Jeff Park | Crypto

The catalyst could serve as a wake-up call and send Bitcoin to $150,000 overnight, though it “would have to be real," according to Jeff Park. While many crypto market participants are debating what it might take to trigger a significant Bitcoin daily candle, ProCap chief investment officer Jeff Park has narrowed it down to one key catalyst. “A black swan event for Bitcoin upside would be sovereign adoption,” Park said during a podcast interview published to YouTube on Thursday. “If there was, for some reason, all of a sudden, news that a major developed market, OECD country, was going to buy Bitcoin on the balance sheet, and actually do it,” Park explained. Read more

Jeff Park’s pro-CFTC comments come just days after US senators introduced a bill pushing to shift crypto oversight from the SEC to the CFTC. Despite some complexities around the recently proposed crypto market structure bill, a clearer picture is starting to form regarding crypto market oversight, according to ProCap BTC chief investment officer Jeff Park. “The CFTC will own a larger domain over crypto than the SEC,” Park said during an interview with crypto entrepreneur Anthony Pompliano published on YouTube on Friday, while emphasizing that there is still “lots of complexity with different stakeholders.” “I think that is directionally correct in my opinion,” he said. “The CFTC is in the business of financial innovation at large, and it is in the business of managing capital efficiency, and leverage and derivatives products,” he said, explaining that aligns with what the crypto industry is building, a new settlement layer that brings capital efficiency at different speeds. Read more