The April 2024 halving cut Bitcoin issuance in half. The 2024-2025 cycle delivered a new all-time high above $100,000 but the historical four-year pattern is fraying. ETF flows, sovereign reserves, and Trump-era policy are rewriting the script.
Money is the most successful shared fiction in human history. Understanding where it came from — and what it actually is — tells you more about human society than almost any other subject.
