Let's break down the three key components of his argument.
- The "Old" Four-Year Cycle: Driven by the Halving
To understand how the cycle is changing, we first must understand what it was.
What it is: Approximately every four years, the reward paid to Bitcoin miners for securing the network is cut in half. This event is called the "halving."
The Economic Impact: The halving is a supply shock. It abruptly reduces the rate at which new Bitcoin is created, making the asset scarcer.