CZ: Bitcoin still follows a four-year cycle, and cryptocurrency is entering the most favorable policy environment

At the SALT conference held in Jackson Hole, Wyoming, CZ discussed the previously mentioned "super cycle" of Bitcoin at the Davos Forum, stating that this claim has yet to materialize. From the data, the market still follows a relatively strict four-year cycle, currently in the bear market phase; however, as the total market capitalization continues to expand, the price volatility will tend to narrow, similar to the price fluctuation patterns of large companies like Amazon and Facebook.

Regarding the regulatory environment in the United States, CZ stated that this is the friendliest industry environment he has seen in his 12 years of work, and he believes that the U.S. regulatory framework has a demonstrative effect globally, with many countries' securities laws and exchange regulatory structures referencing the U.S. At the same time, Hong Kong is accelerating its legislative efforts to align with U.S. regulatory thinking. Additionally, CZ discussed the allocation situation of his investment firm YZi Labs, stating that currently about 70% of the funds are directed towards the core tracks of crypto and blockchain, about 20% towards AI, and the remaining portion towards fields like biotechnology.

YZi Labs uses its own funds and is not constrained by external LP return cycles, placing more emphasis on the positive impact of projects and the execution capability of founding teams rather than purely on financial return models. Regarding Hyperliquid, CZ mentioned that there is a misunderstanding in the industry, believing that as a shareholder of Binance, he would only maintain a CEX position, but his entry into this industry was precisely because he believes in decentralization. If platforms like Hyperliquid, which do not require KYC, can enter the U.S. market in a compliant manner, it will open the doors for the entire industry, allowing more Perp DEX and decentralized services to reach users in the U.S. and globally, thus providing American consumers with better liquidity and pricing. This will not only benefit Hyperliquid itself but also international centralized trading platforms, including Binance.