Tariffs, Trump, & Bitcoin Endgame | Jeff Park
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 5 February 2025
⏱️ 51 minutes
🧾️ Download transcript
Summary
Donald Trump’s newly announced 25% tariffs on Canada and Mexico (and 10% on China) have rattled global markets and sparked fresh uncertainty around the U.S. dollar. According to Bitwise’s Jeff Park—whose article “Tariffs, Triffin, and Trump: How the End Game Sends Bitcoin Vertical” has gone viral—this policy shift is fueling one of the biggest crypto-macro convergences since COVID. In this episode, we explore how these cascading forces could radically suppress Treasury yields, devalue the dollar, and propel Bitcoin into unprecedented territory.
------
📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotifya-premium
------
BANKLESS SPONSOR TOOLS:
🪙FRAX | SELF SUFFICIENT DeFi
https://bankless.cc/Frax
🦄UNISWAP | BUG BOUNTY PROGRAM
https://bankless.cc/Uniswap-Bug-Bounty
⚖️ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum
🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle
🌐CELO | BUILD TOGETHER AND PROSPER
https://bankless.cc/Celo
🏦ONDO | INSTITUTIONAL GRADE FINANCE
https://bankless.cc/Ondo
------
✨ Mint the episode on Zora ✨
https://zora.co/collect/base:0x4be6cd4d402fed49eb2de95fbc8e737e8ffd3e7f/27
------
TIMESTAMPS
0:00 Intro
2:40 Trump Tariffs & Bitcoin Connection
4:09 Fiscal Deficit Benefits
7:28 Plaza Accord 1.0 & 2.0
14:12 Tariffs Now vs. 8 Years Ago
16:55 What Happens Next?
19:36 Lowering 10-Year Rate
22:10 Fiscal Dominance Policy Control
23:28 The Triffin Dilemma
29:01 Bitcoin’s Impact
32:16 Trump Advocation of Bitcoin
35:10 Crypto & Real Estate
37:06 Eric Trump’s ETH Tweet
39:22 10-Year Yield Rate Lowering Invetitabilty
42:07 Bitcoin & Other Crypto Risk Assets
47:17 Bitwise’s Dogecoin ETF
50:05 Closing & Disclaimers
------
RESOURCES
Jeff Park
https://x.com/dgt10011
Jeff Park’s Thread
https://x.com/dgt10011/status/1886125163642552606
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Bankless Nation, Terrace, Driffin, and Trump, how the end game sends Bitcoin vertical. |
| 0:10.4 | This is the title of a short article written by Jeff Park, who is the head of Alpha Strategies from our friends over at Bitwise. |
| 0:17.9 | Jeff thinks that the incentives and actions of Donald Trump and his administration |
| 0:21.8 | is creating one of the biggest intersections with crypto and the macro markets that we've ever |
| 0:25.6 | seen, even greater than COVID. We're recording this episode on the back of Trump's 25% tariffs |
| 0:30.6 | on Canada and Mexico and 10% tariffs on China. Jeff thinks that this is just the beginning. |
| 0:35.7 | Not necessarily with just tariffs, but of what |
| 0:38.6 | Jeff thinks is the logical conclusion of United States Monetarian Fiscal Policy, which he thinks is |
| 0:43.8 | extremely low 10-year yields and a devalued dollar, both things which materially favor Bitcoin |
| 0:50.1 | and risk assets. I'll let Jeff explain it himself right after we talk to some of these |
| 0:54.6 | fantastic sponsors that make this show possible. With over $1.5 billion in TVL, the M.Eath protocol |
| 1:00.0 | is home to M.Eath, the fourth largest ETH liquid staking token, offering one of the highest APRs |
| 1:05.1 | among the top 10 LFTs. And now, CMEEth takes things even further. This restaked version captures multiple yields across Kerak, eigenlayer, symbiotic, and many more, |
| 1:13.8 | making CMEath the most fission and most composable LRT solution on the market. |
| 1:18.0 | Metamorphosis, season 1, dropped $7.7 million in Cook rewards to M-Eath holders. |
| 1:23.6 | Season 2 is currently ongoing, allowing users to earn staking, re-staking, and ABS yields, plus |
| 1:28.4 | rewards in Cook, M-Eath Protocol's governance token, and more. Don't miss out on the opportunity |
| 1:33.1 | to stake, restake, and shape the future of M-Eath Protocol with Cook. Participate today at |
| 1:37.5 | m-eath.mantle.xyZ. The Arbitrum portal is your one-stop hub to entering the Ethereum ecosystem. |
| 1:43.8 | With over 800 apps, Arbitrum offers something for one-stop hub to entering the Ethereum ecosystem. With over 800 apps, |
| 1:44.8 | Arbitrum offers something for everyone. Dive into the epicenter of Defy, where advanced |
| 1:49.8 | trading, lending, and staking platforms are redefining how we interact with money. Explore Arbitrum's |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Bankless, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Bankless and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.