Will the Next Bitcoin Bull Market Begin Amid Rising Interest Rates?
Will the Next Bitcoin Bull Market Begin Amid Rising Interest Rates?
A new argument has emerged suggesting that Bitcoin’s next bull market may begin not with interest rate cuts, but rather in a completely different phase that coexists with rising rates.
According to cryptocurrency media outlet Cointelegraph on February 7 (local time), Jeff Park, Chief Investment Officer of ProCap Financial, said in a recent interview that “we need to accept the reality that accommodative monetary policy may no longer be the catalyst for a Bitcoin bull market.” He emphasized that the long-held belief that easing policies automatically lead to bullish conditions could be overturned.
In a conversation with Anthony Pompliano, Park pointed out that policies such as benchmark rate cuts or liquidity expansion do not necessarily create a favorable environment for risk assets. He explained, “The next phase of a Bitcoin bull market could emerge in a period where prices rise even as interest rates increase, the so-called phase of positive correlation.”
This scenario directly challenges the traditional logic of quantitative easing (QE). Park said, “If Bitcoin rises while interest rates are going up, it would mean that the very concept of a risk-free rate is being shaken, and that existing pricing models for dollar hegemony and the yield curve are no longer valid.” He added that the current monetary system is structurally distorted and that policy coordination between the U.S. Federal Reserve and the Treasury is also falling short of an ideal level.
Expectations among market participants remain divided. On decentralized prediction market Polymarket, the highest probability—27%—is currently assigned to the scenario in which three interest rate cuts are implemented during 2026. This suggests that many investors still view a return to accommodative policy as a key variable.
Meanwhile, Bitcoin was trading at $70,503 at the time of writing, down 22.53% over the past 30 days. Price data is based on CoinMarketCap figures. Park’s remarks have sparked a medium- to long-term debate over whether Bitcoin can establish itself as an independent asset decoupled from the interest rate environment, rather than focusing on a short-term price rebound.
*Disclaimer: This article is for investment reference purposes only, and no responsibility is taken for any investment losses based on it. The content should be interpreted solely for informational purposes.*
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