Bitcoin has not entered the anticipated supercycle, Binance founder CZ said at the SALT conference in Jackson Hole, Wyoming. He said the market still follows a relatively strict four-year cycle and is currently in a bear-market phase, while expanding total market capitalization should gradually reduce price volatility. CZ described the current environment as the most favorable for the industry during his 12 years in the sector, citing the global influence of the U.S. regulatory framework. He said multiple countries are modeling their securities laws and exchange-supervision structures on the United States, while Hong Kong is accelerating legislation in a similar direction. CZ also said investment firm YZi Labs allocates about 70% of its funds to core crypto and blockchain sectors, about 20% to artificial intelligence and the remainder to areas including biotechnology. The firm invests its own capital, meaning it is not constrained by external limited partners' return cycles, and prioritizes positive impact and founding-team execution over purely financial returns.