The Milk Road Show Why Bitcoin Feels Dead Even Though the Thesis Is Winning w/ Jeff Park
7 snips
Jan 22, 2026 In this discussion, Jeff Park, Chief Investment Officer at ProCap Financial and former Bitwise Portfolio Manager, dives into the current state of Bitcoin. He reveals that despite a seemingly stagnant market, the foundational thesis of Bitcoin is stronger than ever, with increasing institutional adoption and clearer regulations. Jeff also explores the complexities around stablecoin yields and compares the rise of ideological investors to traditional ones. Discover why now is a crucial time for defining values in the crypto space.
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Tokenization’s Three Promises
- Tokenization can improve liquidity, broaden tradable assets, and compress settlement times across markets.
- Jeff Park warns NYSE's focus on 24/7 trading is the least transformative of those three benefits.
Why Stablecoin Yield Is Politically Fraught
- The Clarity Act debate centers on yield-bearing stablecoins, DeFi liability, and conflicts of interest.
- Park argues U.S. policy effectively prevents narrow banking, making yield on one-to-one stablecoins legally fraught.
Monitor Big Wealth Firms’ Moves
- Watch large wealth managers like Morgan Stanley because their distribution can accelerate crypto adoption.
- Park highlights acquisitions like EquityZen as signals they aim to bring private-secondary liquidity on-ramps to mainstream clients.
