Where is Crypto Going in 2026? | Ben Cowen

Bankless

Tech News, Technology, News

4.7 • 1.2K Ratings

🗓️ 23 December 2025

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Is the crypto cycle already over? Ben Cowen returns to break down what a post-euphoria cycle looks like, why Bitcoin may have already topped, and how 2026 could play out across crypto, stocks, and macro. We explore the case for a prolonged bear market, why a true alt season may not arrive, and the narrow scenarios where Ethereum could still make a fleeting run at new highs. From Fed policy and labor markets to AI stealing investor attention, this episode maps the competing paths ahead and what patient investors should be watching next. ------ 📣INTO THE CRYPTOVERSE | GET 10% OFF https://intothecryptoverse.com/ref/bankless/ ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:49 Bitcoin's Cycle & its Implications 2:18 Ethereum's Performance & Expectations 8:58 Future Predictions for Ethereum 10:39 Comparing Ethereum to Tesla 12:32 The State of the Altcoin Market 18:26 Disappointment & Hope for ETH Holders 20:23 Macro Factors Affecting Crypto 24:37 Why No Euphoria This Cycle? 32:56 The Shift of Investor Attention 37:56 The Future of Crypto Cycles 44:16 The Need for Utility in Crypto 56:14 Gold vs. Bitcoin: A Comparison 59:45 Bitcoin's Unique Position in the Market 1:02:31 Patience and Strategy for Crypto Investors 1:06:01 Closing & Disclaimers ------ RESOURCES Ben Cowen https://x.com/intocryptoverse Ben’s Channel https://www.youtube.com/@intothecryptoverse ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Transcript

Click on a timestamp to play from that location

0:00.0	Bageless Nation excited to have Ben Callan back on into the Cryptaverse.
0:08.2	That's where we're going today.
0:09.5	Ben, is the cycle over?
0:12.4	I mean, I think for Bitcoin it is, unfortunately.
0:15.7	Yeah, I mean, the cycle lasted about the same length as the last couple of cycles, right?
0:22.5	So you can actually even look at the ROI of Bitcoin from the low here on this chart.
0:29.4	And you can kind of, if October was the top, you know, this cycle lasted 1,062 days.
0:37.1	Last cycle was 159. Cycle before that at 1,062 days. Last cycle was 1,059.
0:39.6	Cycle before that was 1,067.
0:41.9	So, I mean, if the four-year cycle seems, if it's intact, which just seems like it is,
0:46.8	I think Bitcoin more than likely has topped for the cycle.
0:50.0	You said Bitcoin.
0:51.1	Does that mean all of crypto?
0:52.4	Not just Bitcoin, but Bitcoin is king.
0:54.4	That just means everything downstream of Bitcoin as well. The cycle is over.
0:58.9	There's, I mean, there's always some stuff that puts a new all-time highs in the midterm year, right?
1:04.6	Like, I mean, even last cycle, we saw Luna put in an all-time high in 2022.
1:14.9	So it certainly could be that some things go to all-time highs.
1:22.3	I just, I don't think, I don't think there's going to be like an alt season or anything like that in early 2026.
1:24.8	If there are new all-time highs, it would be just for select all-coins, just a few of them.
1:31.1	Do you have any in mind? Like last time Daryluna was very hypey, there were some other
1:36.3	hypey types of ecosystems that were candidates for this. It doesn't seem clear that there's any
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Bankless, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Bankless and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.