Pierre Rochard, CEO of The Bitcoin Bond Company, has challenged the validity of Bitcoin’s traditional four-year cycle, arguing that institutional demand and macroeconomic factors are now driving price movements. He contends that Bitcoin’s price is largely shaped by current interest rates and support from institutions like treasury companies rather than halvings. This shift marks a significant change in how Bitcoin operates, potentially reshaping market strategies and investment approaches. Rochard emphasizes the crucial role of institutional demand, particularly through spot ETPs/ETFs and corporate treasuries. His perspective suggests that traditional cyclical patterns may no longer hold significant weight in predicting future price dynamics.