Michael Saylor: "The lack of a complete and non-recourse credit system" is the main culprit behind the depressed $BTC price. The compliance progress of the banking system is slower than short-term investors' expectations. At the same time, a large amount of Bitcoin is still held by retail investors or offshore funds, lacking mature guarantors and liquidity channels, which creates significant selling pressure. Saylor believes that the effect is multilateral, and the price will continue to rise at an even faster pace in the future. Now is just a matter of waiting.