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CZ Says Bitcoin Supercycle Has Not Arrived Yet, Calls U.S. Crypto Rules the Friendliest in 12 Years
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News EditorCZ said at the SALT conference in Jackson Hole, Wyoming, that his earlier “supercycle” call for Bitcoin has not played out. He said market data still points to a strict four-year cycle and that crypto is now in a bear phase. He also argued that as total market value grows, price swings should narrow, more like shares of large public companies such as Amazon and Facebook. On regulation, CZ described the current U.S. environment as the friendliest he has seen in 12 years in the industry and said America’s framework has global influence, with other countries and exchanges looking to U.S. securities and trading rules. He added that Hong Kong is moving quickly to align its legislative approach with the U.S. CZ also detailed YZi Labs’ portfolio split, saying about 70% of capital goes to crypto and blockchain, around 20% to AI, and the rest to biotech and other areas. He said the firm uses its own capital, is not bound by outside LP return cycles, and focuses on positive impact and execution rather than pure financial models. On Hyperliquid, he rejected the idea that being a Binance shareholder means backing only centralized exchanges, saying he entered the industry because he believes in decentralization. He argued that if KYC-free platforms like Hyperliquid can enter the U.S. in a compliant way, it could open the door for more Perp DEX and other decentralized services to reach users in the U.S. and globally.
CZ said the Bitcoin “supercycle” thesis he raised earlier at the Davos Forum has not materialized yet, telling attendees at the SALT conference in Jackson Hole, Wyoming, that market data still points to a relatively strict four-year cycle. He said crypto is now in a bear phase.
As market value expands, price swings should get smaller, he said, comparing that pattern with the share-price moves of large companies such as Amazon and Facebook.
On U.S. regulation, CZ said the current environment is the most friendly he has seen in his 12 years in the industry. He also said the U.S. framework has become a global reference point, with securities laws and exchange oversight structures in many countries taking cues from it. Hong Kong, he added, is also moving quickly to align its legislative approach with the U.S.
CZ also outlined YZi Labs’ capital allocation. About 70% of the firm’s money is invested in crypto and blockchain core sectors, around 20% goes to AI, and the rest is allocated to biotech and other fields. He said YZi Labs uses its own capital and is not constrained by outside LP return cycles. Its investment decisions, he said, are driven more by a project’s positive impact and a founder’s execution than by a pure financial return model.
Speaking about Hyperliquid, CZ said there is a misunderstanding in the industry that being a Binance shareholder means he would only defend centralized exchanges. He said he entered the sector because he believes in decentralization.
If KYC-free platforms such as Hyperliquid can enter the U.S. market in a compliant way, CZ said, that could open the door for the wider industry and allow more Perp DEX and decentralized services to reach users in the U.S. and around the world. U.S. consumers, he said, would then have access to better liquidity and pricing.
He added that the outcome would not only benefit Hyperliquid itself, but also international centralized exchanges including Binance.
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