Bitcoin’s Future: Dr. Jeff Ross Explains Why the Cycles Aren’t Over

Dr. Jeff Ross, CEO of Vailshire Capital Management, believes Bitcoin is still deeply tied to macroeconomic forces and will continue to experience cycles, though with gradually lower volatility.

Bitcoin’s recent market behavior has sparked debate about whether the traditional four-year halving cycle is ending. According to Dr. Ross, the idea that Bitcoin’s price is strictly tied to halvings is misleading. Instead, he argues that liquidity is the biggest driver of Bitcoin’s price, as the asset absorbs excess money supply just like other major asset classes.

Ross compares fiat, gold, and Bitcoin: fiat loses value over time, gold holds value, but Bitcoin is unique as an appreciating store of value. He expects Bitcoin to remain volatile for years, only calming when its market cap approaches gold’s $20 trillion size. Until then, volatility will continue to fuel opportunities for large gains.

To explain Bitcoin’s price action, Ross uses his “three-burner theory.” The first burner is liquidity, which has been strong since 2022. The second is the US economy—currently lagging due to weak manufacturing, though services are improving. Ross believes once economic data catches up, it will ignite Bitcoin’s next major upward move. The third burner is speculation: as confidence grows, leverage and risk-taking spread, often lifting Bitcoin and altcoins in another cycle.

In his view, the recent slow market reflects delayed growth rather than weakness. Once the economy stabilizes under clearer policies, Ross expects Bitcoin’s second and third burners to switch on, pushing prices higher in a new cycle.