New Trends With Friends Episode: From the Death of 60/40 to Bitcoin Treasuries: Rethinking Portfolios for the Degenerate Economy with Jeff Park of ProCap

Good morning everyone,

I am a big fan of Jeff Park and it was fun to have him on Trends With Friends alongside Michael Parekh. Jeff is a Wall Street alum turned Bitwise crypto Jedi. From the radical rethinking of portfolio construction to the institutionalization of Bitcoin, Jeff unpacks how markets are being rewired in real time.

We also dive deep into the death of the 60/40 portfolio, the rise of Bitcoin treasury companies, the myth of the risk-free rate, and why every investor needs to grapple with global carry dynamics. Plus, we debate Elon’s $TSLA ( ▼ 0.57% ) troubles, $BYDDY ( ▲ 0.98% ) China dominance, why $CME ( ▲ 0.64% ) is booming, and how prediction markets and vibe coding are reshaping the next-gen financial playbook. If you care about capital markets, crypto, and the future of speculation as entertainment you will enjoy this episode…

JUMP TO THE GOOD STUFF:

• (0:00) Meet Jeff Park: From Wall Street to Crypto

• (3:00) Radical Portfolio Theory Explained

• (7:20) Why 60/40 Is Dead and the Global Carry Trade Lives

• (10:45) The Degenerate Economy, Bitcoin Treasury Plays, and the New Risk Paradigm

• (16:00) Institutionalization of Bitcoin, ETFs, and Self-Custody

• (22:00) How Financial Engineering Could Break Bitcoin

• (26:00) Prediction Markets, AI, and Speculation as Income

• (31:00) $BYDDY ( ▲ 0.98% ) vs $TSLA ( ▼ 0.57% ) , Global Retail Flows, and Chart Breakdown

• (37:00) Alpaca, APIs, and Building Brokerages for the World

• (44:00) Vibe Coding, LLMs, and the Coming API Explosion