Jeff Park is a Partner and Chief Investment Officer at ProCap BTC. In this episode, we unpack why Bitcoin isn’t the bubble — it’s the pin. Jeff breaks down the rotation from gold into Bitcoin, how whales are contributing spot BTC to ETFs, and what Coinbase’s acquisition of Echo signals for both retail and institutional investors.

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Timestamps:

• 0:54 - Intro
• 1:54 - Is bitcoin a bubble or the pin?
• 4:15 - Can bitcoin still see major drawdowns?
• 10:00 - Gold vs bitcoin rotation
• 15:15 - Rotation from spot bitcoin to ETFs and why whales are contributing
• 19:41 - Benefits of ETF wrapper vs spot bitcoin
• 27:46 - Coinbase’s acquisition of Echo and what it means moving forward