Just noticed that CZ made a major point at the Bitcoin conference in Abu Dhabi — the traditional "four-year halving cycle" might need to be rewritten.

His logic is quite interesting: the current level of institutional funding and regulatory influence is so strong that it can overshadow the impact of the halving event itself on prices. In his words, the market is sliding into a "supercycle" trajectory, and the rules of the game have changed.

Even more explosive is the part about national reserves. CZ mentioned that if the US really implements strategic reserves, other countries are likely to follow suit. Once this chain reaction at the government level is triggered, the underlying logic of the entire market could be fundamentally reshaped.

Honestly, from the approval of ETFs to the loosening of policies in various countries, this judgment is not without basis.