Why the Bitcoin Narrative Is Shifting Right Now | Jeff Park

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Feb 4, 2026

Jeff Park, Partner and Chief Investment Officer at ProCap Financial, gives macro and crypto-focused perspectives. He discusses whether bitcoin is in a bear market and shifting correlations with liquidity. He contrasts different narratives of bitcoin tied to interest rates, examines Kevin Warsh’s potential Fed role, and reasons why precious metals and silver are rallying now.

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INSIGHT

Bitcoin Decoupled From Global Liquidity

Bitcoin has decoupled from global liquidity and is acting like it's in a bear market since mid-2025.
Positive-rate Bitcoin (rising with rates) may be the real future hedge, not QE-driven rallies.

INSIGHT

Positive-Rate Bitcoin As A New Catalyst

A new bullish catalyst could be "positive-rate Bitcoin" where Bitcoin rises as real risk-free rates deteriorate.
That happens if the dollar hegemony and the risk-free rate lose credibility, making Bitcoin an alternative reserve.

INSIGHT

Bitcoin's True Underwrite Is Freedom Money

Bitcoin's core value is censorship resistance, decentralization, and scarcity rather than market-structure adoption.
Its strongest demand comes from oppressed populations facing capital controls, not from mainstream U.S. investors.

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Jeff Park is a Partner & Chief Investment Officer at ProCap Financial. In this conversation, we discuss bitcoin’s recent drawdown and whether the market is in a true bear phase, the current interest rate backdrop, and the Fed’s role in today’s economy. We also cover the nomination of Kevin Warsh as Fed chairman, Jeff’s outlook on precious metals, and a warning on one asset he believes investors should avoid going forward.

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0:00 - Intro
0:56 - Is the bitcoin selloff sustainable?
5:56 - Fed vs White House & is bitcoin looking forward or backward?
13:10 - Kevin Warsh & the future of the Fed
32:11 - Why precious metals are surging