Binance founder Changpeng Zhao said at the SALT conference that Bitcoin’s much-discussed "super cycle" has yet to materialize and that the market is still following a relatively strict four-year cycle. In his view, the industry is currently in a bear market, though price swings should narrow over time as the market grows in size. Zhao also said the current regulatory backdrop is the friendliest he has seen in his 12 years in the industry. He pointed to the U.S. regulatory framework as a reference point for other jurisdictions and said Hong Kong is accelerating legislation in line with that approach. On investments, Zhao disclosed that YZi Labs allocates about 70% of its capital to core crypto and blockchain sectors, roughly 20% to AI, and the rest to areas including biotech. He said the firm uses its own capital and puts more weight on positive impact and team execution than on financial return alone.
Binance founder Changpeng Zhao said at the SALT conference that Bitcoin’s "super cycle" has not arrived and that the market is still moving in a relatively strict four-year cycle. He said the industry remains in a bear market, while adding that price volatility should gradually narrow as the market becomes larger.
Zhao also said this is the most favorable regulatory environment he has seen in his 12 years in the industry. He said the U.S. regulatory framework has a demonstration effect globally, and that Hong Kong is speeding up legislation by aligning its approach with the United States.
YZi Labs allocation
Discussing YZi Labs’ investment strategy, Zhao said about 70% of the firm’s capital is allocated to core crypto and blockchain sectors, around 20% goes to AI, and the remainder is deployed in areas including biotech.
He added that the firm uses proprietary capital and gives more weight to a project’s positive impact and a team’s execution ability than to financial returns alone.
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