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Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.\nThe Bitcoin halving is just around the corner, expected to be on April 19 or April 20.\xa0\nArthur Hayes, CIO of Maelstrom, and Will Clemente, co-founder of Reflexivity Research discuss the rise in Bitcoin prices ahead of the halving, the impact of the approval of spot Bitcoin ETFs in the US, and the potential effects of the halving on the price trajectory post-halving. They also discuss the potential impact of a new class of investors on Bitcoin's price, volatility, and decentralization.\xa0\nLearn more: Bitcoin Halving: What Is It & How Is It Determined?\nMoreover, they dive into the impact of the macroeconomics, geopolitical, and demographic conditions for the crypto asset industry, the potential for L2s on Bitcoin, and their price predictions for bitcoin by year-end.\xa0\nShow highlights:\n\nHow the approval of spot Bitcoin ETFs altered the price trajectory of BTC before the halving\n\nWhether the introduction of spot Bitcoin ETFs impacts Bitcoin's decentralization and price volatility\n\nWhether this cycle could be the "last cycle" or the "supercycle"\n\nWhy Arthur predicts a 90% drawdown in the future and how they determine when the markets are nearing the top of the cycle\n\nThe effect of high inflation, the election, and the termination of the bank term funding program on Bitcoin\n\nHow artificial intelligence is expected to trigger a productivity boom, according to Will\n\nWhy Will considers Coinbase to be mispriced\n\nWhether Bitcoin L2s have a future and if security budgets are a concern\n\nTheir views on Bitcoin Ordinals and the Runes Protocol launch\n\nWhy Will views DOGE as a purer commodity than ETH\n\nArthur's rebuttal to claims that Ethena could follow in Terra/Luna\u2019s footsteps\n\nArthur's and Will\u2019s Bitcoin price projections for the end of the year and the cycle\n\nThank you to our sponsors!\nPolkadot\nGuest:\n\n\nArthur Hayes, CIO of Maelstrom.\n\nPrevious appearances on Unchained:\n\nArthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves\n\nArthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH\xa0\n\nArthur Hayes of Bitmex on Why Countries Will Turn to Digital\n\nThe Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks\n\nHow Crypto and Blockchain Technology Could Change Financial Services\n\n\nWill Clemente, Co-founder of Reflexivity Research\n\nPrevious appearance on Unchained: Strong Hands Aren't Selling Bitcoin. So Who Is?\xa0\n\n\nLinks\n\nThis cycle\n\nNaval\u2019s tweet: \u201cThe narrative for this cycle is \u2018this is the last cycle.\u2019\u201d\n\nUnchained:\xa0\n\nHere\u2019s Why No One Agrees Exactly When The Bitcoin Halving Will Happen\n\nBitcoin Miners Diversify Their Revenue Streams as Halving Nears\n\n\nHeatwave by Arthur Hayes\n\n\nDissecting Bitcoin's \u201c4 Year Cycle,\u201d guest post by Will Clemente on The Pomp Letter\n\nBitcoin ETFs:\n\nUnchained:\xa0\n\nThe Best Spot Bitcoin ETFs for Different Types of Investors\n\nWho Is Buying Into Spot Bitcoin ETFs? We'll Soon Start to Get an Idea\n\nBitcoin ETFs Explained: What Are They & How Do They Work?\xa0\n\nMacroeconomic conditions\n\nCNBC: Consumer prices rose 3.5% from a year ago in March, more than expected\n\n\nFT: Investors lose hope of rapid US interest rate cuts this year\n\n\nBlock size wars\nBloomberg: The Block War Is Still a Sore Subject for \u2018Bitcoin Jesus\u2019\xa0\n\nBitcoin L2s\nUnchained: Stacks\u2019 Muneeb Ali On Why Bitcoin Is Exciting Once Again\xa0\n\nRunes\nDecrypt: Bitcoin Runes Launch at the Halving: Here's Everything You Need to Know\n\nEthena\n\nHayes\u2019 tweet on Ethena\n\nUnchained:\xa0\n\nENA Surges 20% to New All-Time High as Ethena Rolls Out Reward Boosts\n\nEthena\u2019s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?\n\nWhat Is Ethena's USDe Synethic Dollar?\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices