Michael Saylor, executive chairman at Strategy, contends that Bitcoin has transitioned into a fundamentally different market phase — one driven predominantly by institutional capital allocation rather than the four-year halving pattern that characterized its early history. In a detailed post shared on X on July 5, 2026, Saylor presented his thesis that halving events — the programmed supply reductions occurring approximately every four years that decrease mining rewards — have ceased to be the primary explanation for Bitcoin’s market dynamics. “The four-year cycle is no longer the dominant model,” Saylor stated. This ... (full story)