Binance founder Changpeng Zhao, better known as CZ, said at the SALT conference in Jackson Hole, Wyoming, that Bitcoin’s much-discussed “supercycle” has yet to materialize. In his view, the market is still largely moving within a fairly strict four-year cycle and is currently in a bear-market phase. He also said price swings should narrow over time as the industry’s total market capitalization grows.
CZ also described the present moment as the most favorable operating environment he has seen in his 12 years in the sector. He said the U.S. regulatory framework has a demonstrative effect globally, with many countries looking to U.S. securities law and exchange oversight structures as reference points. He added that Hong Kong is also accelerating legislation aligned with U.S. regulatory thinking.
On capital allocation at YZi Labs, CZ said about 70% of the firm’s funds are deployed in core crypto and blockchain sectors, around 20% in AI, and the rest in areas including biotechnology. He said the firm invests its own capital rather than outside LP money, which means it is not constrained by external return cycles and places more weight on a project’s positive impact and a founding team’s execution ability than on financial returns alone.
Binance founder Changpeng Zhao, or CZ, said at the SALT conference in Jackson Hole, Wyoming, that Bitcoin’s “supercycle” has not happened so far and that the market is still following a relatively strict four-year cycle, with the current phase remaining a bear market.
CZ also said price volatility should gradually narrow as total market capitalization expands.
CZ on the industry backdrop and regulation
He described the current period as the most friendly environment for the industry in his 12 years in the business. CZ said the U.S. regulatory framework has become a reference point for the rest of the world, with multiple countries looking to U.S. securities law and exchange oversight structures. He added that Hong Kong is also speeding up legislation by aligning related work with U.S. regulatory thinking.
YZi Labs allocation
Discussing YZi Labs, CZ disclosed that about 70% of its capital is allocated to core crypto and blockchain sectors, about 20% to AI, and the remainder to areas including biotechnology.
He said the firm uses its own capital and is not bound by return-cycle constraints from external limited partners, or LPs. As a result, it places greater emphasis on a project’s positive impact and on the execution capability of founding teams, rather than focusing only on financial returns.
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