IGNORE CYCLES

“No one actually bought any Bitcoin between 20,000 and 30,000, or even 20,000 to 35,000. No one bought anything. I can get the chart after, but the stat is over 600,000 Bitcoin have been purchased on this drawdown between 60,000 and 70,000 dollars. I think it got to a level where, all right, you have people. I could make an argument why Bitcoin goes to 40,000. Doesn't mean it goes there. I just think enough people and enough people with size said, okay, 60,000 is cheap.”

“JP Morgan, BlackRock, all of them like, oh, it's terrible, it's awful, it doesn't make any money, it's a Ponzi scheme. And then they all do it because they see, well, we can make a lot of money in it, so who cares? You don't have any moral high ground. You never have, so stop trying to find it.”

“The two main support lines for Bitcoin are the realized price and the 200-week moving average. The realized price being the average price of all coins in circulation is like 54,000 realized price and 58,000 is the 200-week moving average. Bitcoin typically uses the 200-week moving average as support each bear market. And it tends to go below the realized price every cycle.”

“It depresses me how much of the mainstream media still don't understand it to any degree. And even the Financial Times, the Financial Times in the UK, supposedly one of the top publications for finance is still empty crypto. It's been doing 150 percent care go for the last 15 years. It's rubbish, it's a ponzi. It will never last. Oh, please just try study it a little bit.”

“I think it's also important to observe what Bitcoin has done during the Iran war or the Middle East conflict. So the war started on February 28th and Bitcoin was at about 67,000. But going into that, the sentiment was shocking. Even I was like, 55,000 is nailed on. The lowest we went was like 63, and we haven't looked back since. I think Bitcoin is up 15% since the war started. Gold is down 5, 6%. Silver is down 12 or so.”

“What I take such huge comfort in is that the company's done a four year cycle. Like any crypto company that has survived four years is almost bulletproof. Like the FTX didn't survive four years. So you do have to be put on a pedestal, pedestal if you have survived four years as a company in this industry.”

“I just literally spoke to him an hour ago and I said, how did you get on? He said, oh, well, I sold the Mercedes, Benz and the Porsche, but I didn't get around to buying the other stuff. And it's like, you can do so much in the interim. Some of the mining stocks are up 70%, silver's up to another 25% in the last month or two. People are lazy.”

“Looking at the data, what's really interesting was in December 2025, over a 30 day period, one million Bitcoin was sold from long term holders. One million Bitcoin. The biggest debate we have in Bitcoin right now is quantum on Satoshi's coins, a million Bitcoin. But for me, in a way that we've proven to the market that, all right, the price goes down, but it can take a million Bitcoin to be sold over a 30 day period. Like it can hold it.”

“No, I've never believed in it. Again, coming in 2017, I never, I don't believe I ever heard the phrase four year cycle. The first time I ever came across the four year cycle was kind of like, I think it was like 2021 when it kind of just then happened in November. But then if you look at the mathematics behind the actual issuance rate into Bitcoin and its market cap, I would imagine that even 2020 halving had very little impact. So I think most of it is a self-fulfilling prophecy.”

“The paradoxically, it's like the time people come to you interested in buying Bitcoin and doing DCA is in the bull cycle, but it's actually really crucial that you do it during the bear cycle. Make sure you're DCA-ing through the bear cycle, right? You're not going to catch the exact bottom, but just make sure you're buying a little bit. Ideally, just buy a little bit every day.”

“So with crypto, I was very much with my clients. Look, when it doubles or trebles, we take the stake out. If it quadruples, we take profit, et cetera, et cetera. Bitcoin was actually easy. 2020, 2021, until it tanked, it went up. If you're a technical trader, it went up, it pulled back. But it was a case of being in the right time, the right place at the right time, for sure.”

“This bear market is... Well, this is my third bear market. And I think each bear market is very different. When I got in 2017 or I got in December of 2017, that 2018, 2019 for me was just so wild west. It was like, my money's kind of gone. The 2022 bear market was... It was actually really bad. It was bad because all the assets were going down. You also had the fraud and the contagion within crypto as well.”

“He came out today with a 22,000 Bitcoin purchase for $1.6 billion, which is the fifth biggest purchase ever since he started his strategy, which is incredible. So like he has proved to the market that he can raise well over a billion in a depressed bear market. So then you had stretch at $1.18 billion and the common stock at $3,400 million. The total dividend obligations just crossed over 1 billion, but he's literally just raised 1.18 billion in one week on one preferred.”

“Yeah, the bear cycle is way more important than the bull cycle. And it's just that volatility is so important. And that's why when you buy gold or the S&P 500, it's like the returns are terrible because there's no vault. And that's the issue. It's the volatility that actually gives you those returns. And it doesn't make any sense until you actually buy it through a bear market. You look at your returns, you're like, now that really does make sense.”

“But within the iBit ETF, they can be long and short. So, hey, if you've got that much clout, shove the price of Bitcoin down, scare off the balance of the retail, and then mop it all up, is my thinking anyway. They've been trying to push MicroStrategy to liquidate, because it's so blatant the way that they've been doing it.”