CZ: Bitcoin Still Follows Its Four-Year Cycle, Crypto Sector Enjoys Most Policy-Friendly Period Yet

At the SALT conference in Jackson Hole, Wyoming, USA, CZ commented on the Bitcoin "super cycle" thesis he previously proposed at the World Economic Forum in Davos, noting the claim has not yet materialized. According to data, the market still follows a relatively strict four-year cycle and is currently in its bear market phase. However, as total market capitalization expands, price volatility will narrow, similar to the fluctuation patterns of large companies like Amazon and Facebook. When discussing the U.S. regulatory environment, CZ said this is the most industry-friendly period in his 12-year career, adding that the U.S. regulatory framework sets a global example, with many countries’ securities laws and exchange regulatory structures referencing the U.S. Meanwhile, Hong Kong is accelerating alignment with U.S. regulatory approaches to advance relevant legislation. Additionally, CZ touched on the portfolio of his investment firm YZi Labs, stating that roughly 70% of its capital is allocated to core crypto and blockchain sectors, about 20% to AI, and the rest to fields like biotechnology. YZi Labs uses its own capital, free from external limited partner (LP) return cycle constraints, and prioritizes projects’ positive impact and founding teams’ execution ability over purely financial return models. Regarding Hyperliquid, CZ noted a common industry misconception that as a Binance shareholder, it would only uphold CEX stances, but he entered the industry because he believes in decentralization. If KYC-free platforms like Hyperliquid can enter the U.S. market in a compliant manner, it will open doors for the entire sector, enabling more Perp DEXs and decentralized services to reach U.S. and global users, while U.S. consumers will gain better liquidity and pricing. This will not only benefit Hyperliquid itself but also international centralized exchanges including Binance.