What Bitcoin Did Bitcoin’s New Era: Liquidity, Macro, and the End of Four-Year Cycles | Nik Bhatia
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Jul 25, 2025 
Nik Bhatia, author of *Layered Money* and a Bitcoin macro expert, dives into Bitcoin's potential shift away from traditional four-year cycles. He discusses how evolving corporate treasury strategies and increased liquidity are reshaping Bitcoin's market dynamics. Bhatia also examines the implications of macroeconomic forces on Bitcoin's price, suggesting that it could reach $1 million by 2032. The conversation touches on the impact of political influences like Jerome Powell’s policies and what it means for investors.
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Bitcoin's Bull Market Matures
- Bitcoin's bull market shows a gentle, steady ascent unlike its historically volatile nature.
- This could indicate a break from the traditional four-year halving cycle.
Structural Bull Market Emerges
- Bitcoin may be in a structural bull market oscillating between 2x to 3x its realized value.
- This mutes volatility, avoiding extreme booms and busts typical of past four-year cycles.
Market Tools Reduce Bitcoin Volatility
- The growth of options, futures, and calendar tools allows better risk management in Bitcoin.
- This maturity leads to dampened implied volatility, stabilizing prices compared to previous cycles.
