In this episode, Bitwise CIO Matt Hougan explains why he thinks the four-year Bitcoin cycle is breaking down. He predicts a smoother, longer cycle ahead, driven by ETF flows, regulatory clarity, and a more mature market structure.While Rizzo wrestles with nostalgia for the classic boom-bust cycle, Hougan makes the case that “this time really is different.” Enjoy!

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Timestamps:

(00:00) Introduction

(01:03) Debating Bitcoin's Four-Year Cycle

(04:13) Institutional Adoption & Regulation

(04:57) Are Four-Year Cycles Psychological?

(08:37) Bitcoin’s Evolving Political Impact

(09:48) Ledger Ad

(10:38) Bitcoin’s Evolving Political Impact

(17:00) Institutions Are Slow & Steady

(18:58) Reflecting on Bitcoin's Scarcity

(22:20) Crypto Regulation & Institutional Impact

(23:38) Ledger Ad

(24:25) Retail Investors & the Four-Year Cycle

(25:45) Adapting to Bitcoin's Middle Ages

(33:28) Can Blockchain Support Incoming Demand?

(36:50) Sovereign Adoption & Strategic Reserves

(38:28) OG Bitcoin HODLers Cashing Out

(41:38) Final Thoughts

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

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