Every Thursday on The CoinRock Show, we go beyond headlines and zoom out to the global forces shaping crypto, finance, and the modern economy. This week was no different as host Matthias Mazur welcomed Peruvian Bull, a sharp macro analyst and writer known for his breakdowns of currency markets, commodities, and Bitcoin’s place in the new financial order.
Before the guest joined, Matthias kicked things off with his trademark macro rundown. Markets were in flux but trending bullish, with Ethereum’s recent surge drawing widespread attention. As he noted, the rise in price charts was mirrored by a rise in stream views — a classic pattern in crypto’s sentiment-driven space.
“As much as you want crypto to rip, like I always say, crypto is just like a small boat on the ocean,” he said, with a knowing smirk.
And all these bigger markets like commodities and stocks and bonds and real estate are these huge tankers.,”
While he gave ETH its due, Matthias emphasized that Bitcoin remained the ultimate anchor — the benchmark through which the entire space is measured.
“I’m not talking Bitcoin going over $110K I’m talking $150K, $200K which is gonna be a Better and more bullish risk on macro environment,” he said
But the day’s conversation would peel back the layers even further, stepping into the wider world of monetary policy, debt, and what it all means for the crypto thesis.
Enter Peruvian Bull: A Macro Mind in the Bitcoin Trenches
As Peruvian Bull joined the show, listeners were introduced to a thinker whose vantage point is firmly rooted in traditional finance — but whose conclusions have led him to Bitcoin.
With a background in valuation modeling at a FinTech firm, and nearly a decade of deep macroeconomic study, he brought a rare analytical rigor to a space often dominated by sentiment and speculation.
“I used to work professionally in a FinTech as a valuation analyst, building out models for private startups,” he shared.
“But I eventually left that behind to go full-time into macro —So I’ve now been full time for almost two years now making macro content.”
For the past two years, Peruvian Bull has built a growing audience through his Substack and YouTube channel, offering no-nonsense breakdowns of global monetary policy, central banking moves, and their downstream effects on everything from bond markets to Bitcoin. He also occasionally works with institutional clients like hedge funds, providing bespoke macro research in a world of increasing complexity.
There’s only one Peruvian Bull, as he wryly noted — and his mission is clear: to make sense of a financial system fraying at the seams.
“We’re in a secular inflationary cycle,” he submitted.
“There’s going to be, in my opinion, this decade, we’re going to have multiple waves of inflation just like the 1970s.”
By grounding his Bitcoin thesis in the realities of monetary distortion, liquidity traps, and sovereign debt spirals, Peruvian Bull situates crypto not as a speculative bet — but as a necessary response to a system rapidly approaching its limits.
QE Forever: Why the Printing Press Has No Off Switch
A key theme that surfaced during the episode was the idea that Quantitative Easing — far from being a temporary measure — has become a permanent fixture in modern monetary systems. As Peruvian Bull put it;
“When the Fed does QE or when they do QT, most people think of them as doing money printing in the traditional sense, but that’s actually not what they’re doing. What they’re doing is they’re creating what are called settlement balances or bank reserves. And those bank reserves are swapped for assets on commercial bank balance sheets.”
The dilemma, he explained, is structural. Central banks are now trapped in a lose-lose scenario: if they continue tightening too aggressively, they risk breaking critical parts of the financial system — as we saw with the SVB collapse and emergency currency interventions in 2022. But if they ease prematurely, they risk reigniting inflation that refuses to go away.
“The recent inflation readings — 3%, 3.2% — they’re not encouraging,” he noted.
“They tell us inflation is sticky. And that’s because we’re not in a normal cycle. We’re in a secular inflationary decade.”
Peruvian Bull broke down how the Fed uses mechanisms like QE to flood financial institutions with reserves — not cash for everyday use, but liquidity that fuels asset purchases. When they do QE, they create bank reserves — money for the financial system — and swap them for assets like Treasuries, according to the Bull. This process fills balance sheets, inflates risk appetite, and sends capital surging into everything from equities to crypto.
And that’s the real point: liquidity doesn’t just stay in banks. It flows. Into bonds, into stocks, and eventually, into crypto.
“Since crypto is especially, you know, a very nascent and small industry, you know, at this current juncture, that means that the percentage price gains are pretty significant whenever there’s an easing cycle.”
Despite public rhetoric of tightening, the Fed has quietly dialed back the pace of Quantitative Tightening (QT), reducing its monthly roll-off rate of bonds.
In Peruvian Bull’s view, the long-term picture is clear. The debt overhang is too large to ignore. Which means the Fed will have to do QE again. And that just means more inflation down the road.”
Ultimately, the conclusion was stark: this isn’t a cycle that ends. It’s a system that perpetuates itself.
Tariffs and the Return of Economic Nationalism
The conversation then shifted to tariffs — often seen as a political tool, but in macro terms, an indicator of deep structural shifts.
Peruvian Bull pointed to the rising tide of economic nationalism. Countries are reevaluating their dependency on global supply chains, especially after the COVID-era disruptions and ongoing geopolitical tensions.
“If we take away these global net buyers of U.S. equities and U.S. bonds, which is the rest of the world, via tariffs and via restrictive trade policy, then that means that this constant bid for American assets is no longer going to be there. And that’s a dangerous thing because that could cause a bear market,” he noted.
Tariffs, once a relic of old-school industrial policy, are now back in vogue. But unlike the 20th century, today’s world is financially interconnected in ways that make retaliation and second-order effects far more pronounced.
This matters for Bitcoin because it signals a fracturing of the global monetary consensus. As trust in dollar-based trade weakens and local economies seek alternatives, the neutrality of Bitcoin becomes more attractive — not just for individuals, but for states and sovereign funds looking for optionality.
The Bitcoin Window Is Narrow — But Wide Open
While Bitcoin’s design gives it long-term durability, Peruvian Bull stressed that its political and cultural adoption still faces challenges.
“We’re still in the doldrums of institutional adoption, like waiting to get the institutions on board fully and potential nation state adoption,” he stressed.
In other words, the current macro storm — from rising debts to broken fiscal policy and de-globalization — creates an opening. But it won’t last forever. If Bitcoin fails to entrench itself now, future monetary reforms may sidestep it entirely in favor of more controlled alternatives like CBDCs.
This is why education, narrative building, and financial sovereignty matter now more than ever. It’s not just about code — it’s about conviction.
“I think that the terminal price for Bitcoin at the end of this cycle is somewhere between 250 and $350,000. So not an insane jump this cycle,” Peruvian Bull said.
Where You Can Find Peruvian Bull
- X (Twitter): @peruvian_bull
- YouTube: Peruvian Bull
- Substack: Dollar Endgame
- Book: Dollar Endgame: Hyperinflation is Coming
- Website: thedollarendgame.com
