CZ said Bitcoin's previously discussed "supercycle," first raised at the Davos forum, has not yet materialized. Market data still indicates a relatively strict four-year cycle, with the market currently in its bear-market phase, although rising total capitalization may gradually narrow price swings, similar to the volatility patterns of large companies such as Amazon and Facebook. At the SALT conference in Jackson Hole, Wyoming, CZ described the U.S. regulatory environment as the most favorable for the industry in his 12 years of experience and said U.S. rules have a demonstration effect globally. He also said Hong Kong is accelerating legislation modeled on the U.S. approach. CZ said YZi Labs allocates about 70% of its capital to core crypto and blockchain sectors, 20% to AI and the remainder to areas including biotechnology. The firm invests its own money, without the return-cycle constraints of external LPs, and prioritizes positive impact and founder execution over purely financial returns. On Hyperliquid, CZ rejected the view that his position as a Binance shareholder means he would only support centralized exchanges. He said his entry into the industry was driven by belief in decentralization, and that compliant access to the U.S. market for no-KYC platforms such as Hyperliquid could benefit perpetual DEXs (decentralized exchanges for perpetual contracts), users, liquidity and pricing globally, including for international centralized exchanges such as Binance.