Matt Hougan, Bitwise CIO, said an emergency rate cut by the Fed was unlikely. "Powell is very cautious and it's an election so any kind of emergency seems unlikely," Mr. Hougan told The Block. "But we could see a 50 basis point cut in September and more than 100 basis points by the end of the year. We are entering a new cycle of global liquidity, just like the last one." Hougan also recalled that on March 12, 2020, the day of the market crash triggered by the COVID-19 pandemic, the Dow fell 2,400 points while the price of bitcoin plunged nearly 40 percent, saying: "But guess what, that turned out to be a historic buying opportunity. Bitcoin rose more than 1,000 percent in the following year because central banks acted and printed money to get out of the crisis," Hougan argued, which looked more like a buying opportunity than a panic.