Raoul Pal: The Journey Man Is the Four-Year Cycle Dead? ft. Yat Siu
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Nov 27, 2025 
In this discussion, Yat Siu, co-founder of Animoca Brands and a pioneer in the Web3 space, elaborates on the evolving landscape of crypto beyond Bitcoin. He emphasizes the potential for institutional adoption to reshape market cycles and the role of AI in driving financial inclusivity. Yat passionately argues for the cultural significance of tokenization in empowering creators and enhancing financial literacy. He also highlights generational differences in investment expectations and the gamification of finance that resonates with younger audiences.
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FourāYear Cycle Is Cultural, Not Inevitable
- The fourāyear halving cycle is a cultural, selfāfulfilling pattern rather than a strict mathematical driver.
- Institutional adoption will soften and eventually erase that cycle as new holders don't follow the same rituals.
Attention Economy Fuels Crypto Volatility
- Markets are driven by human psychology, attention spans and cultural shifts toward instant gratification.
- Crypto's younger user base and gamified interfaces increase volatility compared with TradFi.
Buy FlashāCrash Discounts With LongāTerm Conviction
- Use market dislocations as buying opportunities when fundamentals remain intact.
- Prefer institutional, longāterm conviction over shortāterm trading during such drawdowns.