Crypto
Michael Saylor says Bitcoin four-year cycle is over
Michael Saylor (마이클 세일러), chairman of Strategy, said the four-year cycle model long used to explain the Bitcoin market is no longer dominant. He said Bitcoin is moving away from a halving- and retail demand-driven structure toward a digital asset shaped by large institutional inflows. He pointed to spot Bitcoin ETFs, stock-market derivatives and balance-sheet adoption as key demand sources, while warning of risks from “paper Bitcoin” and calling for custody transparency and proof of reserves.
