Bitcoin's Next Bull Run May Not Come From Lower Interest Rates, Says Analyst

Traditional assumptions about Bitcoin's price catalysts may need rethinking, according to ProCap Financial's chief investment officer Jeff Park. Speaking with Anthony Pompliano, Park suggested that more accommodative monetary policies—including interest rate cuts—might not trigger the next cryptocurrency bull market as many expect.

Park outlined what he described as the "perfect holy grail" scenario for Bitcoin: a "positive row" environment where the asset appreciates even as the Federal Reserve raises interest rates. This would contradict the widely held quantitative easing theory that typically frames Bitcoin as thriving during loose monetary conditions.

Such a development would signal fundamental problems in the traditional financial system, Park indicated, suggesting the risk-free rate may no longer function as intended and that dollar hegemony faces challenges. He emphasized that the monetary system appears "broken" and that the relationship between the Federal Reserve and Treasury Department has deteriorated.

Currently, Bitcoin trades at $70,503, representing a 22.53% decline over the past month. Traders on prediction platform Polymarket assign a 27% probability to three Federal Reserve rate cuts occurring in 2026, the highest likelihood among available scenarios.