This episode of Speaking of Bitcoin on the Coin Desk Podcast Network is brought to you by nexo.io.

This time is different, is kind of the phrase that you say, just before you have to eat your own words, especially in financial markets.

As 2022 kicks into gear, many of us are wondering what's in store for Bitcoin in the broader

crypto markets. Our lives, although our own, are governed by cycles, which are often outside of our

control and create the environment, the conditions in which we each try to find happiness and success,

and that environment can have radically different characteristics and opportunities presented to us,

based on where we are in whatever particular cycle that we are.

But we can't see the cycles, at least not until they've come to pass, and we can't tell if this time is different, although it may feel that way or the same.

So on this episode, we're going to talk about it.

But before that, introductions.

My name is Adam B. Levine, and this is speaking of Bitcoin. This time, as always, I'm joined by the other host of the show, Andreas M. Antonopoulos.

Hello. Jonathan Mohan. Hey, hey, hey. And Stephanie Murphy. Hi. So on today's show, we're going to talk about the cycle of innovation, as at least I've seen it, in the world of crypto projects projects and why the future rarely looks like the past.

So this is a topic that we have talked about before a number of times, but I feel like it's worth

revisiting as we enter this period of is this time different about sort of the crypto cycle, right?

Crypto cycles have tended to go in three to four year increments where you have a strong,

you know, bull market where

everyone is very excited and, you know, things overheat and the price goes way, way up.

And then they have multi-year bear markets where the price is down and people are very dour.

And although there are many people who stick around and continue working, sort of the

FOMO kind of all comes out of the thing for a while until the next round comes along.

But that's not actually what I want to talk about today.

What I want to talk about today is the cycle that we have seen kind of repeat over and over again

...