CZ: Bitcoin Still Follows Four-Year Cycle; Crypto Enters Most Policy-Friendly Era

Speaking at the SALT conference in Jackson Hole, Wyoming, CZ addressed his "supercycle" remarks made earlier at the Davos Forum, noting that this thesis has yet to materialize. Based on data, the market still adheres to a relatively strict four-year cycle pattern and is currently in the bear market phase of that cycle. However, as total market capitalization continues to expand, price volatility is expected to narrow, similar to the price movement patterns of large-cap companies like Amazon and Facebook.

Regarding the U.S. regulatory environment, CZ stated that the current period is the most industry-friendly in his 12 years in the business. He believes the U.S. regulatory framework serves as a model globally, with many countries' securities laws and exchange regulatory structures referencing the U.S. approach. Meanwhile, Hong Kong is accelerating its legislative efforts to align with U.S. regulatory thinking. CZ also discussed the allocation of his investment vehicle YZi Labs, revealing that approximately 70% of funds are directed to core crypto and blockchain sectors, about 20% to AI, and the remainder to biotech and other fields.

YZi Labs uses its own capital and is not constrained by external LP return cycles, with investments prioritizing positive project impact and founding team execution over purely financial return models. Regarding Hyperliquid, CZ noted a misconception in the industry that, as a Binance shareholder, he would only defend CEX positions—but he entered this industry precisely because he believes in decentralization. If KYC-free platforms like Hyperliquid can enter the U.S. market through compliant means, it would open the door for the entire industry, allowing more Perp DEXs and decentralized services to reach U.S. and global users, while U.S. consumers would benefit from better liquidity and pricing. This would not only benefit Hyperliquid itself but also international centralized exchanges, including Binance.