Crypto’s four-year cycles are often attributed to Bitcoin halvings.

In our latest letter, @cosmo_jiang explores an alternative view: https://t.co/UYq2c3J8Ck

"Generally, bitcoin’s price has had major inflections in response to major macro events, which also typically rhyme with global liquidity cycles. In 2012, it was the Eurozone sovereign debt crisis. In 2016, it was Brexit. In 2020, it was the COVID crash. A lot of people attribute bitcoin’s price cycles to the halving, but an alternative interpretation is that there have been major macroeconomic events supporting bitcoin’s bull case that coincidentally have played out every four years."