Michael Saylor: The four-year cycle has ended, and Bitcoin has entered an era of structural demand.

In a recent interview with CNBC, Michael Saylor stated that the classic four-year cycle of Bitcoin is no longer the main driving force. The supply cuts from past Halvings had a huge impact in the early days, but now Bitcoin's daily trading volume has reached 50–100 billion dollars, while the next Halving will only reduce 225 BTC (about 20 million dollars) per day, “not even worth calling a second-order effect.”

Saylor pointed out that what truly drives Bitcoin are the structural forces of the market: — The banking system expanded $50 billion in credit all at once, far exceeding the Halving effect; — After the SEC relaxed restrictions on IBIT derivatives, its open interest surged from $10 billion to $50 billion; — The deep involvement of traditional finance has brought in billions of dollars in new demand. “Bitcoin is now driven by the embrace of the global financial structure.”