A former executive at the hedge fund founded by billionaire Ray Dalio says she’s closely monitoring the sentiment of Corporate America’s top executives as earnings season picks up speed.

In a new CNBC Television interview, ex-Bridgewater chief investment officer Rebecca Patterson says this earnings season will offer key insights into the trajectory of the US economy in the months ahead.

Patterson says that while strong bank earnings reflect the health and sentiment of US consumers, she notes that it’s now time to keep a close eye on the outlook of America’s C-suite executives.

“I’m watching more than anything else is the qualitative assessment by the executives of where we go from here. I don’t really care about the backward-looking.

I want to know: are input costs going up yet? Are they investing more or less? 

Because their sentiment will drive corporate activity over the next six months, and that’s going to be a big factor for the broader macro view.”

Patterson also believes that America will soon feel the brunt of Trump’s tariffs, as the forces that have helped to keep inflation in check begin to fade.

“I think going forward, the inventories that had helped us have been wound down. Trans-shipments helped, and that’s something the government is going to get tough on. So I do think there’s a greater chance that we’re going to see more of the tariff impact come through on prices. 

And then it’s a question: how much does a consumer bear? How much do corporates absorb? 

We don’t know what that exact mix would be, but directionally, I think the risk is that we have higher inflation in the second half of this year. That means that two Fed cuts by January are at risk.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The chief investment officer of crypto asset management firm Bitwise, Matt Hougan, says traditional finance (TradFi) companies are on the hunt for higher returns in the cryptocurrency space.

In a new interview on The Wolf of All Streets, Hougan says that after making “tons of money” in Bitcoin exchange-traded funds (ETFs), TradFi firms are now seeking alternative opportunities in the industry.

“They made all this money. All this money flowed into Bitcoin. The price went up a 140%. And what are they going to do?

They’re going to rotate into like Kellogg’s [stock]? No, they’re going to rotate into Circle and Ethereum and treasury companies. And now ETH treasury companies. And now Solana treasury companies…

It’s going to go all the way. It’s altseason in TradFi for sure.”

The Bitwise CIO says the trend of investing in crypto treasury companies is in an early phase. According to Hougan, the trend is only going to accelerate in the coming months.

“And I know that’s counter to the media narrative, which feels like we’re peak bubble, we’re, you know, March 2000 in the internet. But we’re not. We’re 1998. Like, people are still just getting excited.

The amount of flow that comes through my inbox is incredible. And if you’re bullish about crypto generically, why would you think this trend stops? If I think Bitcoin is going to $200,000, do I think this treasury trend increases or decreases? It’s almost like a self-reinforcing loop until it gets overblown. And I don’t think we’re there yet.”

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Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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July 27, 2025

Bitwise chief investment officer Matt Hougan believes Bitcoin could break from its historical four-year cycle and post significant gains in 2026 — a call that diverges from mainstream expectations of a cycle peak later this year.

“I bet 2026 is an up year,” Hougan said in a video shared on X, adding, “I broadly think we’re in for a good few years.”

His remarks come as debate intensifies over whether the classic Bitcoin halving-driven model still holds.

Hougan Says Bitcoin Halving Cycle Losing Its Influence

According to Hougan, several factors are now overriding the influence of the halving cycle. He argued the impact of halvings weakens over time, as each one cuts rewards by a smaller absolute amount.

He also pointed to the broader macro environment, where U.S. presidential frontrunner Donald Trump is pressuring the Federal Reserve to cut interest rates, a move that could drive capital away from bonds and toward risk assets like Bitcoin.

“Blow-up risk is attenuated, due to improving regulation and the institutionalization of the space,” Hougan said, noting that clearer rules and expanding institutional involvement have reduced the likelihood of market shocks.

He added that ongoing adoption by traditional firms could extend Bitcoin’s bullish momentum well beyond historical timelines.

However, Hougan also flagged risks. He pointed to the rise of Bitcoin treasury companies — firms that buy BTC using debt or equity issuance — as a potential vulnerability.

Asset manager VanEck has echoed similar concerns, warning that such companies could be overleveraged if the market turns.

Despite those caveats, Hougan expects a more measured advance ahead. “I think it’s more ‘sustained steady boom’ than super-cycle,” he said, though he acknowledged the path forward will still include volatility.

Bitcoin is currently trading around $118,169, having climbed over 10% in the past month, according to Nansen.

Hougan’s view aligns with recent commentary from CryptoQuant CEO Ki Young Ju, who declared the four-year cycle “dead,” citing a shift in whale behavior.

“Old whales sell to new long-term whales. Institutional adoption is bigger than we thought,” Ju noted.

Bitcoin Could Peak in October If 2020 Cycle Repeats, Says Analyst

However, not everyone agrees. Crypto analyst Rekt Capital recently warned that if Bitcoin mirrors its 2020 cycle, the market could peak in October, 550 days after the April 2024 halving.

That would keep Bitcoin firmly within its historic rhythm, suggesting the debate over its future trajectory is far from settled.

Bitcoin’s strong performance and growing reputation as a store of value have led analyst Tom Lee to call it “Digital Gold,” with a bold long-term price forecast of $1 million.

Speaking on CNBC, Lee emphasized Bitcoin’s role as an emerging asset class that could challenge gold’s dominance.

He also pointed to recent regulatory progress, such as the approval of the GENIUS Act, as a positive sign for the crypto sector.

Lee believes a $200K–$250K Bitcoin price is achievable, representing just a fraction of gold’s market value.

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…

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July 25, 2025

Bitwise Chief Investment Officer Matt Hougan says the long-observed four-year crypto cycle may no longer apply to the current market.

In a recent discussion with Bitcoin advocate Kyle Chassé and Bloomberg ETF analyst James Seyffart, Hougan argued that the historical pattern is breaking down, and a longer, more sustained growth phase could be on the horizon.

Traditionally, crypto markets have followed a four-year rhythm driven by Bitcoin’s halving events, shifting interest rates, and the cyclical blow-ups that have rattled the industry. But Hougan believes these drivers are now losing influence.

Matt Hougan Predicts ‘Sustained Boom’ for Crypto as Traditional Cycles Fade

In a follow-up post on X, Hougan pointed to the diminishing impact of the Bitcoin halving, noting that each one has half the effect of the last. “The halving is half as important every four years,” he said.

The rationale is simple: as block rewards diminish in absolute terms, their effect on overall market supply shrinks relative to the growing scale of the crypto economy. As such, halvings no longer serve as the singular driving force behind bullish market cycles.

He also noted how interest rate cycles, once a severe headwind for crypto in downturns like 2018 and 2022, are now acting as tailwinds, buoyed by a more stable and accommodative macro environment.

Hougan further emphasized that the risk of blowups, which had once controlled cycles in the crypto space, has been greatly reduced due to the shift to improved regulation and growing institutional involvement.

In place of the old cycle, Hougan sees new forces taking hold, ones that move on longer timelines and aren’t tied to halving years.

At the top of the list is the growing inflow of capital into crypto-related ETFs. That wave, which started in 2024, is just beginning, he said, and could last five to ten years.

Institutional adoption is another key trend. Hougan said pensions, endowments, and national account platforms are only starting to embrace crypto exposure. He expects that trend to accelerate as more crypto ETFs win approval.

He also pointed to progress on the regulatory front. In his view, January 2025 marked the beginning of a new era of policymaking for the industry. Hougan cited the passage of the GENIUS Act earlier this month as a major shift.

The legislation has opened the door for Wall Street to begin building financial products around crypto, he said, predicting that banks will invest billions over the coming years.

In his post, Hougan added that new developments such as the rise of crypto treasury firms holding Bitcoin on their balance sheets are shaping a different kind of cycle. He believes these emerging patterns won’t follow the sharp booms and busts of the past.

“I think it’s more of a sustained steady boom than a supercycle,” Hougan wrote. “The long-term pro-crypto forces will overwhelm the classic four-year cycle forces.”

Looking ahead, he believes 2026 will be a strong year for crypto, although he warned that volatility is still expected.

Bitwise CIO Sees Bitcoin on Path to $1M Amid Policy Shifts and Growing Institutional Support

This is not the first time Hougan has believed that Bitcoin has entered a new phase of institutional adoption, marked by major shifts in finance and policy.

On December 13, 2024, Hougan pointed to several key developments signaling this shift: BlackRock’s suggested 2% portfolio allocation to Bitcoin, the rapid uptake of spot Bitcoin ETFs, and growing public support from financial leaders like Ray Dalio.

He also noted the increasing political acceptance of crypto, noting President Donald Trump’s vocal backing of Bitcoin and his appearance at a major industry event.

Forward to this year, Hougan predicted Bitcoin could reach $200,000 by the end of 2025, driven by demand from sovereign wealth funds, public companies, and institutional investors.

“The final barrier fell when governments became holders,” he said. “Bitcoin’s survival was no longer in doubt; growth became the focus.”

Hougan maintains that Bitcoin is now in a new phase, less speculative and more institutional and structural.

A top executive at the retail-focused trading app giant Robinhood is updating her targets for the S&P 500 this year.

In a new interview on CNBC’s Squawk Box, Robinhood CIO Stephanie Guild says that she believes the S&P 500 may close the year at around 6,200, though a move to 6,500 is on the table.

“I started [the year] at 6,500. When tariffs hit, I said GDP could come down and that could impact earnings. Usually, a 1% hit on GDP is about a 4% hit on earnings. We’ve seen earnings expectations come down. I said there was risk to 5,800, but I never went there. And now I think there’s risk to 6,500 – obviously we’re over my target. But with the pumping up of potential tariffs now I’m just sort of waiting to see what happens…

This is all driven by tariffs, but is driven by our president, who also cares about the economy and wants the economy to grow…

If [the Fed] cut, then you definitely get 6,500…because then it just like reaffirms what the market has been hoping for.”

Guild also says that ahead of next week’s bank earnings, she believes regional banks will outperform the big banks in the coming months.

“I’m more bullish on the regionals than the large [banks]…I think they’ll just benefit more from deregulation.

And if we do get some rate cuts this year, which I think we should, but obviously there are reasons why they haven’t been cut yet, then I think you do get a steeper [yield] curve and then that does help [regional banks] as well.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Matt Hougan, the chief investment officer (CIO) of crypto asset management firm Bitwise, is predicting an explosion in the tokenization of traditional assets.

In a new blog post, Hougan says that the transition of stocks, bonds and other real-world assets (RWAs) onto blockchains instead of traditional systems may happen much quicker than he previously thought.

“I still think it will take more than a decade before the majority of stock and bond trading happens on-chain. But with major financial firms like Robinhood and Tradeweb positioning themselves for the transition today, I’ve started to wonder: could tokenization achieve 1-5% penetration in a few years? Could a dozen major pilot projects lift us to that level of market penetration?

It seems possible, and it would translate into trillions of dollars … more than any other crypto application or asset, including Bitcoin.

The narrative around tokenization is only going to accelerate from here – if Robinhood is rolling out tokenized trading, you can bet that Charles Schwab and others are studying it aggressively. I’d expect a wave of additional announcements this fall.”

Hougan names several crypto projects that could give investors exposure to an RWA tokenization boom.

“The cleanest way to invest in the rise of tokenization is to buy a basket of the top layer-1 blockchains and infrastructure plays: Ethereum, Solana, XRP, Chainlink, etc.”

Hougan also notes how Larry Fink, CEO of BlackRock, highlighted the massive growth potential for tokenization of RWAs in his 2025 annual shareholder letter, saying, “Every stock, every bond, every fund – every asset – can be tokenized.”

If Larry Fink is right, Hougan says the “tokenization market could grow over 4,000x in the coming years.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Matt Hougan, the chief investment officer (CIO) of crypto asset management firm Bitwise, says concern over US dollar weakness is creating one massive Bitcoin (BTC) trend.

In a new interview on CNBC Television, Hougan says that more public companies are buying Bitcoin to hold on their balance sheets as a hedge against the declining strength of the dollar due to money printing and other factors.

“We think this is a megatrend that’s going to accelerate into the future. One [reason], of course, is increased worries about the dollar. Corporations globally are sitting on record amounts of cash and what they’ve historically done is park it in short-term US Treasuries or, in fact, in cash accounts. But with the huge money printing and growing deficits, that no longer seems like a valid approach. They need another way to protect their wealth from degradation and they are turning to the best horse in that race, which is Bitcoin.”

Hougan predicts that publicly traded companies with Bitcoin treasuries will one day number in the thousands as investors also start to favor companies employing the strategy.

“The investing audience has just recognized this is a positive strategy. And so companies are being rewarded for taking this bold step of putting Bitcoin on their balance sheet. We think there will ultimately be thousands of companies that do this. We think we’re in inning one or two of this megatrend period, but you’re seeing it accelerate over time. It’s very exciting.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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