Bitcoin: Cycles, Institutional Validation and a BTC Exchange

Bitcoin: cycles, institutional validation and a BTC-denominated exchange

Overview

How does the Bitcoin of recent years differ from that of its early cycles? In this MERGE Madrid talk, Roxom reviews the historical evolution of Bitcoin's cycles, explains why this stage represents its institutional validation, and presents its vision: a stock market denominated directly in Bitcoin.

What you'll learn

• Bitcoin's cycles: why each major rally and correction has been less extreme than the previous one
• A more solid market: the idea of a maturing Bitcoin that behaves more stably
• Institutional validation: the role of stablecoins, ETFs and Bitcoin Treasury Companies
• Limited supply: why the 21 million cap and lost coins reinforce its monetary thesis
• NAV and Bitcoin “proxies”: why some companies trade well above their reserves
• A BTC exchange: the project to trade stocks and commodities denominated in Bitcoin

Session summary

The evolution of the cycles: it reviews Bitcoin's history since its first formal markets, showing how each major bull cycle and subsequent correction have been, in logarithmic terms, less extreme than the previous ones, which the speaker reads as a sign of an increasingly solid market.

A new stage: it argues that recent years represent Bitcoin's institutional validation, in contrast to the earlier stage marked by states trying to limit its circulation; it highlights the role of stablecoins (USDT) as a refuge during the hardest years.

ETFs and Treasury Companies: it points to the legal emergence of ETFs and the creation of Bitcoin Treasury Companies (firms whose purpose is to accumulate Bitcoin) as new market fundamentals and as factors that remove available supply.

The monetary thesis: it defends Bitcoin as a monetary system with limited supply (21 million, minus lost coins), contrasting it with non-convertible fiat money.

The NAV phenomenon: it analyzes why some Treasury Companies have traded well above the value of their Bitcoin reserves, a phenomenon that, according to the talk, tends to moderate over time and should be viewed with caution.

A Bitcoin-denominated exchange: it presents Roxom's vision of a stock market in BTC, recalling that every dominant currency in history developed its own market; the project envisions trading stocks and derivatives (such as gold, oil or indices) via perpetual contracts denominated in Bitcoin, to bring markets closer to users who only operate in crypto.

Watch the full talk

Watch the full recording on MERGE's YouTube channel, with Roxom on Bitcoin's cycles and its BTC-denominated exchange.

FAQs

Why is Bitcoin said to be more solid now?
According to the talk, because each major rally and correction has been, in relative terms, less extreme than in previous cycles, suggesting a more mature market.

What is Bitcoin's institutional validation?
It is the current stage marked by stablecoins, ETFs and Bitcoin Treasury Companies, which according to the speaker change the market's fundamentals.

What does a “Bitcoin-denominated exchange” propose?
Trading stocks and derivatives (gold, oil, indices) directly in BTC via perpetual contracts, for users who today only operate in crypto.

Is this investment advice?
No. This content is informational and summarizes opinions expressed in the talk; it does not constitute investment advice or a recommendation to buy or sell. Consult a professional for your specific situation.