The Pomp Podcast The New Bitcoin Trade Everyone Is Doing | Jeff Park
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Oct 8, 2025 Jeff Park, Partner and Chief Investing Officer at ProCap BTC, dives into the intriguing debasement trade, explaining why it's gaining traction now. He compares Bitcoin to gold, arguing that gold may be an 'altcoin' in the digital era. Discussing Wall Street's growing embrace of Bitcoin, Jeff contrasts today's market euphoria with past cycles, citing critical differences in debt and financialization. He also unpacks the significance of ICE's $2 billion investment in Polymarket, indicating a shift in how finance and media converge.
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Global Fiscal Actions Now Drive Markets
- The market now treats US government dysfunction as background noise while global fiscal actions drive asset flows.
- Jeff Park says the center of gravity shifted from US politics to global fiscal dominance and industrial capacity.
Why The Debasement Trade Took Hold
- Institutions are embracing a 'debasement trade' because persistent money printing changed investor incentives.
- Park argues people now accept debasement and seek positioning rather than policy fixes.
Reassess Risk-Free Assets
- Reconsider the risk-free asset: bonds now carry sovereign risk and may no longer be worth the premium.
- Jeff Park suggests shifting allocations away from unstable bonds toward assets that preserve purchasing power.
