The Milk Road Show

The World Is Changing and It’s Bullish for Bitcoin w/ Jeff Park

Jun 12, 2025
Guest
Jeff Park
Jeff Park, Head of Alpha Strategies at Bitwise, shares insights on the evolving investment landscape. He argues that the 60/40 portfolio is outdated and highlights Bitcoin's role as a vital macro asset. Park discusses the unraveling global carry trade and the shift towards protectionism affecting capital markets. He emphasizes Bitcoin’s potential as a stable store of value while exploring innovative financial products. Lastly, he suggests a radical portfolio theory could reshape how investors approach opportunities in today's economy.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
INSIGHT

60/40 Portfolio is Dead

  • The traditional 60/40 portfolio is effectively 100% exposure to the global carry trade liquidity cycle.
  • Bitcoin offers a unique diversifier as it is not yet part of this global carry trade system.
INSIGHT

Global Trade Is Unraveling

  • Global trade liberalization is unraveling into a new era of protectionism and friendshoring.
  • This shift forces countries to reconfigure trade surpluses and deficits, impacting interest rates and capital flows globally.
INSIGHT

Interest Rates Will Stay Higher

  • Interest rates are stuck higher due to protectionism and the Triffin dilemma where dollar demand conflicts with the US economy.
  • This creates a false notion of neutral interest rate policy as domestic and foreign interests clash.
Get the Snipd Podcast app to discover more snips from this episode
Get the app