Strive CEO Says Bitcoin Is Entering Its Biggest Cycle Ever

Key Takeaways

Strive CEO Matt Cole believes Bitcoin is entering the strongest cycle in its history.
Bitcoin’s breakout against gold and the dollar suggests the latest bear market may be over.
A weaker dollar and AI-driven demand for genuinely scarce assets could fuel Bitcoin’s rise.

Strive CEO Matt Cole says Bitcoin may be entering the strongest cycle in its history as a weakening dollar, artificial intelligence-driven abundance and improving performance against gold create an unprecedented macroeconomic setup.

Cole argued that investors may be underestimating Bitcoin’s upside after the cryptocurrency broke higher against both the US dollar and gold.

He believes the BTC/gold ratio, which previously anticipated major turning points in Bitcoin’s dollar price, suggests the latest bear market has ended.

“This setup has me more bullish on Bitcoin today than I have ever been,” Cole wrote, arguing that the greater risk for Bitcoin-focused companies could be failing to capture enough upside.

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Bitcoin-Gold Ratio Signals a Major Cycle Shift

Cole described Bitcoin’s performance against gold as a leading indicator that identified both the last market top and the latest bottom months before BTC/USD confirmed either move.

Bitcoin peaked against gold in December 2024 but continued making dollar-denominated highs until October 2025.

According to Cole, that divergence exposed weakening demand beneath the headline rally, with Bitcoin losing ground against another scarce monetary asset even as its nominal price rose.

Bitcoin priced in gold is reinforcing my view that the next Bitcoin cycle will be the strongest we have ever seen. The dollar thesis I wrote about below and the growing hunt for scarcity in an AI-driven world of abundance both point toward a powerful structural tailwind for… https://t.co/ZbGsWawGCw pic.twitter.com/4Y5WZhpANP

— Matt Cole (@ColeMacro) August 24, 2026

The opposite happened during the bear market. Bitcoin bottomed against gold in February 2026, approximately five months before its dollar price reached a low in July.

Bitcoin has now broken out against both assets, strengthening Cole’s conviction that a new cycle has begun. While he acknowledged that a significant retracement remains possible, he expects investors to buy any substantial decline aggressively.

The signal appears particularly notable because Bitcoin’s weakness occurred while capital markets remained open and major equity indexes reached record highs.

Unlike previous crypto downturns, the latest bear market was relatively concentrated in Bitcoin and related companies.

Dollar Weakness and AI Could Fuel the Scarcity Trade

Cole’s bullish case rests on two structural forces that Bitcoin has never experienced simultaneously.

First, he expects the dollar to enter a long-term decline. A weaker dollar, accompanied by continued monetary debasement, could push investors toward assets that governments and central banks cannot easily produce.

Second, Cole believes AI will make intelligence, software and many traditional corporate advantages cheaper and easier to replicate.

Treasury announces bigger “debt buybacks.”

Bitcoin +12%. Gold +4%. US Dollar -1%.

Markets understand what this really means:
More deficits. More debt. And a desperate attempt at financial repression.

Instead of addressing the elephant in the room – higher interest rates driven… https://t.co/g4ccEyFhEg pic.twitter.com/AwOXBH09Jl

— Charlie Bilello (@charliebilello) August 20, 2026

As previously scarce capabilities become abundant, investors may place a larger premium on assets with durable, non-manufacturable scarcity.

Gold and silver could benefit from that transition, but Cole expects Bitcoin to emerge as the “fastest horse.”

Unlike gold, Bitcoin combines fixed supply with global liquidity, portability and a network capable of settling value worldwide at any time.

If Bitcoin outperforms gold while the overall scarcity trade expands, it could capture a growing share of a growing capital pool.

Strive Builds for Amplified Bitcoin Upside

Cole said this framework has shaped Strive’s strategy around maximizing Bitcoin exposure through its listed equity, ASST.

The company has rejected debt, margin requirements and financing structures that could create forced-liquidation risks.

At the same time, it has avoided prioritizing cash-flowing businesses that would delay Bitcoin purchases.

I have believed for more than a decade that the U.S. Dollar Index, DXY, is in a structural decline that is likely to continue. I also think we may now be approaching a much more significant leg lower, and that has major implications for Bitcoin. If that view is right, the next… pic.twitter.com/7eMW4JapJ8

— Matt Cole (@ColeMacro) August 19, 2026

Cole argued that waiting for future profits to acquire Bitcoin could mean buying fewer coins at higher prices.

Instead, Strive aims to amplify Bitcoin’s returns while preserving enough liquidity and capital discipline to survive severe drawdowns.

The firm continued accumulating Bitcoin as the market approached its weakest point, including purchases during the months preceding the latest breakout.

Cole sees three potential layers of upside: an expanding global scarcity trade, Bitcoin capturing more of that market and ASST amplifying Bitcoin’s performance.

If those forces reinforce one another, he said Bitcoin could experience a level of upside over the coming years that no previous cycle has delivered.

Strive CEO Says ‘You Are Not Bullish Enough’ as Bitcoin Signals Its Biggest Cycle Ever

Bitcoin-Gold Ratio Signals a Major Cycle Shift

Dollar Weakness and AI Could Fuel the Scarcity Trade

Strive Builds for Amplified Bitcoin Upside

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