Michael Saylor Says Bitcoin Four-Year Cycle Is Losing Relevance Amid ETF-Driven Demand

Strategy co-founder Michael Saylor said the traditional four-year cycle linked to Bitcoin is losing relevance as institutional adoption increasingly drives market behavior.

He said future growth is expected to come from several major sources, including exchange-traded fund inflows, corporate and sovereign treasury allocations, bank lending against Bitcoin, derivatives markets, and broader global capital flows. He also emphasized that the Bitcoin protocol is likely to become progressively more difficult to change as adoption deepens.

Saylor further warned of emerging structural risks in the ecosystem, including the rise of “paper Bitcoin,” increasing custodial concentration, and the potential for regulatory capture to influence market structure.

Source: Michael Saylor