The Crypto Cycle is based primarily on Bitcoin "halvening", which occurs roughly every 4 years, and is hard coded into Bitcoin via block heights. The phrase "crypto cycle" has taken on secondary meanings, like the bull and bear market cycles in crypto. It is helpful to understand the Bitcoin inflation model and why it results in secondary effects, whether one is a crypto participant or not. In early 2025, HEX has undergone an indirect sort of halvening event through the staking mechanism. A couple larger issues to consider are: who has validation majority, and, how much of the total supply is active? If you are aware of everything I say in this episode, then you are far more aware than the average person.