcoin maxis, but also… people who always had some portion of Bitcoin and have been selling it over time to get into ETH (ETH) or Solana (SOL) or whatever.”
Those new buyers aren’t flippers, they’re “forced buyers.” Udi points to Michael Saylor’s Strategy as the prime example: “If Saylor stops buying Bitcoin for a sustained period of time, his company loses all of its value… he has to keep coming up with more new, original ways to raise capital to buy Bitcoin.”
This, Udi says, is unprecedented. “Bitcoin in the past had many instances of forced sellers… This is the first time that we have a forced buyer — structural, forced buyer — who has to buy no matter what.”
The result, he argues, is that we’re “at the very tail end of old holders rotating out” and heading toward a supply crunch that could ignite explosive moves. “Wall Street bought all of our Bitcoin. We didn’t notice.”
Udi even floats a price target that sounds insane now but might soon feel tame: “I think 400K is conservative.”
From Ether’s new treasury companies to the fragility of leveraged players, this exclusive Cointelegraph interview is packed with insights that challenge mainstream crypto thinking.
Watch the full conversation to hear Udi’s full case, and why he thinks the next Bitcoin rally could leave crypto-natives on the sidelines.
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