When we look at the fundamentals of the economy, I mean, that's where people thought the super cycle theory that the idea that this breaks cycles or that this cycle will be different is crazy because human psychology doesn't change.

I'm like, yes, you're correct in that regard.

But what happens when governments across the world print tens of trillions and people lose faith in institutions?

Like, Bitcoin's not going to have a normal cycle.

Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the

big picture power shifts remaking our world. The breakdown is sponsored by Nidig and produced

and distributed by CoinDesk.

What's going on, guys? It is Friday, November 26th, and we are back for part two of the

Gratitude for Bitcoin miniseries. Part one featured Dylan Leclair, an awesome on-chain

analysts and Bitcoin researcher. And today we have Mr. Dan held.

Dan is a serial Bitcoin entrepreneur and is currently the head of growth at Cracken.

He is also one of the most prolific Bitcoin content creators out there.

In this show, we talk about at core the evolution of Bitcoin into the mainstream.

You know a show with Dan is always good, so let's get it

going. Dan, welcome back to the breakdown. I feel like it's, you know, it seems like it hasn't

been that long, but it's actually been a very long time in market cycle terms. Well, yeah, we're

talking crypto, Bitcoin years, you know, it's like, it's like dog years.

It's like every month that goes by is the equivalent of 10 months. It feels like forever.

Seriously. It's been absolutely wild. So let's start, I guess, on the just the biggest level.

Let's talk market cycle, market cycle theory. I guess so two parts of the question. One is as you've

watched this bull market play out, how have your thoughts about what kind of the nature of

Bitcoin or crypto market cycles are changed, if at all? And then second, where do you think we are

...