Strategy Inc. (NASDAQ:MSTR) CEO Michael Saylor shared in an interview aired Friday his views on why Bitcoin (CRYPTO: BTC) has been chopping sideways.

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, however, agree that this is “normal” for Bitcoin’s life cycle. “The truth is, if you zoom out and look at the one-year chart, Bitcoin is like up 99%. It’s like nearly double,” he added.

See Also: Hex Trust CEO Alessio Quaglini Says US Regulatory Clarity Will Unlock Bitcoin’s Next Wave

Saylor’s comments follow his recent keynote speech at a conference, in which he urged people to disregard the “critics and whiners” and feel optimistic about Bitcoin Treasury firms, which, in his words, are recycling “stranded capital just as miners recycle stranded energy.”

Saylor, one of Bitcoin’s most vocal advocates, has put his money where his mouth is, driving his firm Strategy to the forefront of Bitcoin’s corporate adoption. As of this writing, Strategy held a stash worth over $72 billion, according to bitcointreasuries.net.