Zhao Changpeng responded at the SALT conference to the claim of a “Bitcoin super cycle,” saying that the promise has not been fulfilled yet and that the market still runs on a four-year cycle. It is currently in a bear market phase. However, in the long term, the expansion of total market capitalization will compress volatility. He likened this to the low-volatility trend seen in large-cap assets such as Amazon and Facebook, compared to $BTC .
He also specifically mentioned that the current U.S. regulatory environment is the most friendly window he has seen in his 12 years in the industry. It will have a demonstration effect for regulatory pathways worldwide, and Hong Kong is also accelerating its efforts to benchmark. Regulatory clarity is the true prerequisite for institutional capital to enter.
Regarding YZi Labs’ allocation: approximately 70% to crypto and blockchain, 20% to AI, and the remainder to biotech. The in-house capital model allows it to focus more on long-term influence rather than short-term LP returns.
What’s especially interesting is his remarks on Hyperliquid. As a Binance shareholder, he clearly denied the claim that he would “only uphold the CEX position,” emphasizing that his entry into the industry was driven by a belief in decentralization. Decentralization and centralization are not a zero-sum game. Being able to enter the U.S. market in a compliant way is a net positive for the entire industry.
In summary, the core viewpoints are: the cycle has not changed but volatility is converging; a regulatory turning point has arrived; supported by in-house capital for long-term positioning; and coordination between CEX and DEX has opened up. #BTC #监管 #DeFi
He also specifically mentioned that the current U.S. regulatory environment is the most friendly window he has seen in his 12 years in the industry. It will have a demonstration effect for regulatory pathways worldwide, and Hong Kong is also accelerating its efforts to benchmark. Regulatory clarity is the true prerequisite for institutional capital to enter.
Regarding YZi Labs’ allocation: approximately 70% to crypto and blockchain, 20% to AI, and the remainder to biotech. The in-house capital model allows it to focus more on long-term influence rather than short-term LP returns.
What’s especially interesting is his remarks on Hyperliquid. As a Binance shareholder, he clearly denied the claim that he would “only uphold the CEX position,” emphasizing that his entry into the industry was driven by a belief in decentralization. Decentralization and centralization are not a zero-sum game. Being able to enter the U.S. market in a compliant way is a net positive for the entire industry.
In summary, the core viewpoints are: the cycle has not changed but volatility is converging; a regulatory turning point has arrived; supported by in-house capital for long-term positioning; and coordination between CEX and DEX has opened up. #BTC #监管 #DeFi