Bitcoin's Volatility Plunge Puts it Within Reach of Institutional Investors

Saifedean Ammous notes that Bitcoin's declining volatility is a bullish development for the cryptocurrency. The bear-market drawdowns have decreased from around 87% to 77% and now to about 54%, which brings Bitcoin closer to being an investable asset for money managers.

Ammous explains that the halving still drives the four-year Bitcoin cycle, and fewer people are buying with leverage at the top. He also discusses how markets may eventually arbitrage these cycles away.