Binance founder Zhao Changpeng said at the SALT conference that Bitcoin’s much-discussed supercycle has not yet materialized, with the market still following a relatively strict four-year cycle and currently in a bear phase. He said price volatility should gradually narrow as the market expands. Zhao described the current period as the most crypto-friendly regulatory environment of his 12-year career, saying the U.S. regulatory framework could serve as a model globally and that Hong Kong is accelerating legislation along similar lines. He also said YZi Labs allocates about 70% of its capital to core crypto and blockchain sectors, about 20% to AI and the remainder to areas including biotechnology. The investment firm uses its own funds and places greater emphasis on a project’s positive impact and the team’s execution ability than on financial returns alone.