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To investors,

Inflation appears to have peaked and is now starting to come down according to the CPI report yesterday. The government reported 3.5% CPI and core CPI came in at 2.6%. These are ice cold numbers compared to economists expectations.

The headline CPI number fell -0.4% in the last month, which is the largest inflation decline month-over-month in more than 6 years. Naturally, this report is being celebrated by economists, politicians, and investors. The lower numbers significantly decrease the odds of the Fed hiking interest rates later this year.

A big contributing factor to the free fall in official inflation numbers is a -9% drop in gasoline and fuel prices. You can draw a straight line between consumer inflation and the hopeful ending of the Iran war.

But there is one big problem with this report that no one is talking about.

The data is tricking everyone. If you are an investor or a business executive, this report makes things seem like things are getting better. And technically that is true in terms of rate of change, but the average American doesn’t care about the rate of change. They simply care about the aggregate cost of living.

Take New York City as an example. This weekend it was reported that median rents in the city have risen 8% in the last year and hit a new all-time high of $5,295 per month. I don’t care what the CPI number says, majority of people can’t afford to pay $5,000 per month to live in an apartment.

A similar story is playing out at your local grocery store. Eggs, milk, peanut butter, and a plethora of other items have skyrocketed in the last 5 or 6 years. Every time I go to the grocery store, it feels like I am guaranteed to spend $75 - $100. Again, the data can say whatever it wants, yet this rise in cost is putting ridiculous pressure on the average American.

The reason I feel so strongly about this situation is because I have started spending more time talking to people outside of the business and finance community. I wanted to understand what their actual experience has been. Not what the data says, but what are the people feeling in their life. Additionally, I wanted to understand why socialism is on the rise and there seems to be a widespread belief that financial success is a result worth condemning.

In an effort to get answers, I recently went to Yankee Stadium and asked people for thoughts on why everything is so expensive. You can watch the video below. [warning: there is some foul language from folks, but I promise no fun was had by anyone :) ]

My big takeaway from these conversations was everyone knows life got more expensive, yet none of them can articulate why it happened. There was no talk of CPI, the national debt, or interest rates. That isn’t in the vernacular of the average citizen.

They speak in terms of gas, groceries, and rent. Each of those items has exploded in cost over the last half-decade, which is changing the way people act and think.

So just remember, while it was great to see the lower CPI numbers from the government report yesterday, there is no relief on the way for majority of US citizens. Prices are not coming back down any time soon. A lower inflation number merely means prices are going up slower than they were, but they are still continuing to increase.

We need widespread deflation in consumer prices to actually have an impact on affordability in the country. That means we have to build more housing, reduce regulation for small business, and hope AI can flourish in a way that creates the promised productivity boom.

The situation is not ideal. You have a government incentivized to keep printing money and destroying the purchasing power of the dollar. And the average American is the one paying the penalty for this lack of discipline from our leaders.

You don’t have to believe me. You can just hear the people explain it for yourselves if you are open-minded enough to listen to them.

Hope everyone has a great day. I will talk to you next time.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

I Have To Save My $150 Million Company | The Mission Ep. 003

Welcome to Episode 003 of The Mission — a day in my life running a business in New York City.Today I’m walking you through my plan to bring my company out of debt, why we need to do it, what we’re doing to accomplish our mission, and how YOU can help us.

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To investors,

The Age of Automation is upon us. I have been writing about it and tweeting about it for almost a decade. Take Bitcoin as an example. It is an automated central bank that continues to manage the most disciplined and transparent monetary policy in the world.

Even the skeptics have to admit that the idea has been adopted by hundreds of millions of people globally.

But now automation is going to come for the rest of finance. The recent tech innovations related to artificial intelligence will allow new financial firms to be built with armies of AI agents that replace hundreds of human employees.

I know this because I am actively building ProCap Financial, the first publicly traded agentic finance firm.

Our first product, called Silvia, has automated away many of the consumer finance functions at large institutions. Rather than hire lots of people, we are able to help thousands of multi-millionaires gain better insights into their portfolios leveraging the latest AI models and a suite of proprietary agents.

Silvia has more than $30 billion of assets on the platform in under a year. The average user has a net worth of at least $2.5 million and they ask Silvia about 18 questions per week. Like I said, the age of automation is upon us.But we are not stopping at consumer finance. Our goal is to build a financial firm that automates the products and services from traditional players, but does it with AI agents in pursuit of helping independent investors make money.

With this perspective as context, I am happy to share that ProCap Financial is releasing it’s second product today: ProCap Insights.ProCap Insights is the research division of the company, but it also happens to be the first agentic research shop on Wall Street. We only have one human overseeing the AI system being used to conduct research, write the analysis, and publish the reports.

I fundamentally believe the machines are smarter than the humans. AI is very good at finding hidden insights across financial markets. The same technology allows us to create research faster and cheaper than human teams too. This is what real automation looks like.

The big focus of ProCap Insights is to help you make money. Some of the initial research we are launching with includes:

• 3 Stocks That Win From Both Tariff Refunds and the Iran Oil Shock

• Stocks to Buy for Kevin Warsh’s Fed Regime

• Insiders Are Dumping Tech Stocks and Buying Energy

• 5 Stocks That Win From $166 Billion in Tariff Refunds

You can read about the launch of ProCap Insights in the Wall Street Journal this morning: Click here. Or you can watch part of my segment from this morning on CNBC’s Squawk Box:

If you are looking for investment ideas and believe that AI is smarter than humans, you should consider subscribing to ProCap Insights. Anyone who subscribes in the next 48 hours will get grandfathered in at a 60% discount to the normal price.

We are laser-focused on helping independent investors make money. And the AI agents are helping us answer your questions via Silvia, or surface interesting investment ideas via Insights.We will keep building even more. Have a great day. I will talk to everyone tomorrow.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

What’s Actually Happening To Bitcoin & The Economy Right Now

Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.

In this conversation, we discuss market confusion amid rising oil prices, geopolitical tensions, and mixed economic signals, and why he believes we are entering a new regime defined by scarcity and structural shifts. We also explore the deflationary impact of AI, risks building in private credit, and how bitcoin could benefit as the Fed faces a difficult path between inflation and slowing growth.

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• Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

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• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

I hosted Bitcoin Investor Week in New York City last week. Thousands of investors attended to hear from more than 45 speakers or meet new people at the various side events and happy hours. Conversations ranged from understanding the recent drawdown in bitcoin’s price to underwriting the odds of deflation to unpacking the convergence of artificial intelligence and bitcoin.

Here are the major takeaways that I had from the week:

• Bitcoin investors have been here before — many investors have previously held bitcoin through numerous drawdowns of 50% or more, so there was a lack of panic that was noticeable throughout the event. Multiple members of the media explicitly called this out to me as well. This lack of panic gives me the idea that odds are higher that the current bear market will be shallower and shorter than historical comparisons.

• Institutions have arrived — past bitcoin conferences were filled with promises of institutions on the way. The conversation this year was centered around the progress that institutions have made in bitcoin, including the highly successful launch of the Bitcoin ETFs, the various public companies that hold bitcoin on their balance sheet, the accelerated adoption of digital credit, the fast growth of stablecoins, the current initiatives in tokenization, and the requirement that each legacy financial organization have a bitcoin or crypto strategy.

• Bitcoin and artificial intelligence are on a collision course — it was nearly impossible to have a conversation with a professional investor or an entrepreneur without both technologies coming up. It is obvious that bitcoin and AI are the future of finance. There was plenty of speculation on how AI agents will transact or store value, so naturally bitcoin and stablecoins were the popular answers.

• Deflation is a big risk — my personal view is that deflationary pressure from tariffs, deportations, artificial intelligence and robotics are swallowing the US economy. I asked many speakers or attendees whether they agreed and the majority of answers were aligned with my view. There are some outstanding concerns about the economic data or the government’s continued money printing, but overall people seemed satisfied that high inflation was not going to be a problem in the short-term.

• Financial advisors are holding or adding bitcoin to portfolios — Bitwise CIO Matt Hougan explained that a recent survey showed that 99% of financial advisors who already had client assets in bitcoin were either “holding” or “adding” based on the recent price drawdown. That data suggests the RIA channel is convinced of the long-term return potential of the asset, which creates sticky capital from their clients.

• Institutions holding Bitcoin ETFs are not selling — Blackrock’s Robert Mitchnick explained that majority of the institutions holding Bitcoin ETFs have been holding their exposure during the bitcoin drawdown. He sees continued demand from Blackrock clients and believes there is considerable more room for growth in the ETF allocations.

• Stablecoins are not going away — multiple speakers explained that stablecoin growth has been impressive, but the more important data point is how ingrained stablecoins are becoming in legacy institutions’ strategies. It feels like stablecoins are the third crypto product to find true product-market fit after bitcoin and crypto exchanges.

• No one wants to call “bottom” yet — the price of bitcoin may be down 50%, yet there were not many takers when I asked various folks to claim the market had bottomed. People are cautious because it seems the past scars of previous bear markets has forced them to prepare for an even more significant drop in price.

• All eyes are on the Strategic Bitcoin Reserve — the consensus feeling about the SBR is happiness that it was put together, but disappointment that the government has not purchased more bitcoin. If the market needs a new catalyst to rally higher, purchases for the SBR could be a simple way to ignite the end of the bear market.

• Nothing stops this train — there was not a single person I spoke with at the conference who believes the US government can balance the budget, stop printing money, or lower the national debt. The widespread belief is that assets that benefit from debasement (bitcoin/gold/real estate/etc) will do very well over the next decade, especially as the current administration runs the economy hot and drives economic growth.

I really enjoyed putting together Bitcoin Investor Week. We will be posting many of the on-stage interviews on our main YouTube channel. You can watch my conversations with Dan Ives and Jordi Visser already. If you subscribe to the channel, you will get updated on each conversation we release for the next two weeks or so.

Hope you all have a great start to your week. I will talk to you next time.

- Anthony J. Pompliano

Founder & CEO, Professional Capital Management

The Bitcoin Rotation No One Sees Coming

Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack. This conversation was recorded at Bitcoin Investor Week in New York.

In this episode, we break down why software stocks are losing their moats, how AI is driving deflation, and why capital is rotating toward scarce assets. We explore hyperscalers, data centers, AI agents, and why bitcoin may emerge as the only true growth asset in a world of abundant intelligence.

Podcast Sponsors

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Figure – Enter to win $25k USDC with Democratized Prime while earning ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.

• Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

• Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold.

• Gemini - Earn crypto rewards on every purchase with the new Gemini Credit Card.

• Abra - This podcast is sponsored by Abra. Abra is the secure way to access crypto and crypto based yield and loan products through a separately managed account. To create an account, click here for individuals and here for entities.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Summ – (formerly Crypto Tax Calculator) generates accurate IRS-ready tax reports that help maximize deductions and pay the least tax possible. With support for 3,500+ exchanges, wallets, and protocols, Summ makes crypto taxes simple. Visit Summ.com and get 20% off with code POMP20.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this formand someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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The world's first publicly traded agentic finance firm, including 5,000+ bitcoin on the balance sheet.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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Today’s Letter is brought to you by Arch Public!

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To investors,

There is a national crisis unfolding in the US economy, but it isn’t the type of crisis you got used to over the last few years. Rather than the persistent risk of high inflation driven by out of control government spending, the economy is being swallowed by an expansive deflationary force.

This new risk is dangerous because it requires humans to update their mental models to be able to identify, understand, and mitigate it. And we know humans are horrible about changing their mind, especially when it requires them to synthesize new information.

First, let’s discuss where the challenges lie in identifying this deflation risk. There is a past experience issue and a modern data error that is driving the problem. The past experience issue is that an entire generation finally capitulated in recent years after realizing that undisciplined government spending led to higher levels of inflation. These folks failed to see the cause and effect coming out of the global financial crisis and they only took the lesson to heart after the pandemic era insanity that drove inflation over 9% in the government’s data.

The folks in this cohort are now trained to look at government spending and conclude that inflation will rise if the national debt is increasing. That was true in the past, but it is not true right now, which is why I call it a “past experience issue.” People are looking at the inputs, but not thinking critically about what that means for modern outputs.

The second big issue is a modern data error. Most of the “experts” and mainstream reporters are still relying on the Bureau of Labor Statistics to tell them what the inflation reading is. It doesn’t matter that the BLS is estimating more than 40% of the CPI inputs, nor does it matter that the BLS continues to manipulate the data collection by leveraging unproven and discredited methods.

These people simply believe whatever the government says.

The Bureau of Labor Statistics is reporting inflation to be 2.7% year-over-year. But compare that number to Truflation, which is reporting inflation under 0.9% as of yesterday.

This is a very wide gap in the metrics. In fact, the most concerning part is that the BLS is saying inflation is almost 50% higher than the Fed’s stated target, yet Truflation is saying inflation is more than 50% lower than the Fed’s stated target.

The sky can’t be blue and green at the same time, nor can inflation be high and low simultaneously either.

It is no secret that I trust the Truflation data much more than the BLS. Truflation uses more than 14 million daily data points provided by over 40 independent data providers. I’ll take the real-time, verifiable metric over the lagging, estimated metric any day of the week.

But this brings us back to the most important question in the economy today…why is inflation falling if the government is continuing to print money like drunken sailors?

This is where the deflationary force swallowing the US economy comes in.

There are three main contributors in my mind:

• Tariffs are deflationary, not inflationary. I know this is still heavily debated, but I continue to explain that tariffs bring down domestic prices over time and they change consumer demand trends. There are anecdotal businesses that will show their input costs are rising, which is then being passed on to the consumer, but those anecdotes are heavily outweighed by the aggregate impact of tariffs on the US economy.

• Artificial intelligence is the largest deflationary force of our lifetime. Companies are literally bragging on a daily basis how they are being more productive with less employees. The industry is moving so fast that it is hard for most people to keep up and the economic incentive to adopt this technology is only going to get larger. Lastly, A.I. is now in the “exponential production” phase where A.I. is writing code, so we are no longer limited by human time and energy.

• Robotics is a subset of the A.I. story, but it deserves its own call out. It is very obvious that self-driving cars are going to be cheaper and safer, so they will become the standard. Companies like Amazon are the perfect example…the e-commerce giant employs 1 million robots and 1.5 million humans. They are reportedly looking to replace 500,000 jobs with robots in the coming years, which means they will soon have more robots working at the company than humans. This is highly deflationary.

This is the three-headed monster: tariffs, artificial intelligence, and robotics.

It doesn’t matter how much money the government prints, the elected officials literally can’t spend enough money to negate the deflationary forces that are swallowing the US economy. And yes, that would have been an insane statement just 3 years ago, but today it is the reality.

New information means you have to change your mind.

Finally, this brings us to the important question of what should we do from here?

Now that inflation is under 1%, it is obvious that the Fed should do an emergency 50 basis point cut. They don’t have the luxury of waiting longer. Artificial intelligence is accelerating, which means the deflationary force is only going to get stronger and more pervasive.

You can think of this as a virus. Once it was unleashed, it cannot be contained and it will not slow down. The only thing we can do is address the threat using other measures within our control.

Companies and people are economically incentivized to use A.I. more. The A.I. tools are starting to exponentially produce more A.I. products and services (ex: Claude Code writing 100% of the code for Claude Cowork, etc). Google “exponential curve” if you want to see how fast this will compound.

There needs to be an immediate, aggressive rate cut by the Fed or they risk a deflationary situation.

Consumer prices of various goods will come down, which is a positive outcome for the average American in the short-term, but wages can fall, unemployment can rise, debt can become more burdensome, and there is a potential for a deflationary spiral.

We need a 50 basis point emergency rate cut. Again, I know this will sound crazy to some of you, but I implore you to ask yourself “do I still believe that inflation has to happen if the government is spending money? Do I understand the effects of artificial intelligence, tariffs, and robotics on prices of goods and services? Am I willing to bet a material part of my net worth on assets that can only succeed if inflation is higher than normal?”

If the answer to any of those questions is “maybe” or “no,” then you have work to do. Spend the time this week learning about these things. Start by asking your favorite LLM to explain these topics and issues to you like a 5-year old. Even better, connect your accounts to Silvia and have her tell you what would happen in a deflationary environment or if the US government runs the economy hot.

Almost no one could have predicted the economy running hot without inflation, but here we are. High-growth, low-inflation. The dream of every politician and central banker in the world.

Hope you all have a great start to your week. I will talk to you next time.

- Anthony J. Pompliano

Founder & CEO, Professional Capital Management

Bitcoin vs Gold vs Stocks: The Chart Everyone Misses

Jordi Visser is a veteran macro investor with 30+ years of market experience and the author of the VisserLabs Substack.

In this episode, we unpack the Federal Reserve rate pause, the case for a more forward-looking Fed, and how rapidly advancing AI is reshaping inflation vs. deflation expectations. We also explore the scarcity trade across bitcoin, silver, energy, and semiconductors—and how investors can think about positioning as physical constraints collide with abundant software.

Podcast Sponsors

• Figure – Enter to win $25k USDC with Democratized Prime while earning ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.

• Summ – (formerly Crypto Tax Calculator) generates accurate IRS-ready reports that help maximize deductions and pay the least tax possible. Visit Summ.com and get 20% off with code POMP20.

• Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

• Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold.

• Gemini - Earn crypto rewards on every purchase with the new Gemini Credit Card.

• Abra - This podcast is sponsored by Abra. Abra is the secure way to access crypto and crypto based yield and loan products through a separately managed account. To create an account, click here for individuals and here for entities.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this formand someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

If you listened to the Fed for the last few decades, you made a lot of money. When the Fed was easing, you could have just plowed your money into the market. When the Fed started tightening, all you had to do was sell everything and hide in cash for a few years.

Investors have been yelling “don’t fight the Fed” for a long time.

But I don’t think that old adage applies the same way anymore. At least it doesn’t apply right now. Let me explain…

The US economy, and corresponding financial markets, have been hyper sensitive to the Fed’s monetary policy decisions for the last ~ 30 years. The central bank was cutting rates in the mid-to-late 1990s, which helped propel the internet boom higher. Finally, when the Fed started to raise rates in the second half of 1999, the tech bubble popped shortly afterwards and everything came back down to reality.

During the Global Financial Crisis, the Fed invented the insane Quantitative Easing policy that led to a prolonged period of 0% interest rates and hundreds of billions of dollars bring printed. This QE playbook kicked off a decade-long bull market that made every stock market bear look like a fool.

Finally, during the 2020 pandemic, the Federal Reserve pulled out the old QE playbook again. Interest rates went to 0% via two emergency cuts and the government decided to print trillions of dollars, which created more than 9% inflation within a 24-month period.

The main thing that stopped the 2021 party was the Fed’s decision to reverse course and start hiking interest rates at the fastest pace in history. We went from 0% to over 5% rates in a very short period of time. The regime shift was so abrupt that multiple banks failed because of their inability to navigate the volatility.

This brings us back to the “don’t fight the Fed” adage. It made sense because the Federal Reserve would set policy and the world would react to those decisions. Quite literally, the Fed was in control.

That doesn’t seem to be the case right now though.

The current President and his administration have effectively taken control of the US economy and financial markets. They have implemented a set of policies to reimagine the country, including deregulation, tax cuts, smaller government, and re-shoring of American jobs and manufacturing.

In taking this approach, the government is rapidly changing the economic conditions of the market and it is putting the Fed on their back foot. The central bankers already had a hard enough time trying to make monetary policy decisions based on faulty data from the Bureau of Labor Statistics. Now these folks are being asked to understand substantial changes across the economy, including policy differences and advancements in cutting-edge technology like artificial intelligence.

This is why I don’t believe the Fed is in control anymore. In fact, I think the exact opposite is true. The market is forcing the hand of the Fed. America’s central bank begrudgingly cut interest rates at the end of 2025 because the labor market was softening at a much faster pace than forecasted. The softness in the labor market was not due to normal business cycle developments, but rather a combination of policy decisions and technology innovation.

Jerome Powell essentially said he and his colleagues were more worried about the labor market than about inflation coming back. But the Fed’s fight against the market is not over yet. My base case is that inflation is going to continue falling in the coming months.

Truflation is reporting inflation at 1.2% as of last night. If you take the BLS’ methodology, and you replace the ~ 40% of inputs that are estimations with accurate measurements of the input goods, then Truflation shows inflation would be less than 1% year-over-year.

The big takeaway from this situation, according to Truflation, is that inflation has collapsed from its recent peak, dropping 151 basis points in just three months.

Truflation’s real-time data, which is sourced from over 14 million daily price points across 40+ independent providers, captures this deceleration far faster than traditional metrics, revealing a pricing environment that’s shifted decisively toward disinflation. For investors, this signals a fundamental reset in cost pressures that official data will only confirm weeks later.

So what is my big takeaway from this situation?

The Federal Reserve has lost control of the economy. They are serving at the pleasure of market forces now. The labor market is weakening, inflation is falling aggressively, artificial intelligence is a very real deflationary force, and productivity is booming thanks to the deregulation, tax cuts, and reshoring.

It does not matter what the Fed thinks they should do right now. The old playbook is out the window. We have supply-side economics taking over. We are seeing high-growth and low-inflation. The Fed is having their hand forced. They need to cut interest rates by about 100 basis points in the next few months, but they also will have to participate in the timeless act of printing more money.

The US economy may be booming, yet the inflation data is telling us that we could have a major problem on our hands if the Fed doesn’t stimulate more economic activity. For the trigger happy Fed, this should be their Super Bowl. Cut rates and let the economy fly.

Hopefully the great people at our central bank are paying attention.

Have a great start to your week. I’ll talk to everyone next time.

- Anthony J. Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: We’re officially a few weeks out from Bitcoin Investor Week 2026, happening Feb 9th – 13th in NYC.

Join thousands of sophisticated investors and institutional leaders to discuss Bitcoin’s impact on the global economy, corporate balance sheets, and personal portfolios.

*To kick off the new year, we’re offering 50% off General Admission tickets for the next 48 hours. Use code NEWYEAR50 at sign-up.*

Expect fireside chats, panels, networking events across the city and a top lineup of speakers including Mike Novogratz, Grant Cardone, Anthony Scaramucci, Fred Thiel, Lyn Alden, Jeff Park, and Bo Hines— with more announcements coming soon.

🎟️ Tickets are limited. Buy yours at www.bitcoininvestorweek.com

Bitcoin vs Silver: The Ultimate Rotation Is Happening Right Now

Jordi Visser is a veteran macro investor with 30+ years of market experience and the author of the VisserLabs Substack. This was recorded live at the Real Vision 2026 Crypto Gathering.

In this conversation, we discuss the scarcity trade across markets, bitcoin’s potential short squeeze, silver’s role as a critical industrial metal, and the inflation vs. deflation debate. We also explore how AI, robotics, and productivity shifts could reshape markets in the years ahead.

Enjoy!

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• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

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• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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To investors,

News broke last night that the Department of Justice has opened an investigation into Federal Reserve Chairman Jerome Powell over comments he made while testifying about renovations to the Federal Reserve building.

This development comes after months of disagreement about monetary policy between the Trump administration and the Federal Reserve. Before we get into what is likely to happen with this investigation and how it will impact the market, I want to remind everyone of the context.

Background on Powell’s previous comments

The investigation centers on whether Powell made false or misleading statements to Congress during his testimony before the Senate Banking Committee in June 2025. This testimony addressed the Federal Reserve’s ongoing multi-year renovation project for its headquarters buildings in Washington, D.C., which is estimated to cost around $2.5 billion and has experienced significant cost overruns (reportedly around $600-700 million).

Key points of contention include:

• Powell allegedly denied or downplayed the inclusion of certain luxury or non-essential features in the final project plans, such as private elevators, premium marble, water features/fountains, a VIP dining room, a rooftop terrace garden, and other upgrades.

• These features appeared in earlier project documents submitted to bodies like the National Capital Planning Commission, but Powell stated during testimony that many had been removed or were not part of the current scope, attributing cost increases to factors like inflation in materials/labor, asbestos removal, soil contamination, and accessibility requirements.

• Critics (including some Republican lawmakers and Trump administration figures) claim these statements were inaccurate or deceptive, potentially constituting perjury or false statements to Congress.

The probe announced last night involves analyzing Powell’s public statements (including the congressional testimony), reviewing spending records, and other documents related to the renovation.

An important point is that the renovation was reportedly approved in November 2025 by U.S. Attorney Jeanine Pirro (a Trump appointee). Prosecutors have contacted Powell’s staff for documents, and on Friday, January 9, 2026, the DOJ served the Federal Reserve with grand jury subpoenas threatening a potential criminal indictment tied to the June testimony.

Powell’s response

After the New York Times broke the story of the investigation, Jerome Powell released a video message defending his actions and calling into question the motivation behind the investigation. Powell said:

“This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings… Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”

There are a few takeaways I had from this response. First, Powell posted a video response to the allegations within minutes of the New York Times report being published. That seems highly suspicious. It takes time to create a script, record a video, edit the video, and get it posted online. The Federal Reserve is not exactly known as a world class content creator, so my guess is that the Fed or Powell are the ones who leaked the investigation to the media.

There is nothing wrong with that decision per se, but it does beg the question of why would the Fed or Powell want to create a flame war in the public eye? I don’t know the answer. I suspect we will get answers later that provide clarity in hindsight.

Second, the response seemed much more focused on the argument “this is political!” than denying the allegations. I have learned over time that the more someone yells about something, the more likely they are hiding something about it. As one user on X said, the response can usually tell you more than the initial accusation.

This means that Powell is probably more political than most people realize. I wouldn’t blame him. The President and the administration have been pressuring him for months. It is human nature to dislike someone attacking you or to want to get revenge. It wouldn’t make the decision to succumb to politics the right decision, but it is understandable how humans get into these situations.

The Federal Reserve renovations

In order to understand what is happening with the Federal Reserve renovations, you have to ignore the noise and go to the source material. I spent the morning digging through the National Capital Planning Commission’s materials on previous meetings and current plans for this renovation.

Here is how they describe the project:

“The Federal Reserve Board is proposing to renovate and expand the Eccles Building and the FRB-East Building to address a critical backlog of upgrades; respond to changes in building codes and regulatory requirements, accommodate information technology requirements, building security provisions, advancements in environmental awareness and energy efficiency; and address increased utility demands and associated requirements imposed by an increased building population.”

The big controversy in these renovations is how expensive everything has become. The Fed was originally going to spend approximately $1.9 billion, which would have been fairly absurd by itself, but the costs have now ballooned to an estimated $3.1 billion due to delays and cost overruns.

These are renderings of the renovations being done:

One of the problems here is that the Federal Reserve is using taxpayer money to make these renovations. This is objectively insane. Half of the population is complaining about being unable to afford a normal life, plus the country is broke and in trillions of dollars of debt, yet the central bank is lavishly spending on a castle fit for a king.

Compare this to the White House ballroom that has been announced. The ballroom is being funded through private donations and allegedly will not use public taxpayer money.

So regardless of the political nature of this whole thing, the American people should get an answer as to why their tax dollars are being used for this wasteful situation.

Potential impact going forward

My guess is the revelation last night is not going to change anyone’s mind in politics. If you liked Trump before the weekend, you are going to defend the DOJ’s actions. You will argue there should be a full investigation on whether the Fed Chairman lied to Congress.

That doesn’t seem unreasonable to ensure no one is above the law.

If you did not like Trump before the weekend, you are going to condemn this development as being unhelpful to the country’s long-term success. That doesn’t seem unreasonable either.

See, this is the thing about controversial current events…usually both sides have a hint of truth to them. In this case, Powell should be held accountable if he misled Congress. We should also be very concerned if the legal system is being weaponized by any administration, regardless of political party.

The hard part about coming to a conclusion on this situation is that we don’t yet have all the information. I am reserving the right to make up my mind at a later date when we have that information. The only thing I feel strongly about at the moment is the egregious wasting of taxpayer money to fund the unnecessarily lavish renovations of an office building.

The United States and its leaders need to get serious about stopping waste, fraud, and abuse. Sometimes those issues are hiding in daycares in Minnesota and other times they may be hiding in plain sight in Washington DC.

Hope you all have a great start to your week. I will talk to everyone next time.

- Anthony J. Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: We’re officially one month out from Bitcoin Investor Week 2026, happening Feb 9th – 13th in NYC.

Join thousands of sophisticated investors and institutional leaders to discuss Bitcoin’s impact on the global economy, corporate balance sheets, and personal portfolios.

*To kick off the new year, we’re offering 50% off General Admission tickets for the next 48 hours. Use code NEWYEAR50 at sign-up.*

Expect fireside chats, panels, networking events across the city and a top lineup of speakers including Mike Novogratz, Grant Cardone, Anthony Scaramucci, Jan van Eck, Fred Thiel, Lyn Alden, Jeff Park, and Bo Hines— with more announcements coming soon.

🎟️ Tickets are limited. Buy yours at www.bitcoininvestorweek.com

The AI Shock Is About To Reprice Bitcoin

Jordi Visser is a veteran macro investor with over 30 years of experience and the author of the VisserLabs Substack.

In this conversation, we discuss the shift toward higher growth and lower inflation, how AI-driven productivity is reshaping the economy, housing, labor markets, and why energy and critical minerals are becoming central to global geopolitics. We also break down what these trends mean for markets and long-term investment portfolios.

Enjoy!

Podcast Sponsors

• Figure - Need liquidity without selling your crypto? Figure’s Crypto-Backed Loans allow you to borrow against your BTC, ETH, or SOL with 12-month terms and lowest rates in the industry at 8.91%. Access instant cash or buy more Bitcoin without triggering a tax event. https://figuremarkets.co/pomp

• Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

• Abra - This podcast is sponsored by Abra. Abra is the secure way to access crypto and crypto based yield and loan products through a separately managed account. To create an account, click here for individuals and here for entities.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining now.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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Unlock unparalleled returns with Arch Public’s algorithmic trading tools. Our Bitcoin Algorithm Arbitrage Strategy has delivered an astounding 247% annual return over the past three years. The entries, and exits speak for themselves; precision that drives success. Trusted by more than 15,000 customers and industry leaders, we’ve partnered with Gemini, Kraken, Coinbase and Robinhood to bring you cutting-edge solutions. Whether you’re a seasoned investor or just starting, our proven strategies maximize your potential. Join the ranks of those who trust Arch Public to navigate the markets with confidence. Talk to us today and discover why our expertise sets us apart.

To Investors,

I have spent the last few days thinking about why bitcoin underperformed expectations in 2025. My conclusion is that multiple trends, forces, and developments came together to create the perfect storm for the digital currency to end the year lower than where it started.

Lower risk = lower return

First, bitcoin is much less risky today than at any other point in the history of the asset. No one believes the US government is going to shut bitcoin down. The government isn’t going to come and arrest bitcoin holders. There is true decentralization, including from individual retail investors to the largest financial institutions in the world.

This decentralization removes the risk of a 51% attack, along with other nefarious actions that could fundamentally change the bitcoin value proposition. Bitcoin has also gone through numerous economic situations without failing or going to $0. The digital asset has dropped ~80% numerous times, weathered the COVID liquidity crisis, resisted the FTX collapse, and then survived the Federal Reserve hiking interest rates at the fastest pace in history.

This proven resilience means that the risk of holding bitcoin is low. Add in the fact that many of the top financial institutions in the world are embracing the asset and it becomes very difficult to see a scenario where bitcoin “fails.” Because of this newfound conviction in bitcoin’s continued success, we should all expect a lower return moving forward.

Buying bitcoin a decade ago was high risk, high reward. Buying bitcoin today is low risk, medium reward. I expect bitcoin to continue outperforming the stock market indexes over the next decade, but it won’t deliver the 80%+ compound annual growth rate that we enjoyed in the past.

Global stability is returning

Bitcoin is supposed to be a hedge against chaos and economic uncertainty. When wars break out, and citizens around the world feel it will be necessary to resist censorship and seizures, bitcoin becomes an attractive asset.

However, since President Trump took office there has been more global stability than before. The Israel/Hamas conflict is over. Russia and Ukraine are closer to signing a peace deal than ever before. Iran’s nuclear capabilities have been drastically reduced. The southern border is closed. And former Venezuelan President Nicolas Maduro was removed from his country over the weekend.

This “peace through strength” approach is really about the United States returning to its position atop the global world order. There are consequences for people who get out of line. Bad people understand that the US will hunt them down to capture or kill them.

All of this creates less chaos and more predictable geopolitical relationships. If there is less chaos, then the chaos hedge (bitcoin) is not sought after like it would otherwise be.

Wall Street plays different games

Bitcoin was a long-only game for most of the last 15 years. Anyone with an internet connection could acquire the asset and hold it while they hoped the price went higher. Once Wall Street and the large financial institutions got involved, the game changed substantially.

You can think of these changes as a way of “civilizing” bitcoin. Many of the early bitcoiners, who are more akin to cowboys, don’t want to be civilized though. They were attracted to the asymmetric returns and they loved the fact that bitcoin had a libertarian flavor to it. The more “outside the system” bitcoin was, the more these cowboys wanted to buy.

Now that bitcoin is being pulled into the legacy financial system (ETFs, treasury companies, funds, options, etc), early holders of bitcoin are exiting at a higher pace than normal. Some of them are selling their bitcoin outright. Others are using complex financial structures to reduce tax burdens, including renouncing US citizenship.

But ProCap Financial CIO Jeff Park points out that some OGs are intelligently using options to sell away the upside of their bitcoin exposure in exchange for yield. These covered call strategies are applying significant pressure on bitcoin’s price, which is contributing to the asset’s lack of upside movement.

Bitcoin is not the only girl at the party

Lastly, bitcoin has historically been the most popular asset available to investors seeking extreme asymmetry and volatility. If you wanted to make a lot of money, you probably wanted to have some bitcoin.

Bitcoin can no longer claim that exclusive title anymore. Investors are being bombarded with artificial intelligence, prediction markets, self-driving cars, humanoid robots, rockets, drones, brain computer interfaces, nuclear energy, and many other groundbreaking technologies.

This is a great time to be a risk-taker. You have a buffet of opportunities to put in your portfolio. This increased opportunity set fractures the capital, verbal conversation, and mental energy that would have been devoted to bitcoin.

Counter-argument

As I have been thinking about bitcoin’s performance last year, I did my best to argue the opposite of my view as well. The best counterargument would be gold. Gold isn’t the sexiest asset. The precious metal is supposed to be a chaos hedge as well. Gold has been part of the legacy financial system for decades.

But gold had the best year in the history of the asset in 2025. So bitcoin’s price not only disappointed, but it did so while another sound money asset was putting in historic numbers. Does that mean my analysis is wrong? Not necessarily.

Bitcoin is a younger, smaller asset. There are individual public companies with a larger market cap than the entire bitcoin market cap. So it wouldn’t surprise me if bitcoin’s disappointing performance is attached to the transition the asset went through over the last 18 months. Macro investor Jordi Visser has called this the “bitcoin IPO moment.”

Conclusion

The argument to own bitcoin has always been a version of “bitcoin is a digital, decentralized, store-of-value asset that has a finite supply and programmatic monetary policy, which can be audited by anyone at any time.”

Regardless of the market conditions, or the behavior of various holder cohorts, I still believe the argument to own bitcoin is very strong. It is a substantial percentage of my personal net worth and I ended 2025 with more bitcoin than I started the year with.

As the late Charlie Munger once said, “The big money is not in the buying and selling, but in the waiting.”

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: We’re officially one month out from Bitcoin Investor Week 2026, happening Feb 9th – 13th in NYC.

Join thousands of sophisticated investors and institutional leaders to discuss Bitcoin’s impact on the global economy, corporate balance sheets, and personal portfolios.

*To kick off the new year, we’re offering 50% off General Admission tickets for the next 48 hours. Use code NEWYEAR50 at sign-up.*

Expect fireside chats, panels, networking events across the city and a top lineup of speakers including Mike Novogratz, Grant Cardone, Anthony Scaramucci, Jan van Eck, Fred Thiel, Lyn Alden, Jeff Park, and Bo Hines — with more announcements coming soon.

🎟️ Tickets are limited. Buy yours at www.bitcoininvestorweek.com

The 2026 Playbook: Bitcoin & A.I.

Jordi Visser is a macro investor with over 30 years of Wall Street experience and the writer behind the VisserLabs Substack.

In this conversation, we break down the key lessons from 2025 and what to watch in 2026. We cover the assets and trends shaping the next cycle, the rapid impact of artificial intelligence on productivity, GDP, economic growth, and how individuals can use these tools to create more value in their work and lives.

We also dive into bitcoin, AI’s role in markets, and practical takeaways you can apply immediately.

Enjoy!

Podcast Sponsors

• Figure - Need liquidity without selling your crypto? Figure’s Crypto-Backed Loans allow you to borrow against your BTC, ETH, or SOL with 12-month terms and lowest rates in the industry at 8.91%. Access instant cash or buy more Bitcoin without triggering a tax event. https://figuremarkets.co/pomp

• Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

• Abra - This podcast is sponsored by Abra. Abra is the secure way to access crypto and crypto based yield and loan products through a separately managed account. To create an account, click here for individuals and here for entities.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining now.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Today’s Letter is brought to you by Arch Public!

Unlock unparalleled returns with Arch Public’s algorithmic trading tools. Our Bitcoin Algorithm Arbitrage Strategy has delivered an astounding 247% annual return over the past three years.The entries, and exits speak for themselves; precision that drives success. Trusted by more than 15,000 customers and industry leaders, we’ve partnered with Gemini, Kraken, Coinbase and Robinhood to bring you cutting-edge solutions.Whether you’re a seasoned investor or just starting, our proven strategies maximize your potential. Join the ranks of those who trust Arch Public to navigate the markets with confidence.Talk to us today and discover why our expertise sets us apart.

To investors,

It seems like every day we are being bombarded with negative headlines, scary predictions of a big market crash, and the promise of economic destruction right around the corner. The people pushing this negative view of the world will point to data points like the University of Michigan Consumer Sentiment Survey as evidence that American citizens are in big trouble.

But as the Wall Street Journal’s Gunjan Banerji recently pointed out, the Goldman Sachs Social Media Economic Sentiment Index has diverged in a big way from the Consumer Sentiment Survey.

Which one should you believe? The Goldman survey that measures what people are saying online when they think no one is watching or the academic survey that asks people to fill out an online form with specific “measurement” questions? I’ll take the social media sentiment every day of the week.

It isn’t just social media though. Mike Zaccardi shows Google searches for “AI bubble” have started declining from their recent peak.

My takeaway from that rapid decline is that most of the AI-related fear was actually just a hysteria induced by mainstream media coverage that served a constant barrage of negative stories for the last few weeks. Nothing has really changed about the AI market or the AI companies, so the fact that people are not furiously asking “are we in a bubble?!” tells me that people are probably not worried about a real bubble being present yet.

They shouldn’t be worried about a bubble either. The Federal Reserve is starting to pump capital back into the market. Tom McClellan says “tor those keeping score at home, this new QE will actually be QE5. We had QE4 after the Covid Crash in 2020.”

This QE is happening at a time where the US government’s finances are improving too. Treasury Secretary Scott Bessent said yesterday that “the current calendar year-to-date deficit is $1.52 trillion, which compares to a deficit of $1.93 trillion for the comparable period last year under Biden, a 21% drop.

Not only is the deficit smaller under President Trump - the economy is also bigger. The full 2025 calendar year budget deficit to GDP may total only 5.5%, substantially lower than the unsustainably high 6.8% in calendar year 2024 under Biden.”

Forget the political sharpshooting and focus on what is important: the US government’s finances are improving. This is good for every American citizen. You can see another area where this is showing up in national gasoline prices. These prices are now the lowest they have been since March 2021.

And if that doesn’t get you excited, the Carson Group shows the last two weeks of December have historically been one of the best periods of the year for stocks.

I know people are winding down for the holidays, but the market may be coiling for an end of year run. It would be a welcomed Christmas present for investors across markets.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Fed Rate Cuts Affect Bitcoin, AI & The Market

Jordi Visser is a macro investor with over 30 years of Wall Street experience and the writer behind the VisserLabs Substack. In this conversation, we break down the latest Fed decision, rate cuts, and their impact on bitcoin and public equities.

Then we go deep into the AI landscape — where value is emerging, where risks remain, and how investors should be thinking about positioning for 2026.

Enjoy!

Podcast Sponsors

• Figure - Need liquidity without selling your crypto? Figure’s Crypto-Backed Loans allow you to borrow against your BTC, ETH, or SOL with 12-month terms and lowest rates in the industry at 8.91%. Access instant cash or buy more Bitcoin without triggering a tax event. https://figuremarkets.co/pomp

• Abra - This podcast is sponsored by Abra. Abra is the secure way to access crypto and crypto based yield and loan products through a separately managed account. www.abra.com.

• Bitizenship – Get Italian Residency with €250k investment in Bitcoin Startup Italy , maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.5% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

Financial markets have learned to listen when the President of the United States talks about asset prices or the economy. When he said to buy stocks earlier this year, it was a great time to buy stocks. When he said tariffs wouldn’t lead to empty shelves or the Great Depression, you should have gone long stocks immediately.

This makes sense because the leader of the free world, regardless of his political party, had immense power and influence over financial markets. Simply, he can make things happen.

But every once in awhile Trump says something about the economy that sounds downright outrageous. The latest example was a few days ago when he said GDP growth should be 20-25% year-over-year. The exact quote was: “instead of a 4% GDP or 3% GDP, it should be able to be 20 or 25%. I don’t know why it can’t be.”

At first, this comment sounds ridiculous because the US has averaged 3.2% annual GDP growth since 1947. So the President is telling us he thinks that his economic policies can get us to a growth number that is 700% higher. Again, sounds ridiculous, right?

Maybe not. There is a possible path to significant GDP growth. It may be unlikely, but it is possible.

First, Michael Arouet highlights the real driver on how we could get to 20-25% GDP numbers. Michael writes “Hear me out, was the entire period since the Great Financial Crisis just an unsustainable artificial debt binge?”

If that is true, the US economy could easily grow faster if we were willing to take on substantially more debt. That may sound like a crazy idea, but that is exactly what we have been doing for the last 25 years.

The United States’ debt-to-GDP has exploded from about 55% in the year 2000 to nearly 125% in 2024. We are addicted to debt. There is no other way to describe the situation.

But the Trump administration has somehow figured out a way to stimulate GDP growth upwards of 3.5%, while reducing the federal budget deficit by around $600 billion.

Kevin Hassett went on television last week and said “It’s looking like the deficit for this year will be $600 billion lower than it was last year. That really helps lower inflation. We’ve got the trade deficit cut in half from last year. All of these things are things that should continue to move us towards the Fed target of 2%.”

Now this doesn’t mean they are going to balance the budget. In fact, I went from being excited about a balanced budget earlier this year to very cynical about any President in our lifetime being able to balance a budget in light of the structural challenges. But reducing the deficit by $600 billion is still a great development.

So this brings us back to growing GDP at a substantially higher rate. The way you do this is ease monetary policy, encourage technology innovation like AI, and deregulate as much as possible. There will be trade-offs to these decisions, but this is the blueprint for growing GDP much faster.

Take AI as one example. The explosion of innovation and investment from Silicon Valley has essentially saved the US economy. More than 60% of GDP growth is estimated to be from AI-related investments. Couple that with the interest rate cuts, the return of QE, and a Trump-friendly Fed Chairman for 2026…that should spell faster growth across the US economy.

We were promised an economic boom. It looks like we are going to get exactly that. Will it be 20-25% annual GDP growth? Doubtful. But I’ll take 5-7% growth any day of the week.

Hope everyone has a great start to their Monday. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Fed Rate Cuts Affect Bitcoin, AI & The Market

Jordi Visser is a macro investor with over 30 years of Wall Street experience and the writer behind the VisserLabs Substack. In this conversation, we break down the latest Fed decision, rate cuts, and their impact on bitcoin and public equities.

Then we go deep into the AI landscape — where value is emerging, where risks remain, and how investors should be thinking about positioning for 2026.

Enjoy!

Podcast Sponsors

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• Abra - This podcast is sponsored by Abra. Abra is the secure way to access crypto and crypto based yield and loan products through a separately managed account. www.abra.com.

• Bitizenship – Get Italian Residency with €250k investment in Bitcoin Startup Italy , maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

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• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.5% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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Today’s Letter is Brought To You by Abra!

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To investors,

Quantitative easing is back. The Federal Reserve announced a 25 basis point cut yesterday, which brings the federal funds rate down to 3.50-3.75%. The vote had three dissenters, including two people who thought we should have left rates unchanged and Fed Governor Stephen Miran who wanted a 50 basis point cut.

While the interest rate cut is important, it was consensus across Wall Street that the central bank would reduce the cost of capital by 25 basis points. The big surprise coming out of the two day meeting was the Fed’s announcement to restart balance sheet expansion with $40 billion in monthly Treasury bill buys.

My friends at Geiger Capital put it best when they reminded us that Ben Bernanke promised in 2008 that QE was temporary and the Fed’s balance sheet would soon be lower than when they started.

As you can see, the Fed’s balance sheet has continued to grow over time and now Jerome Powell is telling us that it is time to go back higher. This entire situation is highly unusual. Creative Planning’s Charlie Bilello outlined it perfectly:

• Stocks: all-time high

• Home Prices: all-time high

• Gold: all-time high

• Money Supply: all-time high

• National Debt: all-time high

• CPI Inflation: 4% per year since Jan 2020, 2x the Fed’s “target”

• Fed: cut rates again today & will start QE on Friday

But as I wrote earlier this week, multiple deflationary forces are headed for a collision with the US economy. We have AI, robotics, tariffs, and a surge in deportations. Each would be worth watching on their own, but they collectively create the perfect storm for the Fed to fail at monetary policy.

Add in weakness in the job market and it becomes clear why the Fed has to get interest rates lower. So now that we know QE is coming back, what will happen to asset prices?

Remember, when the Fed buys bonds, it pushes bond yields down and encourages investors to move into riskier assets in search of higher returns. This “liquidity wave” makes borrowing cheaper, boosts confidence, and raises demand across financial markets.

The biggest beneficiaries of QE are almost always risk assets. Stocks tend to rise because future earnings are discounted at lower rates, making companies appear more valuable. Bitcoin and other digital assets benefit because investors look for assets that outperform cash when money supply expands. Real estate goes up because mortgages become cheaper and investors chase hard assets. Long-duration assets—like tech stocks, growth companies, and venture-backed businesses—often rise the most because their value depends on future cash flows, which become more attractive when rates fall.

So what assets suffer during QE?

One of the big losers should be the U.S. dollar, which tends to weaken when more dollars are created, and short-term cash-like investments, which offer lower yields and become less attractive relative to risk assets. Traditional value stocks, commodities tied to economic stress, and defensive sectors may lag because QE shifts investor appetite away from safety and toward growth and speculation. Overall, QE is designed to inflate financial assets, and historically it has done exactly that.

This means investors are about to be very happy.

I took my analysis of QE’s impact one step further and I asked Silvia, the AI CFO that we built, to explain how the return of QE should impact my personal portfolio. She told me “the rate cuts are highly favorable for your portfolio, particularly your private investments and crypto. Your Opendoor position is also well-positioned to benefit from housing market recovery.

However, the Fed’s signal of fewer cuts ahead means the easy gains may be behind us. The key risk is your extreme concentration in private investments, which makes you exceptionally sensitive to any Fed policy changes.

Your portfolio is essentially a leveraged bet on lower rates — which has worked brilliantly so far, but requires careful monitoring as the Fed slows its cutting pace in 2026.”

You can ask Silvia to analyze your personal portfolio by signing up for free by clicking here.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin vs The Fed: Who Wins in 2026?

Jeff Park is a Partner & Chief Investment Officer at ProCap Financial.

In this conversation, we break down the Fed’s year-end shift toward rate cuts and easier liquidity, what it means for markets, and why bitcoin sentiment feels so negative despite strong performance.

Jeff also digs into how AI investment is reshaping the macro landscape, what institutional players like BlackRock and Stripe signal for crypto, and why ProCap’s mission centers on bitcoin and the coming age of abundance.

Enjoy!

Podcast Sponsors

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• Abra - This podcast is sponsored by Abra. Abra is the secure way to access crypto and crypto based yield and loan products through a separately managed account. www.abra.com.

• Bitizenship – Get Italian Residency with €250k investment in Bitcoin Startup Italy , maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.5% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To Investors,

The American economy is booming. At least that is what the GDP numbers are telling us. US GDP grew 3.8% year-over-year in Q2 and the Atlanta Fed is estimating Q3 growth to be between 3.5% - 3.8%.

Historical context is important to understand the magnitude of these numbers. The average GDP growth for countries around the world is approximately 2.9% and the United States has outperformed for the last 80 years by growing GDP on average 3.2% annually from 1947 to 2025.

So what is driving the good times right now?

The answer is very simple: artificial intelligence. Adam Kobeissi shows that approximately 63% of all GDP growth is coming from AI-related spending. This means that without the AI CAPEX boom, the US economy would be in a significantly worse position.

This AI-related spending can be best visualized by looking at data center spending since 2020. Kobeissi writes “spending on data centers in the US has tripled since the release of ChatGPT in November 2022. Spending on structures excluding data centers is down ~20% since the 2023 high. The strength of technology companies has created two “economies” in the US.”

Speaking of two economies, compare the explosion in AI-related spending with the fact that US small business bankruptcies reached a record 2,221 year-to-date. This is up 83% over the last five years. These bankruptcies reflect high borrowing costs, cautious consumer spending, and economic pressures disproportionately affecting smaller businesses.

This second economy also saw US employers announce 1.2 million job cuts in 2025, which is the second-highest in 16 years. These job cuts create a paradox where labor market deterioration coincides with the S&P 500 adding $17 trillion since April.

Think of how crazy that is.

Small businesses are going bankrupt and more than a million people lost their job, but US corporate profits hit record highs in Q4 amid strong demand and pricing power.

If you looked up the definition of opposing outcomes, you would find these data points front and center as they expose inequality between corporate performance and worker outcomes. Plenty of people will use this information to rail against the system. They will stoke populism and claim that the only path forward is socialism.

But we know that is not true. In fact, history shows us over and over again that economic incentives drive outcomes. Programs like Invest America will give people a stake in the capitalist system, while providing a financial head start for millions of young people.

And the data shows that young people, particularly Gen Z, may be more enthusiastic about financial markets than you would think.

Gen Z is starting to invest earlier than previous generations. About 54% of this cohort are beginning by age 21 compared to 31% of millennials and 27% of Gen X.

Additionally, 63% of young adults view the stock market as an excellent wealth-builder. Gen Z favors stocks and millennials lean more into crypto as their primary investment. What is maybe most interesting, younger generations are nearly 3x more likely to hold speculative assets, including crypto-related stocks and day trading.

So what is my big takeaway from all of this?

There are pockets of great data in the economy and financial markets, but those big trends like AI are covering for areas of weakness. That is normal. There are people claiming everything is great or everything is horrible…both of the groups are right.

But maybe the real lesson here is that we should trust the kids. They are enthusiastic. They are pouring capital into financial markets. They see value in AI, bitcoin, crypto, and robotics. These young people are predicting the future. We all should just make sure we are listening.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Is the Fed About to Trigger the Next Bitcoin Boom?

I recently sat down with John Pompliano to dig into what’s really at stake at the upcoming Federal Reserve meeting - whether the move should be 25 bps, 50 bps, or nothing at all.

We breakdown how those decisions ripple through markets and why bitcoin’s unique monetary policy is becoming impossible for the world to ignore. Plus, discuss the shift as bitcoin miners move into AI infrastructure - why it’s happening, how they’re doing it, and what it means for investors.

Enjoy!

Podcast Sponsors

• Figure - Need liquidity without selling your crypto? Figure’s Crypto-Backed Loans allow you to borrow against your BTC, ETH, or SOL with 12-month terms and lowest rates in the industry at 8.91%. Access instant cash or buy more Bitcoin without triggering a tax event. https://figuremarkets.co/pomp

• Abra - This podcast is sponsored by Abra. Abra is the secure way to access crypto and crypto based yield and loan products through a separately managed account. www.abra.com.

• Bitizenship – Get Italian Residency with €250k investment in Bitcoin Startup Italy , maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.5% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

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To investors,

Jerome Powell and the Federal Open Market Committee start their two day meeting later today and the market is closely watching whether the Fed will cut interest rates or not.

Polymarket odds have a 25 basis point cut at 95%, while no change sits at a 5% chance.

If the Federal Reserve cuts rates, this will mark the third consecutive cut of the year (following 50 basis points in September and 25 basis points in October) and serve as “insurance” against deepening labor market risks, even as inflation remains sticky above the 2% target.

But I want to lay out the argument for the Fed to actually make a 50 basis point cut tomorrow. First, we know the labor market is softening, which is raising fears of a broader slowdown or recession if the situation is not addressed aggressively.

Nonfarm payrolls added only 119,000 jobs in September. This is a sharp deceleration from post-pandemic averages and the report came in below expectations. Due to this deceleration, the unemployment rate has ticked up to 4.4%.

We have also seen layoff announcements surge to 1.17 million year-to-date. This is the highest level of layoff announcements we have seen since the 2020 pandemic. Simultaneously, hiring plans have reportedly hit their lowest level since the end of the Great Financial Crisis.

Lastly, private-sector indicators like ADP jobs data and Challenger layoff reports have weakened even more in November. These trends suggest job growth is insufficient to match labor force expansion. The case for a 50 basis point cut related to the labor market is a larger cut would bolster employment and prevent a vicious cycle of reduced spending and further hiring freezes.

But the argument for a 50 basis point cut doesn’t solely rely on the labor market.

The government inflation metrics, which I believe to be wildly overestimating inflation, also provide support for a larger interest rate cut. Core PCE inflation is currently around 3% (about 1% above target), but disinflationary forces mitigate reacceleration risks. This should free the Fed to focus on their dual mandate employment goals.

Critics claim goods prices remain sticky due to tariffs and fiscal stimulus, but falling crude oil prices, excess rental supply, and declining home prices introduce deflation risks that give the green light for deeper cuts in my opinion.

On top of these converging forces, Fed projections and market-implied inflation show expectations anchored near 2%. This is obviously lower than consumer surveys which are projecting closer to 4% expectations, but we know the surveys are corrupted and likely further off than the market consensus. A 50 basis point cut would align with the Fed’s October statement committing to adjust policy “as appropriate if risks emerge,” so America’s central bank could easily frame the larger cut as targeted support rather than a policy pivot.

So we have a weakening labor market and an inflation environment, but ultimately the decision to cut more than 25 basis points still has to be made by humans that make up the FOMC.

Thankfully, there are a few common sense folks inside the building that seem to believe in the benefit of a larger cut. We know the FOMC is unusually divided right now and this could lay the foundation for a surprise aggressive cut.

Governor Stephen Miran has recently dissented twice in favor of 50 basis point cuts. He argued in November it’s “appropriate” for a large December cut to counter labor risks. At the time, he said about the severity of the December cut “at a minimum 25 [basis points], but failing new information... 50 is appropriate.”

Miran isn’t the only one. New York Fed President John Williams and San Francisco Fed President Mary Daly have signaled support for looser monetary policy. Williams explicitly said he views a cut as “insurance” against labor slippage without jeopardizing inflation goals.

So what do analysts think is going to happen inside the Fed?

Analysts at Nomura forecast a dovish dissent from Miran pushing for 50 basis points, while others will have potential hawkish dissents against even a 25 basis point move. This highlights the unusual 60-40 split between committee members on easing policy.

This internal dynamic, which is rare because we almost never see opposite-direction dissents over the last 35 years, could tip the balance toward bolder action or a more aggressive interest rate cut.

So what are my expectations?

I think we will merely get a 25 basis point cut. I wish it was a 50 basis point cut, but I just don’t see the Fed building enough internal support to be more aggressive. The market dynamics warrant the larger cut. The economy would be better off with the larger cut. Unfortunately, the Fed plays it too safe though. They are scared of seeing themselves in the mirror, let alone making a bold decision.

So now we all wait and see what happens. The Fed will conduct their FOMC meeting. Trillions of dollars will speculate on what one man, Jerome Powell, will say at the press conference tomorrow.

And the world will keep spinning, the American economy will continue strengthening, and stocks will surge higher in the coming months. The Fed can’t stop this train, regardless of how bad they are at managing monetary policy.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin & Artificial Intelligence Just Hit A Major Inflection Point with Jordi Visser

Jordi Visser is a macro investor with over 30 years of Wall Street experience, and he also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we break down the major forces driving markets today — bitcoin’s price action, accelerating institutional adoption, the latest AI developments, internal tensions at OpenAI, and an overlooked industrial company he believes will be critical to the future economy.

We wrap with a sharp look at the Fed, interest rates, deflation signals, and why easy money is still flowing through the system.

Enjoy!

Podcast Sponsor

• Figure - Need liquidity without selling your crypto? Figure’s Crypto-Backed Loans allow you to borrow against your BTC, ETH, or SOL with 12-month terms and lowest rates in the industry at 8.91%. Access instant cash or buy more Bitcoin without triggering a tax event. https://figuremarkets.co/pomp

• Abra - This podcast is sponsored by Abra. Abra is the secure way to access crypto and crypto based yield and loan products through a separately managed account. www.abra.com.

• Bitizenship – Get Italian Residency with €250k investment in Bitcoin Startup Italy , maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.5% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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Today’s Letter is brought to you by The Bitcoin Dolce Visa!

You can now access Italy’s Investor Visa with a €250K equity investment into Bitizenship Italia, a Milan-based Bitcoin startup. Visa approval arrives first, investment happens only after authorization. The company operates with a Bitcoin-aligned treasury, non-custodial L2 staking, and clear redemption windows every 24 months.

To date, Bitizenship has facilitated €25M+ in Bitcoin-aligned residency investments.

A compliant, Bitcoin-native pathway into one of Europe’s strongest economies.

Private placements now open.1

To investors,

The US economy is getting hit with multiple deflationary forces at the same time. These converging trends are forcing the hand of the Federal Reserve towards lower interest rates and more money printing.

First, we know that artificial intelligence and robotics are squeezing an insane amount of inefficiency out of every corner of the system. Companies can now drive more profits with fewer employees, which is usually referred to as “good deflation.” This is when supply expands faster than demand.

So where can we see this happening in today’s economy? We see example after example of productivity surges, cost compression, and quality enhancements. This fosters a “deflationary boom,” where goods and services become cheaper, enhancing consumer purchasing power and supporting GDP growth without overheating.

AI is not only making companies more productive, but we are reaching a point where AI can write its own software. Eventually, technologists promise us that humanoid robots will be doing many things in society, including manufacturing and assembling more humanoid robots. This type of exponential productivity is hard to understand today. It is probably the most important deflationary trend though.

Elon Musk, the founder of numerous multi-billion dollar companies at the intersection of AI and robotics, recently discussed how these technologies should create deflation and help address the national debt crisis.

Take a listen:

It seems like deflation is the obvious end state when Elon explains his view on these technologies in relation to the growth of America’s money supply.

But Elon understands that AI and robotics are still not making a big enough impact on the economy to reach a deflationary state yet. Part of that gap is because of the ridiculous amount of money that is being printed by the US government, but another aspect is that AI and robotics remain in a relatively nascent stage.

Elon’s estimation is that the US economy will hit a deflationary period in three years:

Now Elon Musk is known for aggressive timelines and plenty of critics will argue that his estimation is off by a decade or more. I wouldn’t be so sure though. The pace of innovation, and the acceleration in adoption for AI and robotics, tells me the deflationary impact is much closer than most people realize.

These technology trends are not happening in a silo either.

The second big trend we have to pay attention to are demographics and proposed policy shifts. Both of these are curbing consumer demand and shrinking the labor supply, creating a potential “deflationary shock.” Economist David Rosenberg highlights three converging forces:

• Aging workforce: The US median age is 42.3 (up from 36 in 2000), with the dependency ratio (the number of non-working people vs people of working age) rising to 37% by 2035, reducing spending on discretionary goods.

• Immigration restrictions: Tighter policies limit population growth and low-wage labor inflows, suppressing household formation and service-sector demand.

• Tariffs: broad tariffs (e.g., on imports) could slash consumer spending by raising costs, leading to a demand cliff.

These three factors could weaken aggregate demand, which can cause prices to fall as businesses face oversupply and cut prices to clear inventory. On the positive side, lower demand might stabilize housing and services inflation, but it risks a vicious cycle of delayed spending and job losses, especially in retail and construction.

Getting this balance right is very important. You want deflation without recession. This can only be done by creating positive supply-side factors rather than a collapse in demand. This is often called “good deflation” or “growth deflation,” where prices fall due to increased productivity, technological advancements, or efficiency improvements that boost output and real incomes.

As one example, we are seeing this “good deflation” happen in energy costs over the last year. The decline in energy costs are due to increased domestic production, milder global demand, and efficiency gains from renewables and AI-optimized grids. US gasoline prices are projected to drop 3% (11 cents/gallon) in 2025 vs. 2024, with energy inflation at -1.6% year-over-year as of July 2025.

These cheaper energy prices act as a broad disinflationary tailwind, including lower input costs for manufacturing and transportation. This boosts household disposable income (ex: saving the average driver ~$150/year on fuel) and supports profit margins for energy-intensive industries. However, prolonged declines could hurt oil/gas producers (ex: job cuts in Texas), contributing to regional economic slowdowns. Nationally, it reinforces the Fed’s path to 2% inflation but amplifies deflation risks if paired with weak demand elsewhere.

Specific to energy costs, these drivers are predominantly supply-side (AI and increased energy production) or demand-constraining (demographics/policies). This combination promotes sustainable growth but raising risks of a sharper downturn if they intensify. Again, remember the balance of deflation without recession is really important to get right.

The United States has been able to accomplish this many times throughout history. Here is a list of example time periods:

We have done it before, which means we can do it again. Technology, demographics, and policies can bring prices down and create an economic boom.

Elon Musk knows it is possible. He is quite literally trying to create that future. But for all the talk of inflation, it seems like many investors are ill-prepared for a world where deflation dominates the economy.

As Stanley Druckenmiller once said, “Every serious deflation I’ve looked at is preceded by an asset bubble, and then it bursts.” And there are plenty of people screeching about an asset bubble given current prices. So now the question becomes “will the asset bubble burst and bring deflation?”

I will let each of you answer that question for yourself.

Hope you have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin & Artificial Intelligence Just Hit A Major Inflection Point with Jordi Visser

Jordi Visser is a macro investor with over 30 years of Wall Street experience, and he also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we break down the major forces driving markets today — bitcoin’s price action, accelerating institutional adoption, the latest AI developments, internal tensions at OpenAI, and an overlooked industrial company he believes will be critical to the future economy.

We wrap with a sharp look at the Fed, interest rates, deflation signals, and why easy money is still flowing through the system.

Enjoy!

Podcast Sponsor

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• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

There is wild speculation over who the next Federal Reserve Chairman will be.

It has essentially become a finance soap opera. There was a period of time where the President was threatening to fire Jerome Powell. We saw the administration pressuring the Fed into cutting rates more aggressively. Housing Director Bill Pulte found reported mortgage fraud emanating from one of the Fed Governors, which led to a big legal dispute on whether the President could fire the Governor. And most recently, Stephen Miran replaced Adriana Kugler on the Fed’s Board of Governors after Kugler stepped down to return to academic life.

This type of chaos is relatively unprecedented for America’s central bank. But the entire Trump administration has been relatively unprecedented, so maybe that makes the chaos part of the strategy.

This brings us to the big question: who will be the next Fed Chairman?

While we won’t know until the official announcement, President Trump seemed to give us a hint yesterday during a public appearance at the White House. Watch what he said about Kevin Hassett and the Fed Chairman speculation:

Polymarket odds have Kevin Hassett as the dominant favorite (83%) to be the next Fed Chairman as well.

So who exactly is Kevin Hassett and do we think this is a good choice?

Kevin Hassett is a well-known supply-side economist. His policy views are focused on unleashing economic growth through tax cuts, deregulation, and accommodative monetary policy. A key component of his world view is that we should prioritize growth over very strict inflation control.

Many people consider Hassett to be a “pro-growth” conservative. This is based on his argument that lower barrier to investment and production can raise wages, boost innovation, and enhance national security.

None of those seem like bad ideas. The question is how do we get those outcomes? That is where the big debate and controversy lies.

Now another aspect of Hassett’s views comes from a book he wrote in 2014 where he discusses a “4% Solution.” This idea is a roadmap for sustained 4% GDP growth through tax certainty, spending restraint, and energy deregulation. Again, this sounds a lot like Ronald Reagan’s supply-side ideas.

Hassett has been pushing this idea recently as he argues booming consumption under Trump policies signals “lower-income optimism,” contrasting with what he calls overstated Biden-era stagflation.

Here are some of Hassett’s key policy positions as summarized by Grok:

Now one other interesting data point on Kevin Hassett, which was pointed out by Opening Bell’s Phil Rosen, is that Hassett “is a former Coinbase advisor who still reportedly holds a sizable stake in the cryptocurrency exchange.”

So we have Trump fanning the flames of speculation. We have Kevin Hassett leaning into the supply-side economic policies. And we have market participants that are salivating over the idea of a new Fed Chairman who would bring interest rates down and drive more growth in asset prices.

It ain’t over until the fat lady sings. But I say bring on Mr. Hassett and let him bring some common sense back to the central bank.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Drops 40% — Should We Be Worried?

Anthony and John Pompliano break down the chaos inside today’s markets — from Bitcoin’s pullback to what’s really happening with the ETFs. We dig into why Vanguard suddenly capitulated, how a Trump-appointed Fed chair could reshape the entire macro landscape, and why political goggles are destroying people’s ability to think clearly about money.

Plus, we unpack Michael and Susan Dell’s massive $6.25 billion donation to jump-start investing accounts for 25 million American kids — and what it means for the next generation of wealth-building.

Enjoy!

Podcast Sponsor

• Figure - Need liquidity without selling your crypto? Figure’s Crypto-Backed Loans allow you to borrow against your BTC, ETH, or SOL with 12-month terms and lowest rates in the industry at 8.91%. Access instant cash or buy more Bitcoin without triggering a tax event. https://figuremarkets.co/pomp

• Bitizenship – Get Italian Residency with €250k investment in Bitcoin Startup Italy , maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Today’s Letter is brought to you by The Bitcoin Dolce Visa!

You can now access Italy’s Investor Visa with a €250K equity investment into Bitizenship Italia, a Milan-based Bitcoin startup. Visa approval arrives first, investment happens only after authorization. The company operates with a Bitcoin-aligned treasury, non-custodial L2 staking, and clear redemption windows every 24 months.

To date, Bitizenship has facilitated €25M+ in Bitcoin-aligned residency investments.

A compliant, Bitcoin-native pathway into one of Europe’s strongest economies.

Private placements now open.1

To investors,

Professional investors care about their returns and they care about the correlation in their portfolio. The return measures how much money they are making, while correlations measure how much pain they could feel if a recession or financial panic sets in.

The former shows you upside and the latter illuminates potential downside.

This is important right now because we are living through a regime change in asset correlations. Remember, we saw all assets (stocks, bitcoin, gold, etc) go higher together in 2021, they all fell in unison in 2022, and these assets collectively recovered very aggressively in the last few years. Just like a hand in a glove, these assets ebbed and flowed with each other.

That is starting to change though. Take a look at the performance of various assets over the last 12 months:

• S&P 500: +12%

• Gold: +59%

• US Treasuries (TLT): -1.25%

• Bitcoin: -10%

There are a few major takeaways from these data points. First, US treasuries continue to be a money-losing proposition over the short and long-term. TLT is down more than 40% over the last 5 years and it is negative over the last 12 months too. Second, stocks and gold have done very well in light of the return to monetary easing and misplaced inflation fears. Add in the AI boom for the equity market and it has been a great year for anyone holding these assets.

In fact, Adam Kobeissi explains how strong the current stock market momentum is:

“The S&P 500 has finished positive for 7 consecutive months, the longest streak since 2018. Over this period, the S&P 500 has gained +23.9%. This is also in line with the rallies seen in 2009, 2013, and 2021. Meanwhile, the Dow has seen 7 straight monthly gains, the longest streak since early 2018. With December historically one of the strongest months for the market, upside momentum is strong. The bulls are in control.”

This brings us to bitcoin. The digital currency has been a big disappointment performance wise for many investors in 2025. The widely held belief was that bitcoin would continue the 4-year cycle, including a big blow off top in Q4. Instead, bitcoin is down double digits over the last year and to throw salt in the wound, bitcoin’s dismal performance has been against the backdrop of equities and gold doing so well.

Look at this chart from Justin Gallum. It shows that gold has continued to track M2 global liquidity, while bitcoin departed in the opposite direction sometime in Q3 of this year.

This brings us back to correlations. Investors want to add non-correlated assets into their portfolio so they can increase their risk-adjusted return and reduce the volatility of their investments without giving up potential returns.

The general thesis is that various assets have different demand drivers. For example:

• Stocks → driven by earnings & liquidity

• Gold → driven by real rates & currency strength

• Bitcoin → driven by liquidity, adoption, risk-on sentiment

• Farmland → driven by crop yields & climate

• Art → driven by collector demand

This is why you constantly hear financial advisors yell about diversified portfolios. They are playing a spreadsheet game that attempts to decrease risk without sacrificing returns. Of course, that is not what actually happens in the real world.

You actually have to increase risk and volatility in a portfolio to optimize for total returns. You quite literally should be getting paid for the risk you are taking. But that is not how all investors think. They instead will look at a comparison of these various assets and see that gold’s one year performance is high, the one year volatility is low, and both the one and five year Sharpe ratios are superior.

This is a dream for many investors. The question is whether the dream can continue or if nightmares are right around the corner. If you have been listening to me throughout the year, you probably know I am very optimistic about the next few years in financial markets.

Public equities are poised to continue moving higher. The AI boom is very real and likely only beginning. The fact that our politicians can’t stop spending money means that gold and bitcoin will continue doing well. And maybe the only asset I am bearish on for the next 2-3 years is US treasuries, which seem to be designed to go down forever in value.

Time will tell if I am right or not. But in the current moment, we are watching the breakdown of correlations. Assets are not moving in lock step like they were in recent years. This creates more opportunities for investors to create outperformance…or to underperform the market. Let’s hope each of you is on the right side of that outcome.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

What I Really Think About Bitcoin, Inflation and Economic Policy

Anthony and John Pompliano dig into whether markets have truly bottomed or if more pain is coming.

They break down the economy, inflation, rates, politics, and immigration — and how all of it is shaping investor psychology right now. Plus, they unpack Mike Green’s argument that America’s real poverty line may be closer to $140,000 than $31,000.

Enjoy!

Podcast Sponsor

• Figure - Need liquidity without selling your crypto? Figure’s Crypto-Backed Loans allow you to borrow against your BTC, ETH, or SOL with 12-month terms and lowest rates in the industry at 8.91%. Access instant cash or buy more Bitcoin without triggering a tax event. https://figuremarkets.co/pomp

• Bitizenship – Get Italian Residency with €250k investment in Bitcoin Startup Italy , maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Today’s Letter is brought to you by The Bitcoin Dolce Visa!

You can now access Italy’s Investor Visa with a €250K equity investment into Bitizenship Italia, a Milan-based Bitcoin startup. Visa approval arrives first, investment happens only after authorization. The company operates with a Bitcoin-aligned treasury, non-custodial L2 staking, and clear redemption windows every 24 months.

To date, Bitizenship has facilitated €25M+ in Bitcoin-aligned residency investments.

A compliant, Bitcoin-native pathway into one of Europe’s strongest economies.

Private placements now open.1

To investors,

Yesterday Google became the fourth company in history to hit a $4 trillion market cap. They join Nvidia, Apple, and Microsoft in this rare club of companies.

Nvidia became the first company ever to reach $4 trillion in July of this year, which was quickly followed by Microsoft crossing the same threshold in intraday trading on July 31st. The only problem is that Microsoft closed below $4 trillion that day and the company didn’t surpass the milestone again until last month, which is when they finally closed the trading day above the magic number of $4 trillion.

Apple followed closely behind and crossed the milestone in late October. This means we had never seen a single company reach a $4 trillion market cap, but all of a sudden we have four companies that pulled off the accomplishment in the last five months.

Welcome to the new world of business and finance.

The winners are worth more than you thought and the losers become irrelevant faster than you thought possible. So we must ask ourselves, what is driving the meteoric growth for these large tech companies?

There are a few drivers of valuation. First, these companies are producing insane amounts of revenue.

• Apple revenue: $416 billion (+6%)

• Google revenue: $385 billion +13%)

• Nvidia revenue: $130 billion (+114%)

• Microsoft revenue: $281 billion (+15%)

These numbers are ridiculous. Multi-trillion dollar companies growing double-digit percentages year-over-year and Nvidia more than doubling over the last 12 months.

But this is not only a story of top line revenue growth. These four companies are producing real free cash flow too.

• Apple FCF: $98 billion

• Google FCF: $73 billion

• Nvidia FCF: $60 billion

• Microsoft FCF: $78 billion

Investors look at a lot of data points to measure a company’s value, but nothing is more important than free cash flow and these companies are delivering on that metric.

This free cash flow is being used to do three big things: buyback shares, pay dividends, and make substantial CapEx investments in AI infrastructure. The first two uses of free cash flow are self-explanatory, but it is this third one that has everyone’s attention.

Google is projected to spend around $90 billion on CapEx this year and a significant portion will go to AI infrastructure for their cloud, search, and YouTube businesses. Microsoft is planning to spend around $80 billion with a big focus on AI-data centers and cloud infrastructure for training models, along with deploying AI and cloud applications.

Apple is taking a different approach. They plan to only spend $12.7 billion on CapEx, but majority of it is focused on first-party AI data center infrastructure and proprietary silicon. A big reason why Apple spends so much less on CapEx is their decision to use a hybrid model with third-party cloud providers for large compute demands.

And finally, Nvidia. They don’t spend CapEx on data centers or other traditional AI infrastructure. Instead, Nvidia is one of the big winners from all the CapEx spend by these large companies, because analysts believe Nvidia will capture 25-35% of the total $405 billion in AI-related infrastructure spending globally.

So this brings us back to the fact that four different companies have become $4 trillion companies in the last five months. That is only possible because of the large, addressable market of artificial intelligence. If you evaluate these companies through the rearview mirror of history, you may be worried about their future prospects. You will claim things are expensive or you will question the future durability of their demand.

But if you evaluate these companies as the winners of the largest addressable market of our lifetime, then you realize it is much more likely that each of these four companies are undervalued relative to their future financial performance. Take humanoid robots as a single example. Wall Street banks see the industry growing into a multi-trillion dollar juggernaut over the next 25 years, including a compound annual growth rate of 40-100% for the foreseeable future.

Companies are going to have to innovate on hardware and software to make those projections become a reality. This is noteworthy because humanoid robots are a net new industry. It didn’t previously exist, so that will be trillions of dollars in economic value up for grabs. And who do you think is going to capture some of it?

The largest, fastest-growing, most innovative companies in the world.

There will be plenty of startups that create brand new businesses, but one thing we have learned from the AI boom is that incumbents are very well positioned to benefit from this innovation period. And then there is the new US government support for the industry, which in turn is support for these large cap tech companies.

AI czar David Sacks tweeted yesterday “According to today’s WSJ, AI-related investment accounts for half of GDP growth. A reversal would risk recession. We can’t afford to go backwards.”

And then Energy Secretary Chris Wright said in a television interview yesterday that the administration’s new Genesis Mission is “an all-in national effort to take the power of AI and pair it with the 40,000 outstanding scientists and engineers at our national labs.”

So you have a massive addressable market, tons of free cash flow, a government-driven tailwind, and monetary policy that is easing. What do you think is going to happen? You think stocks are going to enter a decade-long recession or bear market? Give me a break.

The era of $4 trillion companies is here. Eventually we will have $10 trillion companies. No one is going to stop the inevitable.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Matthew Siegel on Crypto Equities and Whether It Is Time To Buy Bitcoin Now

Matthew Siegel is the Portfolio Manager of the VanEck Onchain Economy ETF ($NODE), one of the most forward-thinking institutional products in the crypto ecosystem.

In this episode, we break down how major institutions are evaluating Bitcoin — from market structure and sentiment to what’s driving recent price action. Matthew shares the three indicators he uses to gauge Bitcoin’s direction, how he thinks about buying during volatility, and what he’s watching in crypto-linked public equities. We also dig into the broader digital-asset landscape — from smart-contract platforms to stablecoins and where he sees the strongest long-term opportunities.

Enjoy!

Podcast Sponsor

• Figure - Need liquidity without selling your crypto? Figure’s Crypto-Backed Loans allow you to borrow against your BTC, ETH, or SOL with 12-month terms and lowest rates in the industry at 8.91%. Access instant cash or buy more Bitcoin without triggering a tax event. https://figuremarkets.co/pomp

• Bitizenship – Get Italian Residency with €250k investment in Bitcoin Startup Italy , maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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To investors,

The Federal Reserve and the Board of Governors have a history of debating policy decisions behind closed doors, yet they almost always put on a united front when it comes time for their periodic vote on monetary policy. That is why it was such a big deal when two Fed Governors dissented at the same time back in July of this year.

Not one, but two Governors dissenting in the same meeting. We had not seen two Fed Governors dissent in the same meeting since 1993, so the rarity of the situation raised eyebrows. At the time, most people wrote off the anomaly as a politically driven outcome. Fed Chairman Jerome Powell doesn’t seem to be a fan of Donald Trump and the two Fed Governors who dissented were Trump nominees.

The Fed is supposed to be independent, but if you believe that I have a bridge to sell you. The institution is made up of humans. Humans are biased. That bias doesn’t have to surface in a malicious or nefarious way, but every human is affected by their personal beliefs. That is how human nature works. No one, not even a central bank, is safe from it.

But now we are getting information that those two Governor dissents in July may have been the warning sign of things to come. Bloomberg’s Catarina Saraiva published an article over the weekend titled Fed Watchers Turn to Vote Counting as December Rate Drama Grows. In the article, Catarina writes:

“Division at the Federal Reserve has intensified in recent weeks, with officials staking out disparate positions ahead of the central bank’s December policy meeting — all while Chair Jerome Powell stays silent.

The drama was amped up Friday when New York Fed President John Williams, sometimes seen as a proxy for the Fed chief, signaled his support for a rate cut after several other policymakers came out leaning against one.

Powell himself hasn’t spoken publicly since the central bank’s last rate decision on Oct. 29. But a tally of recent remarks suggests the other voting members of the rate-setting Federal Open Market Committee are now nearly evenly split over what to do, all but ensuring some will vote against the Dec. 10 decision regardless of the outcome.”

These dissents are a big deal because they show cracks in the central banks’ armor. You can think of the constant dissents, especially from Fed Governors, as a very negative signal. There is no consensus. There is no peace. These dissents also highlight how difficult and complex the current economic environment is.

The recent disagreements are even more pronounced because Chairman Powell has done a good job driving consensus during his tenure, but that is all changing now.

This situation reminds me of the book Lords of Easy Money, which is the best break down of the Federal Reserve’s actions during the Global Financial Crisis.

The book is important because it lays out what many people are afraid to say in public: the Federal Reserve may have done more harm than good to the US economy in the last 20 years.

The book’s description states:

“If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us.But here, for the first time, is the inside story of how the Fed has reshaped the American economy for the worse…The Lords of Easy Money skillfully tells the fascinating tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us.”

That one man was Thomas Hoenig and he looks very smart in hindsight. So what did Hoenig do? His legacy is explained with the following:

“In the aftermath of the 2007 recession, Hoenig was thrust upon a national stage as he spoke out frequently about the financial crisis and its causes, as well as the response to the crisis in terms of both regulatory changes and monetary policy. He cast the lone dissenting vote against the FOMC’s easy money policies at each of the eight FOMC meetings in 2010 and was troubled by the FOMC’s stated promise of keeping the federal fund rates at a historic low for “an extended period.”

He also spoke out frequently about the large and systemically critical financial firms known as “too big to fail,” whose carelessness and mismanagement, he said, were a major cause of the crisis.”

With the benefit of hindsight, it is hard to argue that Hoenig was wrong. My guess is other people in the room disagreed with the decisions being made, but they chose loyalty to the Fed institution over loyalty to the American people. Today it looks like there are fewer Federal Reserve officials willing to make that mistake again.

If the Fed held their monetary policy vote today, instead of on December 10th, Jim Bianco believes the current split would be 7-5 in favor of another interest rate cut. That belief is supported by the approximately 63% odds being assigned by the market to a December rate cut.

Even Polymarket has the odds of a 25 basis point rate cut in December at 95% right now.

But this rate cut decision is not going to happen for another four weeks. The vote won’t happen today. We have to wait until December 10th. That is a long time in financial markets. Data can change. Sentiment can change. And opinions can change. So you can’t rely on today’s information for a guaranteed outcome.

However, one thing that has been changing is the financial environment for the average American. They are in pain and want relief as fast as possible. Maybe a rate cut would help in some cases, but it may also create more pain in other cases.

MSNBC’s Kristen Welker asked Treasury Secretary Scott Bessent yesterday “how long do Americans need to be patient? How long do they have to wait for the cost of living to come down?”

Bessent responded with his views on the “three I’s.” He said:

“I talked about the three I’s that were killing Americans: immigration, interest rates and inflation. The president’s closed the border, and the mass immigration is gone. And that was putting – a lot of the immigration was putting upward pressure on housing, downward pressure on wages. Interest rates are down… So across the board, prices are starting to come down. We’re having Thanksgiving week. This will be the lowest cost for a Thanksgiving dinner in four years. Turkey prices are down 16%.”

This is ultimately the challenge of managing an economy. The Federal Reserve is slowly bringing down interest rates, while the Treasury Secretary and the Trump administration’s economic policy advisors are trying to address affordability on a national stage.

You can think of the Fed trying to pull the short-term lever and the rest of the government trying to pull long-term levers. It isn’t a perfect analogy, but it is closer to reality than people think.

There will never be perfect solutions to these problems. The global economy is a complex machine. No one can agree on what the data says, let alone how various decisions will impact the economy. Politics, monetary policy, and economic decisions are all intertwined now. And all eyes are on the Fed’s December rate cut decision.

My guess is the central bank will cut another 25 basis points. I don’t necessarily agree with that decision. My preference all year has been for a 50 basis point cut so we can quickly get to a sub-3% number for the cost of capital. That should provide relief for the average family, incentivize investment in R&D, and generally increase GDP to even more impressive levels of growth.

I don’t think there is any chance of us getting a 50 basis point cut, especially because the Fed is flying blind without some of the BLS data from recent months. So they will chicken out and continue slowly bringing down the Fed funds rate. But if they don’t cut interest rates for some reason, there will be chaos on Wall Street and markets will fall. The crowd knows we need cheaper capital, so the Fed is expected to deliver.

And market chaos is not something Jerome Powell and the Fed are willing to risk.

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Fear Hits All-Time High — What Happens Now?

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and produces deep-dive investing videos on YouTube.

In this episode, we unpack the latest market pullback — why prices are dropping, why investor fear has spiked, and whether this is the start of a bear market or simply a healthy correction.

We also break down asset performance, where Jordi sees opportunity, and the signals that could mark a reversal — plus a quick look at Bitcoin’s volatility and what it means for long-term investors.

Enjoy!

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🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this formand someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

Baron Rothschild once said “the time to buy is when there’s blood in the streets.” And we saw nothing but blood yesterday across financial markets. The S&P was down 1.5%, Nasdaq fell almost 2.5%, and bitcoin was down about 5% over the last 24 hours.

Those are big numbers for these assets to fall in a single trading period. Interestingly, the S&P 500 actually displayed some very rare price action yesterday. The Market Stats writes “S&P gapped up more than +1.5% today, then closed down more than -1.5%. Before today, this only happened in October 2008 and April 2025.”

As I recently heard Chris Burniske say, this roller coaster goes both ways. And the index showed us that yesterday, but now we are left to wonder why we are experiencing such abnormal volatility?

Alex Kruger explains that we had “Extreme price action [yesterday], equities selling off on extraordinary volume and no news. VIX up to 28.”

You don’t see that often. No specific catalyst, especially not an obvious, catastrophic one, yet stocks are falling materially in a single day. But this volatility makes sense when you realize the Fear and Greed Index was sitting at 6 last night. I don’t know if I have ever seen the index that low.

Investors are scared. That is easy to recognize. But what are they scared of? That is a much harder question to answer. Is it the weak labor market data? Could it be the worries about AI CAPEX spending? Or maybe it is the belief that inflation is higher and the Fed won’t cut in December?

No one knows. None of those things strike me as a reason for the S&P to drop 1.5% in a day and the Nasdaq to lose 2.5% in the same timeframe.

But here is the thing, regardless of whether we have a specific reason, Rothschild told us to buy when blood in the streets. So how exactly do you do it?

Famed investor Howard Marks explained his philosophy in a 2018 interview at Wharton:

“My vision is that when the stuff hits the fan and there’s blood in the streets most people…say well we’re not going to buy until the knife stops falling, until the dust settles, until all the uncertainty has been resolved. But the trouble is that once that happens then the price will have rebounded.

So we want to buy at a time of upset and while the knife is still falling and I think the refusal to catch a falling knife is a rationalization for inaction. It’s our job to catch falling knives, That’s how you get bargains. But you have to do it carefully.”

Most people try to avoid catching the falling knife, but Howard Marks realizes that is not possible. This is the type of alpha you get from someone who has built one of the best investing careers in history. Straight contrarian takes that create billions of dollars in profit.

You have to realize that Marks and Oaktree were always willing to buy assets on the way down, keep dollar-cost averaging lower, and then continue buying on the other side of the recovery. This type of conviction during a moment of chaos can only be built through strong analysis that highlights how undervalued an asset is. Most people aren’t built to be greedy when others are fearful.

So where do we go from here?

The short answer is that no one knows. Carson Group’s Ryan Detrick pointed out earlier this week that the stock market very rarely peaks in the month of October, so history would suggest the bull market is not over yet. If the historical trend was wrong, this would only be the 7th time since 1950 that the market peaked in the month of October.

Never say never though. Just when you think you have financial markets figured out, something will happen to make you question everything again. That is the beauty of investing. It is an intellectually stimulating game because the puzzle never ends.

Now before I let you go, I am going to leave you with two charts from Ryan Detrick that will leave you a little more optimistic. The first is that the performance of the stock market on Thursdays has recently been horrible, so yesterday’s big drop is less surprising when you realize the intra-week cyclicality at play.

In addition, Detrick points out “November historically bottoms on November 20th before the seasonal late month rally. What is more interesting is one the weaker parts of the year is Nov 18-20. Looks to have played out this year, now will the rally?”

So yesterday was a blood bath in markets. The seasonality data suggests we could have the worst behind us. But no one can predict the future, so we are all going to find out together where the roller coaster wants to take us next.

Hope you all have a great end to your week. I’ll talk to everyone on Monday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jeff Park on Bitcoin’s Recent Price Drawdown

Jeff Park is the Partner and Chief Investment Officer at ProCap BTC. In this conversation, we break down why bitcoin’s price has been slipping and whether the market is actually signaling the start of a bear trend.

Jeff explains the key forces driving sentiment — from liquidity pressures to global macro shifts — and why a slightly negative year for bitcoin might not be as bearish as it sounds.

Enjoy!

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• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

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To investors,

Bitcoin has crashed approximately 30% from the all-time high of $126,000 on October 6th. The digital currency is now negative on the year and up less than 1% over the last 12 months. As you would expect, bitcoin holders are very disappointed in the asset’s performance.

Sentiment online is about as negative as I can remember it ever being. But ancedotes on the internet can be misleading. Reddit or X can be echo chambers. So what exactly is the data telling us?

Here are five charts that explain what is happening.

First, Zerohedge shows that “the last time bitcoin was here, global liquidity was $7 trillion lower.”

That data point is a big narrative violation. Everyone, including me, expected bitcoin to close the gap between bitcoin’s price and global liquidity. Since that hasn’t happened, many people are wondering if the market has fundamentally changed now that Wall Street has started adopting the asset.

Regardless of the reason, no one can dispute that bitcoin has corrected 30% in the last month and a half. James van Straten explains this is the “third 30% correction for Bitcoin this cycle. Each correction, the time from peak to trough has compressed, this has accelerated the max fear sentiment.

• August 2024 (Yen Carry): 147 days

• April 2025: (Tariffs) 77 days

• November 2025: 42 days”

And this correction has now hit oversold territory. Coin Bureau shows “Bitcoin’s daily RSI has dropped to 26, its lowest since February, putting Bitcoin in oversold territory.”

Quinten Francois highlights a similar dynamic is playing out with short-term holder supply in profit or loss. We are seeing more than 95% of all coins that have been acquired in the last 155 days are now underwater.

This is obviously a fast way to drive fear into a market and tank sentiment. But markets don’t bleed forever. Eventually an asset gets cheap enough where it becomes attractive to investors. Maybe that is bitcoin at $90,000 per coin or maybe it is lower. I don’t know the exact level where we see the persistent bid return.

However, Bitwise’s André Dragosch says bitcoin whales, those with more than 1,000 bitcoin, have suddenly started buying bitcoin aggressively at the current price level.

So we have bitcoin’s price crashing even though global liquidity is surging higher. We have an asset that is now deeply oversold, which is enticing the bitcoin whales to start buying again. And we have a Fear and Greed index that is still registering below 20.

This is the volatility, chaos, and uncertainty that forged bitcoiners over the years. Those who can keep their head straight when everyone else is losing their mind have traditionally done well. It is much easier said than done though.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Market Just ROTATED This Month - Here’s What’s Next

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation, we break down the recent sell-off in asset prices, including why the absence of a clear catalyst matters, how it may change the way you think about your portfolio, and where Jordi believes capital could rotate over the next 12–16 months.

Enjoy!

Podcast Sponsors

• Figure - Need liquidity without selling your crypto? Figure’s Crypto-Backed Loans allow you to borrow against your BTC, ETH, or SOL with 12-month terms and lowest rates in the industry at 8.91%. Access instant cash or buy more Bitcoin without triggering a tax event. https://figuremarkets.co/pomp

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this formand someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

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To investors,

The market sell-off on Thursday and Friday last week has spooked many investors. They are wondering if the bull market in stocks is over? Are we on the cliff of a 75% drawdown in bitcoin? Will the doomsday pessimists finally have their day in the sun?

These are all legitimate questions. But before we can pontificate about the future, we must analyze what is happening right now in the market. Dan Niles, founder of Niles Investment Management, had one of the best explanations over the weekend. He writes:

“There were two factors driving this market this year:

• Easy money due to the resumption of rate cuts.

• Continued optimism on the AI trade which was also helped by the easy money to fund debt related CAPEX build outs.

Recently these twin pillars of the market have been called into question:

• A December 10th rate cut seems to be a toss up for the Fed with four or more dissents likely even if there is a cut.

• OpenAI talking about a government backstop forced investors to question whether a company that will generate run rate revenues of $20B exiting this year can fund $1.4 trillion in infrastructure commitments.

• As a result of the above, high valuations for the market in general and especially some of the more speculative sectors reliant on easy money are now being called into question.

As a result, this past week while the S&P was up 0.1%, the Magnificent 7 were down 1.1% while my AI index was down 3.2% due to the concerns above. The Russell 2000 in which over one-third of the names are unprofitable and therefore more reliant on easy money was down 1.8%.”

Dan’s point about investors questioning the future is hard to argue with. You can see sentiment shifting in real-time online and market prices are the signals that never lie.

The White House and President Trump’s administration is not one to sit on the sidelines while the fear-mongers run wild. White House Economic Advisor Kevin Hassett went on ABC and explained why the new economic policies under the current administration is actually helping Americans:

“Purchasing power dropped by about $3,000 under Biden because the wages didn’t keep up with prices. Under Trump, it’s already gone up by about $1,200. We understand that people still feel the pain of the high prices, but we’re closing the gap fast.”

Treasury Secretary Scott Bessent sees an even bigger boom in purchasing power on the horizon. He was on television yesterday explaining to Maria Bartiromo how American citizens are poised to see their real purchasing power “substantially accelerate” in the first half of 2026. Take a listen:

Energy prices are down. Interest rates are down. Those are both important facts when evaluating the economic policies that Bessent, Trump, Hassett and others have put into place. But my favorite part of Bessent’s conversation was his pledge to refrain from telling the American people how they are feeling.

I remember when the All-In podcast guys interviewed Bessent earlier this year, they asked him if he believed the official economic data. Bessent said “no.” But more importantly, he explained that the data had been saying one thing over the last few years, but the American people were screaming from the rooftop about a different personal experience.

In that situation, who are you going to believe? Do you listen to the data or do you listen to the people?

Take Ritholtz’s Ben Carlson as an example. He wrote a great piece titled “What If Things Are Better Than They Seem?” In it Carlson points out the following data points:

• 54% of Americans with incomes between $30k and $80k now have a taxable brokerage account and half of them have entered the stock market in the past 5 years.

• Robinhood has something like 25 million customers. For half of them, it’s the first brokerage account they’ve ever opened.

• Nearly 40% of 25-year-olds now have investment accounts up from just 6% in 2015.

• Households with incomes below the median now account for one-third of JP Morgan customers moving money into investment accounts up from 20% in the 2010s.

We’ve gone from housing being your biggest investment to the stock market. Just look at the increase in stock holdings for people under 40:

Besides that being an insane chart of a 300% increase since 2020, my big takeaway is that the data may not matter. People are feeling pain. Grocery prices are too high. Electricity bills are too high. Rent and home prices are no better. It is so bad out there that the New York Times ran an op-ed recently arguing that we should implement price controls on various products and services.

There is madness everywhere you look.

But lets bring it back to investment assets. All this pain in the regular economy is unlikely to pull down stock prices. Companies are producing more profits with less employees. They are becoming more productive, more efficient, and more valuable. You can fake forecasts, but you can’t fake 30% year-over-year growth for a trillion dollar company.

In terms of bitcoin, we just got two straight days of the Fear & Greed Index sitting at a score of 10.

That is very rare. Quinten Francois shows “the average performance when Fear and Greed drops below 20:

• 1 day +0.9%

• 1 week +5.2%

• 1 month +19.9%

• 3 months +62.4%

• 6 months +48.5%”

So what is going to happen in the future? No one knows. But the data is telling us that the recent market volatility is less likely to be the start of a big recession or market crash across all asset classes. We may see lower prices for longer in certain sectors or assets, but the global bull market is still underway.

The challenge for investors moving forward is deciding whether their investment portfolio is optimized for the long term or not. If you are sweating short term price movements, you may be holding the wrong assets or be positioned incorrectly. And, of course, leverage can be the demise of even the best investor.

So I suggest everyone take a deep breath. Relax. If you are long-term oriented, everything is going to be just fine.

Hope you all have a great start to your week. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Market Just ROTATED This Month - Here’s What’s Next

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation, we break down the recent sell-off in asset prices, including why the absence of a clear catalyst matters, how it may change the way you think about your portfolio, and where Jordi believes capital could rotate over the next 12–16 months.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this formand someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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Today’s letter is brought to you by Lava!

Lava’s bitcoin-backed line of credit allows you to unlock your bitcoin’s purchasing power— instantly, flexibly, and securely— without selling your bitcoin.

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With Lava, you can access a full suite of bitcoin-powered financial tools:

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To investors,

The home affordability crisis is having a ripple effect across American politics, financial markets, and society at large. This issue will be one of the most important things for investors to pay attention to over the next decade.

First, home affordability is impacting central bank monetary policy. This summer Jerome Powell said “the best thing we can do for the housing market is to restore price stability.” Take a listen:

While Powell’s comments are true that inflation stabilizing would have a positive impact on housing, the current administration believes the artificially high interest rates are also contributing to an erosion of home affordability. This makes sense…if interest rates are high, mortgage rates are high. If mortgage rates are high, fewer people can afford to own a home.

This position from the Trump administration has led to a very public pressure campaign from the President, Treasury Secretary Scott Bessent, and Federal Housing Director Bill Pulte to get rates lower. Jerome Powell and the Fed will claim they don’t succumb to pressure campaigns, but the Fed started cutting rates within weeks of the public pressure ramping up over the summer. Could it be a coincidence? Sure. Do I think the lack of home affordability in America is influencing Fed monetary policy? Absolutely.

But home affordability is not only affecting monetary policy. We see in financial markets that companies in the real estate market have done very well as investors place bets on various companies’ ability to solve the housing crisis. Take Opendoor as one example. Retail investors have flocked to the stock and went activist on the old management team. The CEO stepped down shortly after the activist campaign started, the company hired the former COO of Shopify, and Opendoor is now going through a significant transition from an investment company to a software company.

These various changes have led to the company’s stock price going from around $0.50 at the low this year to the closing price of $9.37 per share yesterday. Can Opendoor increase access to home ownership? We are going to find out. But I became an investor in the company this year and am genuinely proud to have my investment dollars helping to fund a company that is focused on helping more Americans own a home. I suspect there are many others like me who want to see this problem solved.

This is an interesting dichotomy from the performance of various home builders. Lennar is down -0.2% year-to-date, D.R. Horton is up only 6%, and NVR is down nearly 9% in the same timeframe. PulteGroup is one of the rare standouts with a nearly 13% appreciation this year.

As I mentioned at the start, the housing market is having an impact everywhere. It touches on technology, tariffs, and monetary policy. It is a complex market that will create lots of mispricings over time. Investors are trying to figure out who can create value over the long run and who can’t.

But nowhere is housing having a bigger impact than in American politics.

We saw Zohran Mamdani get elected New York City mayor while openly running as a socialist who promised free buses, rent freezes, and government-run grocery stores. President Trump and his administration have floated the idea of a 50-year mortgage to help alleviate the financial pressures preventing young people from buying a home. And Federal Housing Director Bill Pulte told me last week in a public interview that US home builders need to build more homes or the US government may take a deeper look at what federal dollars are flowing to these companies.

Monetary policy. Financial markets. Politics. Everywhere you look, home affordability is driving part of the story. So how do we fix this? What is the solution?

You build more housing. Yes, it is really that simple.

It doesn’t even matter what type of housing you build. You can build affordable housing and the increased supply will drive down the cost of affordable housing. More supply means lower prices. Economics 101. But recent studies show that building luxury apartments also drive down housing costs in a city.

The UPJohn Institute writes:

“In cities with tight housing markets, policymakers have struggled to help lower-income residents afford homes. New research shows that just building new housing—even expensive housing—can quickly drive down housing costs across metro areas, including in low-income neighborhoods.

Building housing sets off a process called a migration chain, as people leave their homes to move into new units. When people vacate a given type of unit, it loosens the market for that type of unit, which lowers prices. Other people move into the newly vacant homes, leaving their previous units vacant, and the process repeats itself again and again.”

So what is my big takeaway from this? The first principles solution to numerous issues and complexities in American society is to simply build more housing. It will positively impact monetary policy, financial markets, and politics. More housing pushes us back towards the American dream. More housing increases adoption of capitalism and democracy. And more housing helps American families get closer to the financial security they are passionately chasing.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains Why $100K Bitcoin Is Just the Beginning

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation, we discuss Bitcoin’s “IPO moment” — why investors are feeling disappointed, what’s really happening beneath the surface, and how these dynamics could reshape portfolios in the months ahead.Jordi also shares his perspective on Tesla, artificial intelligence, and the shifting political landscape — explaining how the New York City mayor race and overall market sentiment could influence the next phase of global investing.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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Join us at the 3rd Annual Bitcoin Investor Week!

The 3rd annual Bitcoin Investor Week is returning to NYC on February 9th - 13th. This is the largest gathering of serious bitcoin investors in the world. 2,500+ people are expected this year.

Speakers include Jan van Eck, Lyn Alden, Jeff Park, Anthony Scaramucci, Matt Cole, Caitlin Long, Dan Tapiero, Mark Yusko, Brandon Lutnick, Fred Thiel, and many others.

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To investors,

The bears have been in control of financial markets over the last few days. The S&P 500 is down 2.5% over the last 5 days. The Nasdaq is down 4% during the same timeframe. Bitcoin is down 5% over the last week.

It has been a sea of flashing red numbers for a week.

But have no fear, the Trump Put is here. The President of the United States of America decided to come out swinging on Sunday morning with a Truth Social post promising a $2,000 “tariff dividend” to every US citizen who isn’t a high-income earner.

You didn’t think the President who measures the health of the US economy based on the stock market was going to sit around and let the bears take a victory lap, did you?

Now will the tariff dividends happen? I have no idea. Polymarket odds are only at 15% right now.

Another question is whether it matters if the tariff dividends actually happen? I don’t think so. The Trump Put already had its intended effect.

It only took this one social media post to completely change the direction of travel for asset prices. Stocks and bitcoin have surged higher as enthusiasm returned to the market.

This is the Trump Put. He has consistently made announcements that influenced the stock market at opportune times. You may remember his social media post saying “THIS IS A GREAT TIME TO BUY!!!” right before the market bottomed in April of this year. Trump backed down from his 100% tariff threat on China about an hour before futures opened on Sunday night a few weeks ago. And yesterday, amid all the panic and fear, the shining light on the hill was a simple promise from the leader of the free world to send out billions of dollars in stimulus checks.

Are stimulus checks a good idea for the long term health of the US economy? Of course not. Does anyone care right now? Not really. People are too focused on the short-term fears of a stock bubble or a perceived incoming bitcoin bear market.

Most people think if the President wants to hand out $2,000 to millions of citizens, especially right after a socialist agenda was voted into power in NYC due to affordability issues, then let the man hand out the money. It is complete disregard for the long-term strength of the economy and the devaluation of the US dollar.

Remember, inflation can only be created in Washington DC and a fast way to increase the odds of high inflation is to hand out thousands of dollars to hundreds of millions of people.

But this Trump Put is not the only thing likely to drive asset prices higher through the end of the year. We already know clarity on the China trade deal is coming. We also saw the Federal Reserve cut interest rates for the second time in the same number of meetings. And now Polymarket is showing the odds improving of the government shutdown being resolved before November 15th.

Sunday morning started out with a 62% odds of the shutdown being resolved after November 16th, but throughout the last 24 hours those odds plummeted to only 7%. A big reason for this change is the report last night that an agreement was reached in the Senate that would see enough Democrats step across the aisle and vote for the government to reopen.

If we get the government shutdown behind us, you should expect stocks and bitcoin to go higher quickly. Opening Bell Daily’s Phil Rosen writes “The US has seen 21 shutdowns in the last 50 years and the S&P 500 has gained 1.2% one month later and 2.9% three months later on average. Stocks are almost always higher after a government shutdown.”

Altcoin Gordon shows that bitcoin rallied 50% in 3 months coming out of the last government shutdown as well.

So what is going to happen here? No one knows. We are all trying to predict an unknowable future. But what I have learned in the last 5 or 6 years is to trust the vibes. Trust the sentiment. Trust the animal spirits.

Whatever you want to call it. How people feel about the market tends to determine how the market performs. And last week was a great example. The fear porn and negative takes were obvious. Folks were predicting the next bitcoin bear market or the end of the stock market rally.

But this week is already different. We just needed the promise of some stimulus checks to get everyone giddy again. And if everyone is giddy, capital will flow into the market lifting asset prices.

I am not the smartest guy in the world, but I know not to fade the Trump Put.

We got the put yesterday morning. Asset prices are responding. And the bull market is back on again.

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains Bitcoin, Tesla, AI, and the Shifting Political Landscape

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation, we discuss Bitcoin’s “IPO moment” — why investors are feeling disappointed, what’s really happening beneath the surface, and how these dynamics could reshape portfolios in the months ahead. Jordi also shares his perspective on Tesla, artificial intelligence, and the shifting political landscape — explaining how the New York City mayor race and overall market sentiment could influence the next phase of global investing.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Today’s letter is brought to you by Lava!

Lava’s bitcoin-backed line of credit allows you to unlock your bitcoin’s purchasing power— instantly, flexibly, and securely— without selling your bitcoin.

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Lava is the only bitcoin lending platform available globally—you can borrow from any country or state.

With Lava, you can access a full suite of bitcoin-powered financial tools:

• → Borrow dollars instantly

• → Earn 5% APY ****on your USD balance

• → Buy bitcoin with zero fees

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To investors,

The US economy is in a very weird position. We are watching companies accelerate their earnings, while the job market is declining at a rapid pace. You will read headlines about how great everything is going followed by headlines about how horrible everything is.

Both perspectives are true. It just depends where you are looking.

Take corporate earnings as a positive example. Creative Planning’s Charlie Bilello writes “with 70% of companies reported, S&P 500 operating earnings are up 19% year-over-year, the 11th straight positive quarter and highest growth rate since Q4 2021.”

Given how well corporations are doing, you would expect investors to be euphoric. Their portfolios are growing in value and stocks keep climbing higher. But in the surprise of the year, investors are incredibly negative right now.

Carson Group’s Ryan Detrick points out investor sentiment currently sits at Extreme Fear even though “a few days ago the S&P 500, Russell 2000, Dow, Nasdaq, and Nasdaq-100 all closed at new monthly all-time highs.”

It is crazy to think about stocks at all-time highs, yet investor sentiment in the toilet. Those are the type of ingredients that almost certainly guarantee we can’t be at a market top.

The sentiment divergence is not exclusive to investors either. Jim Bianco shows consumer sentiment is falling rapidly as well. He writes “Red is the stock market. It’s going straight up. Rate cuts help. Blue is consumer sentiment, it’s going straight down and is near a multi decade low. Inflation (affordability) is driving this measure lower. Rate cuts hurt.”

Lets go back to investors for a second though. Ryan Detrick goes on to explain that the market is overwhelmed with bearish investors. They are everywhere. He writes “AAII bulls minus bears is -11.1% in 2025. Only 3 other times has this ever been -10% and all happened in bear markets (1990, 2008, and 2022). Incredibly, bears outnumber bulls by 11.1% in ‘08, the exact same level as in 2025 so far.”

But the dichotomy gets even weirder when you dig deeper into the data. Commerce Secretary Howard Lutnick was asked about the US economy last night in an interview and he said “Which way is the stock market going? Up, up, up! Which way is the economy going? 3.8% last quarter... the economy is on fire because Donald Trump’s economy is one that says... BUILD IN AMERICA.”

Lutnick is not wrong. But contrast that with the jobs data that came out this morning. CNBC’s Jeff Cox explains:

“Job cuts for the month totaled 153,074, a 183% surge from September and 175% higher than the same month a year ago. It was the highest level for any October since 2003. This has been the worst year for announced layoffs since 2009.”

So the economy is booming but the job market is deteriorating. Stocks are flying higher, yet sentiment is succumbing to gravity. The obvious culprits are artificial intelligence and interest rate cuts. Both trends help corporations and asset owners at the expense of the average citizen who has little to no investment assets.

I don’t know what the solution to this problem is. The complexity here is hard to overstate. You can’t allow corporations and asset owners to be destroyed because job losses will only accelerate. You can’t continue to have half of the country being financially destroyed due to technology, economic conditions, and a lack of financial education.

This may be one of the great challenges of our time. We have to walk a tight rope between these opposing forces. A potential solution is to get more Americans invested in the capitalist system. Programs like Invest America, which wants to fund a stock brokerage account for every baby born in America, could have a positive impact. The issue with a program like that is it will take decades to see the impact.

It doesn’t mean we shouldn’t pursue the program. We just can’t count on it as a magic solution today. One idea I have been thinking through is a “Stock Dividend” to the American people. It could work as a potential tax rebate. The government would determine an amount to be returned to every citizen, but rather than pay in cash, the government would deliver shares of the S&P 500 or Nasdaq.

There are a lot of nuances that would have to be figured out. And we have to remember a large portion of the country doesn’t pay federal income tax, so you would have to account for those people in the program too. But this type of creative, entrepreneurial idea would get every American a stake in the economic system. It would have a profoundly positive impact on their financial life and it would likely create a less divisive political environment.

The people are screaming they need help. How the government, the economy, and corporations decide to respond will determine a lot about the next few years in the United States.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin’s Big Risk Exposed

Jeff Park is the Partner and Chief Investment Officer at ProCap BTC. In this conversation, we dive into the current bitcoin market cycle — why price sentiment has shifted, whether younger investors are losing interest, and where the next wave of buyers could come from.

Jeff also breaks down how both macro forces like interest rates and micro market dynamics are influencing bitcoin’s trajectory, and reacts to Scott Bessent’s viral tweet that might signal a turning point for crypto markets.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Today’s Letter is brought to you by Arch Public!

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To Investors,

We saw Democrat candidates win major races yesterday for Governor of Virginia, Governor of New Jersey, and mayor of New York City. This is a good ‘ole fashion ass kicking. A straight rout across the board in favor of the Democrats.

Half of the country is waking up happy this morning and the other half is left wondering how we got to this point. But put politics aside for a second.

There is a very important finance and economics story smacking us in the face. The voice of the people was heard last night. They are clearly telling the world that rent is too high, groceries are too expensive, the system is not working for them, and change is needed.

You can see these problems clearly in the data.

First, the difference in sentiment between the people who make more than $100,000 and those who make less than $100,000 is widening. You can see this clearly getting worse since the summer of 2022 and accelerating in 2025.

You can call it a k-shaped economy. You can call it a bifurcation. No matter what you call it, the economy is being split into two groups: those that own assets and those that don’t.

This k-shaped economy related to sentiment passes through to consumer spending habits. We know that the top 10% of earners account for half of US personal spending.

But when you dig into consumer prices of every day items like groceries, you can see a very big problem. Adam Kobeissi writes “US grocery prices have risen +5.3% YoY as of July 2025. To put this differently, if a family spends ~$1,000 a month or $12,000 a year on groceries, this marks an average annual increase of +$636.”

Home affordability doesn’t offer a much different story. Kobeissi continues by showing “it would take a -38% drop in home prices OR a +60% JUMP in household income JUST for affordability to go back to 2019 levels. You must now make ~$113,000/year to afford the MEDIAN home in the US.”

The problem is only going to get worse in the short-term too. For example, artificial intelligence is driving a wedge into the job market. You see the people who are using AI continue to grow revenue and profits, while the working class is watching job openings fall off a cliff as AI begins replacing many jobs.

So the financial answer is for people to acquire assets. Bill D’Alessandro shows this chart of wage growth vs. asset appreciation. He says “you’ve got to be converting your time/wages into assets. Best time to start was 20 years ago, second best time is now.”

So when I think about what is happening here, you have to believe multiple things are true. The people are voicing their opinion for a reason. Affordability in America is way too high. We have to bring that down and provide relief for millions of people. You also have to see that the financial answer is for more people to own assets, but understand why that is nearly impossible to get people to do. Our schools don’t even teach financial education, let alone most young people having the ability to understand investing.

At the same time, the rise in popularity for dumb ideas like socialism is a response to the affordability crisis. If you don’t have a financial solution, you immediately look for a different release value. It is easy to get swindled by a charismatic guy who promises a bunch of free things, especially when that guy is explicitly acknowledging the pain that you are experiencing.

It doesn’t make the socialist ideas good. But it is understandable why the message resonates. Over the coming weeks I will explore the various ways this change is going to impact financial markets, but I will leave you with one of the important truths I have come to believe: the voice of the people will ultimately be heard.

And their message was crystal clear last night.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Recession Odds, Bitcoin’s Future & NYC Mayor Election

Anthony and John Pompliano break down today’s markets — from Scott Bessent’s U.S. outlook and Tom Lee’s bullish call to Jordi Visser’s take on Bitcoin’s “IPO moment.”

They also cover job growth, mega themes, the New York City mayoral race, and Anthony’s latest thoughts on bitcoin and stocks.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

The stock market has been on a tear this year. The S&P 500 is up more than 16% and the Nasdaq has surged 23% higher year-to-date. This outperformance is largely attributed to the investment boom related to artificial intelligence.

But one question lingers in the mind of every investor…are we in an AI bubble?

The answer to that question will determine the portfolio returns of tens of millions of people. Before we discuss whether we are in a bubble or not, it is important to understand what is actually happening in the economy.

The best description I have seen comes from Adam Kobeissi when he wrote about the AI construction boom:

“The Dodge Momentum Index surged +60% YoY in September, to the highest on record. This index serves as a leading indicator of non-residential construction, tracking projects that typically move from planning to groundbreaking within 9–12 months.

The jump was led by a +75% YoY spike in institutional projects such as healthcare and public buildings, and a +53% jump in commercial activity driven by data centers and retail. The index also rose +3% MoM in September, extending a powerful uptrend after +5% in August and +21% in July.

In other words, the surge in AI-driven data center projects is set to translate into a powerful construction boom across the US in 2026. AI’s impact on the real economy is accelerating.”

Goldman Sachs and Mike Zaccardi explain a big reason for this explosion is that mega-cap companies continue to exceed expectations on their AI CAPEX spending.

So whether we are in a bubble or not, we know that companies are sinking insane amounts of money into building data centers and power generation. In fact, the investment in power generation is very important to pay attention to because the market is realizing that power, not chips, are the limiting factor for hyperscalers.

Don’t take my word for it though. Here is Microsoft CEO Satya Nadella explaining the lack of power supply on a recent episode of the BG2 podcast:

It is crazy to hear the CEO of a multi-trillion dollar company saying he has the compute capacity, but he doesn’t have the data centers and power supply to plug them into. This completely changes the way that investors will view the AI market.

Strategist Shay Boloor explains:

“The real constraint is not compute but power & data center space. This is exactly why access to powered data centers has become the new leverage point.

If compute is easy to buy but power is hard to get, the leverage moves to whoever controls energy & infrastructure. Every new data center that $MSFT, $GOOGL, $AMZN, $META & $ORCL are trying to build needs hundreds of megawatts of steady power. Getting that energy online now takes years which means the players who locked in power early & built vertically across the stack are the ones with real control.

Hyperscaler growth is no longer defined by how many GPUs they can buy but by how quickly they can energize new capacity.”

Now Shay wrote this analysis before this morning’s mega announcements of energy deals with the hyperscalers. VanEck’s Matt Sigel points out “$15 billion in Bitcoin mining deals this morning. Sector market cap: ~$65 billion. Imagine if oil majors announced deals worth 20% of their market cap in one day. That’s how fast AI is rewiring the global energy stack.”

The two deals this morning come from IREN and CIFR, two bitcoin mining businesses that are making the transition into AI data center providers. IREN announced a $9.7 billion AI cloud contract with Microsoft and CIFR announced a $5.5 billion deal with Amazon’s AWS.

These mega deals prove the point that Satya Nadella was making. There is a significant supply-demand imbalance for data centers and energy production. You don’t have to be Albert Einstein to realize that the companies who solve this problem will create significant value for their shareholders.

It is hard to have a bubble in AI when every person you talk to is yelling from the rooftop that demand is drastically outpacing supply. Bubbles only pop when a market gets saturated with supply and there are no buyers left. We are very, very far away from that moment. It doesn’t mean we won’t get there at some point in the future, but it does mean you can stop listening to the market crash predictors right now.

Even the President of the United States believes “everybody wants AI because it’s the new internet. It’s the new everything. It’s one of the biggest things anyone’s ever seen. So everyone wants it. Yeah. I mean, the only problem is if you don’t get it.”

It is hard to be bearish on a sector when the most powerful man in the world is actively creating policies that act as a tailwind for the industry.

With that said, if I had to look at one aspect where risk can start to metastasize, it would be the use of leverage to fund CAPEX investments. We know that companies are reaching the limit of how much cash flow can be used for CAPEX investments. Mike Zaccardi shares a great chart to highlight where we are currently:

Rohan Paul highlights the recent Bank of America research showing borrowing to fund AI data center spending has accelerated at a dizzying pace in September and October.

Regardless of whether you are a bull or a bear on the AI bubble debate, no one is going to solve it. Only the market can do that. The market is the referee. And right now the market is telling us that AI companies are still undervalued compared to the value they will create by solving one of society’s hardest problems.

Have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The Truth About Why Bitcoin Isn’t Exploding (Yet)

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation, we unpack the Fed’s interest rate cuts, the U.S.–China trade dynamic, and what they signal for global markets. We also dive into the Bitcoin, AI, and tokenized assets — explaining how these forces, alongside Tesla’s innovations, are shaping the next major investment cycle.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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Join us at the 3rd Annual Bitcoin Investor Week!

The 3rd annual Bitcoin Investor Week is returning to NYC on February 9th - 13th. This is the largest gathering of serious bitcoin investors in the world. 2,500+ people are expected this year.

Speakers include Jan van Eck, Lyn Alden, Jeff Park, Anthony Scaramucci, Matt Cole, Caitlin Long, Dan Tapiero, Mark Yusko, Brandon Lutnick, Fred Thiel, and many others.

TICKETS: https://bitcoininvestorweek.com

To investors,

Uncertainty is a cancer that can spread fear through a market. It can kill optimism quickly because as the uncertainty mounts, the flow of capital slows and asset prices lose momentum. It is this loss of momentum that becomes dangerous to bull markets.

Thankfully, we got extreme clarity yesterday on two major topics that investors care about: interest rates and our China trade relationship.

First, Jerome Powell and the Federal Reserve cut interest rates 25 basis points during the conclusion of this week’s meeting. The decision was not a surprise, but some of Powell’s commentary around the decision was noteworthy.

The Fed Chairman still believes there is potential risk to rising inflation, which frankly has failed to show up as he previously predicted, and he believes there is continued pressure on the labor market. His exact words were “risks to inflation are tilted to the upside, and risks to employment to the downside.”

That is central banker speak for “we are watching the market but there is not explicit problem I can point to and scare you with at the moment.”

At another point Jerome Powell was asked about the potential of a bubble in AI and the comparison to the 1999 tech boom. His answer was interesting:

Business models. Revenue. Profits. You know, things that real companies have! This rational take from the leading central banker will hopefully quell some of the doomsday predictions of a massive bubble in AI.

So the good news coming out of the Fed press conference yesterday is that rates were cut once again. The 25 basis points decrease brings cheaper capital into the market, incentivized more research and development in the corporate sector, and should result in asset prices continuing to go higher over the coming weeks.

But the interest rate cut was not the only clarity we received yesterday.

Last night we got word from President Trump’s visit to Asia that the United States has struck an agreement with China. This agreement is widely being reported as a tariff truce that is aimed at easing trade barriers the two countries have put on each other in recent months. Given the fact that tariffs were not fully removed, I don’t know if I would call it a truce. I would likely call this something more akin to a de-escalation when it comes to tariffs.

Regardless of the specific wording, the important thing is that an agreement has been reached. Both the United States and China can claim victory in the outcome, which is an important component too.

So what exactly was agreed to?

Bloomberg explains the main components of this agreement include the US cutting tariffs on Chinese goods related to fentanyl down to 10%, China will buy a “tremendous amounts” of US soybeans and other farm goods, China will pause sweeping controls on rare earth exports, the US will roll back expansion of restrictions on Chinese companies, the US will extend a pause on some reciprocal tariffs for a year, and China will work with the US to resolve issues related to TikTok.

It seems that both sides gave something in the negotiation, which is how a good deal gets done. Everyone has to walk away feeling like they could have gotten a slightly better deal. But the leaders of both countries seemed to be pleased with the meeting. Even President Trump described it as a 12 out of 10 and had many nice things to say about President Xi.

This brings us back to how investors should perceive these events. It is nearly impossible to see interest rate cuts and a China agreement as a bearish catalyst that will lead to lower asset prices. The exact opposite is likely to happen. The United States is open for business and we have been running around the world striking trade deals that increase the amount of capital being invested in our country.

Add in the fact that our central bank realizes they have to get the cost of capital down, which is why they continue to cut rates, and you have a clear picture of the ingredients needed for a bull run to continue.

Clarity brings capital. Capital brings higher prices. Higher prices brings momentum. And momentum is really hard to stop once it gets going. The bull run is underway. The pessimists are wrong. This train won’t stop any time soon, so make sure you don’t poison your brain with fear porn.

We are cleared for lift off. The next few weeks and months should be a lot of fun.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Wall Street Gives Credit Rating To Strategy For First Time

Jeff Park is the Partner and Chief Investment Officer at ProCap BTC. In this conversation, we unpack why Strategy securing a credit rating marks a major milestone for Bitcoin adoption.

Jeff breaks down what it means for corporate balance sheets, the upcoming Solana staking ETF, and how prediction markets are shaping global narratives — including the wild debate over whether Donald Trump might actually be Satoshi.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Join us at the 3rd Annual Bitcoin Investor Week!

The 3rd annual Bitcoin Investor Week is returning to NYC on February 9th - 13th. This is the largest gathering of serious bitcoin investors in the world. 2,500+ people are expected this year.

Speakers include Jan van Eck, Lyn Alden, Jeff Park, Anthony Scaramucci, Matt Cole, Caitlin Long, Dan Tapiero, Mark Yusko, Brandon Lutnick, Fred Thiel, and many others.

TICKETS: https://bitcoininvestorweek.com

To investors,

I published a conversation with Coinbase’s Head of Consumer and Business Products yesterday. In the recording, Max Branzburg mentioned a “DeFi mullet,” which was described as the “easy Coinbase experience in the front and DeFi in the back.”

This comment got me thinking about what is happening at the intersection of crypto and traditional finance. First, it is clear that “crypto” is not going to be a thing in a decade. Everything will be “finance” and you won’t know the difference between centralized or decentralized infrastructure.

This is similar to what happened with the internet. There used to be internet companies and non-internet companies. People used to be considered cutting edge if they were using the internet, but now you would be deemed an idiot if you didn’t use the internet. The same thing is happening with crypto.

Everyone from the new fintechs like Robinhood or the legacy firms like Blackrock are realizing they have to embrace this new technology in a variety of ways. No one calls Blackrock a bitcoin company and I don’t think many investors would consider Robinhood a crypto company. But those details don’t change the fact that each company is using this new technology to gain an advantage in the marketplace and better serve their customers.

This decreasing importance of the “crypto” industry is a good sign. It means technology is becoming standard and expected. You can see the convergence happening perfectly with exchanges. Coinbase, Kraken, and many other crypto-native exchanges are racing to list public equities via tokenized securities. The fintechs like Robinhood, Public.com, eToro, and WeBull are quickly adding various crypto assets to their platform. Even ICE, CBOE, and Nasdaq are all finding various crypto products or companies to list on their exchanges.

You aren’t going to have crypto and non-crypto exchanges. The end game is for exchanges to list public equities, crypto assets, and prediction markets all in one place. This is why Coinbase is publicly saying they want to be the “everything exchange,” while ICE is investing billions of dollars in prediction markets and crypto products.

These firms are battling to be the future dominant venue for investors to buy and sell assets, regardless of their structure. The winner will capture tens of billions of dollars in profits. No wonder these exchanges are acting like they are in an all-out war for market share.

But exchanges are not the only place this is happening.

It seems like every day brings new headlines about stablecoins being adopted by the legacy finance players. Yesterday, we saw Coinbase announce a new partnership with Citi to “make on and off-ramping crypto easier for Citi’s institutional clients.” As part of the announcement, Coinbase CEO Brian Armstrong said “It’s not a debate anymore - crypto and stablecoins are the tools that will update the global financial system.”

I think it is hard to argue with his logic at this point.

Large financial institutions like Citi are not the only ones trying to create shareholder value by embracing stablecoins in the legacy system. Western Union says they are piloting stablecoin settlement rails to speed up cross-border payments and cut reliance on SWIFT.

Their CEO Devin McGranahan says the company “sees stablecoins as an opportunity, not a threat.” That seems like a fair perspective to have, but the real question is whether these legacy companies will be able to move quickly enough to avoid disruption.

Based on the fact that Western Union’s stock is down more than 50% over the last 5 years, it is more likely the market believes Western Union is going to be one of the carcasses left on the playing field by stablecoins and crypto-native payment rails.

But here is the thing about stablecoins, right now you have to be a crypto-native to use these assets. You need to know what a wallet is. You need to know the difference between USDT, USDC, USDe, and many others. You have to understand how wallet addresses work, along with making technical decisions like which blockchain to leverage for your transaction.

Normal people aren’t going to do any of that. They want to simply send, receive, and hold US dollars. This is where the “DeFi mullet” comes into play. The interface has to be familiar and trusted, while the infrastructure and plumbing can be completely upgraded.

Victor Yaw has a great way to frame what is likely to happen. He writes “stablecoins will disappear into the plumbing of finance. Money will move across borders the way data moves across networks: instantly, programmatically, and without intermediaries noticing.”

That sounds magical. Users get a better experience, while avoiding any requirement to learn new technologies. Add in the fact that large organizations like Blackrock, JPMorgan, Citi, Venmo, and PayPal will be offering these services and you can see why adoption is only going to become more pervasive over time.

We have already seen bitcoin find success in the legacy system by companies putting the digital currency in traditional wrappers like ETFs or public companies. Now we will see similar things happen with stablecoins, but it won’t be ETFs and public companies. Rather it will be payment services and exchange platforms bringing this technology to users.

The DeFi mullet is coming. The question is who will be the biggest winner?

There is a trillion dollar reward waiting for whoever captures the opportunity.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Coinbase Thinks Bitcoin & Crypto Will Replace Your Bank

Max Branzburg is the Head of Consumer Product at Coinbase, one of the most important companies in the crypto ecosystem.

In this episode, we dive into how Coinbase is building the future of finance — from expanding bitcoin access to launching innovative products that bridge crypto and traditional markets. Max breaks down what’s driving Coinbase’s rapid product development, how they’re scaling to millions of users, and why the next wave of financial innovation will come from within crypto.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

You’re invited to ResiDay 2025, a conference for today’s top leaders in residential real estate.

Join myself and ResiClub Founder Lance Lambert on Friday, November 7th in New York City for a one-day conference bringing together the housing market’s top investors, developers, builders, lenders, and brokers. Expect top-tier speakers, networking with industry leaders, and data-driven conversation around the next decade of housing.

Speakers highlights include…

• Bill Pulte, Director, FHFA (Virtual)

• Sean Dobson, Founder & CEO, Amherst

• Jim Jacobi, President, Parkland Communities

• Kaz Nejatian, CEO, OpenDoor (Virtual)

• Raunaq Singh, Founder & CEO, Roam

• Allan Merrill, Chairman & CEO, Beazer Homes

• John Rogers, Chief Data & Analytics Officer, Cotality

Tickets are limited, secure your spot here: https://luma.com/ResiDay2025

To investors,

Asset prices love responding to market catalysts. Sometimes catalysts are telegraphed and other times they come as a surprise. Take the Federal Reserve’s planned meeting on Tuesday and Wednesday this week.

Every investor knows it is coming. It has been marked on calendars all year. Most investors expect the central bank to cut interest rates. In fact, Polymarket is currently showing a 98% chance of a 25 basis point cut.

Asset prices like cheaper capital because investors push further out on the risk curve. Lower rates signal a continued tailwind for stocks and bitcoin. And it is not just the Federal Reserve’s monetary policy decisions that matter in this regard.

Bitwise’s André Dragosch writes “the number of global rate cuts [in the] past 24 months is already higher than after Covid but bears still think bitcoin has already peaked.”

It is crazy to see 312 interest rate cuts around the world over the last 24 months when you realize the Fed’s interest rate is still set at 4% or higher. There is a lot of room to go for America’s central bank to bring rates back down to 1-2%.

But the interest rate cuts this week are only part of the story. Everyone knows those cuts are coming, but what we didn’t know until this weekend was how likely a US-China trade deal was.

Treasury Secretary Scott Bessent did the media rounds Sunday morning and wanted to make sure the world knew a trade deal is coming. Bloomberg writes:

“Top trade negotiators for the US and China said they came to terms on a range of contentious points, setting the table for leaders Donald Trump and Xi Jinping to finalize a deal and ease trade tensions that have rattled global markets.

After two days of talks in Malaysia wrapped up Sunday, a Chinese official said the two sides reached a preliminary consensus on topics including export controls, fentanyl and shipping levies.

US Treasury Secretary Scott Bessent, speaking later in an interview with CBS News, said Trump’s threat of 100% tariffs on Chinese goods “is effectively off the table” and he expected the Asian nation to make “substantial” soybean purchases as well as offer a deferral on sweeping rare earth controls. The US wouldn’t change its export controls directed at China, he added.”

So what should we expect to happen if the US-China trade deal gets announced? Jordi Visser explains how bullish it should be for stocks and bitcoin:

Investors like certainty. They want predictability. If they get clarity in the US-China trade negotiations, markets are going to take off higher. Don’t believe me? Scott Bessent’s commentary from the weekend has already sent stocks and bitcoin inching higher as investors anticipate the big trade deal confirmation.

See here is the thing people don’t want to admit: the world operates in the middle of extreme positions. It is true that US and China are locked in economic competition. They both wish they could decouple. But that is not reality. These two countries depend on each other. So the trade deal is going to get done.

And markets know this. The market also knows rates are going to come down and the government will never stop printing money. Each of these three things are bullish for stocks and bitcoin.

But I do have one surprise for you. Gold’s explosive move in the last few months probably signals we are unlikely to see further price appreciation through the end of the year. In fact, we are already seeing gold sell off over the last two weeks and I think that could continue for the rest of 2025.

In that scenario, Bizyugo points out the bitcoin mania started in 2020 when gold peaked.

There is no guarantee we will see a repeat of 2020, but the macro environment is setting us up almost perfectly. I would be surprised if bitcoin didn’t run into the end of the year. And stocks will be side-by-side the digital currency.

The S&P 500, Dow and Nasdaq are all at record highs. Things in motion stay in motion. And I am guessing the party is just getting started.

Hope everyone has a great start to your week. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Proof That Bitcoin & AI Are Going Much Higher

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation, we cover Tesla’s robo-taxis, inflation, interest rates, and the U.S.–China trade dynamic. Jordi also shares how he’s positioning his portfolio, and what Bitcoin, gold, and market psychology reveal about where investors are headed next.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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Today’s Letter is brought to you by Arch Public!

Unlock unparalleled returns with Arch Public’s algorithmic trading tools. Our Bitcoin Algorithm Arbitrage Strategy has delivered an astounding 247% annual return over the past three years.The entries, and exits speak for themselves; precision that drives success. Trusted by more than 15,000 customers and industry leaders, we’ve partnered with Gemini, Kraken, Coinbase and Robinhood to bring you cutting-edge solutions.Whether you’re a seasoned investor or just starting, our proven strategies maximize your potential. Join the ranks of those who trust Arch Public to navigate the markets with confidence.Talk to us today and discover why our expertise sets us apart.

To investors,

The United States of America is the first to do a lot of things. We were the first to write and ratify a Constitution. We were first to put a human in space. We were the first to land on the moon. We were the first to create a commercial nuclear power plant. We were the first to ratify important amendments on human rights like free speech and due process.

And this week America added a new “first” to our resume. The US national debt just crossed $38 trillion, which makes us the first country in human history to have accumulated this much debt.

Adam Kobeissi writes “Total US debt officially crosses above $38 trillion for the first time in history. This marks a +$500 BILLION jump this month, or +$23 billion per day.”

Give yourself a round of applause everyone.

Oh wait, this isn’t a milestone we should be celebrating. In fact, we should be appalled that our country’s leadership has lacked the financial discipline to avoid this scenario.

A big driver of the catastrophic destiny we have been pre-ordained to is our addiction to money printing. Jesse Myers writes “The money printer hasn’t run this hot since COVID. Global M2 money supply now ~$137 trillion. It was $129 trillion just 6 months ago.”

Lawrence Lepard points out “12% annualized growth rate in global M2. Far cry from the Fed’s 2% target and they haven’t really even turned on the printer yet.”

I don’t see the national debt problem going away in my lifetime. This means the currency will be debased to avoid default, so our politicians on both sides of the aisle are essentially sticking our children with the bill.

It is a horrible, no good situation. The only thing I know to do is opt-out of the broken system with some portion of my economic value. The higher the national debt goes, the higher bitcoin will go. And it doesn’t appear either of them will stop any time soon.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why The Bitcoin Bull Market Is Not Over With Jeff Park

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.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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Today’s Letter Is Brought To You By A Golden Visa for the Bitcoin-Forward Investor!

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To investors,

The finance industry runs on economic data. Investors around the world consume various data points, draw conclusions from the data, and make capital allocation decisions based on that data.

But what if the data being consumed by investors is inaccurate? What if the data is politically biased?

It would essentially guarantee misguided investment decisions are being made.

Bad inputs lead to bad outputs. You can’t make good decisions if you are basing those decisions on inaccurate or biased data.

This brings us to a bombshell discovery of provably false and politically biased data by Fundstrat and Tom Lee. In a recent report to clients, Fundstrat pointed out how the University of Michigan consumer survey has become completely unreliable due to a sharp rise in political bias.

Before I cover that bias and inaccuracy, let me explain the University of Michigan survey. The survey is described as “a monthly survey that measures American consumers’ attitudes toward the economy, personal finances, and their readiness to spend. Considered a leading economic indicator, the survey, which has been conducted since 1946, uses a minimum of 500 phone interviews and provides insights into consumer optimism or pessimism. The results are used to predict economic trends, including consumer spending and the overall health of the economy.”

Now lets go back to the political bias and inaccuracies. We have known for awhile there are differences in political affiliations when it comes to inflation expectations. Fundstrat shows that here:

Democrats expect inflation to be 5.3% a year from now, while Republicans believe it will be 1.5%. Of course, the truth is likely somewhere in-between. But this political difference is not a problem because it is clear, transparent, and easily understood. You can summarize the difference as politics breaking the economic brains of those being surveyed.

Is it dumb? Of course. Would I accuse the University of Michigan of tipping the scales in any way? No, not at all.

But Fundstrat takes their analysis a step further. They show that the University of Michigan survey has been corrupted over the last two years. They used to survey Republicans and Democrats on a 50/50 basis for years, but there was an explicit change in early 2024.

The University of Michigan survey has shifted left on the political aisle. Rather than 50/50 survey pool, the surveyed group is now 65% Democrats and the trend is only getting worse. You can see in the chart how absurd the change has been.

So what is the big deal?

If I am being nice, the University of Michigan has suddenly screwed up their data collection methodologies. Frankly, I find that hard to believe given how well they stayed unbiased for years. If I put on my conspiratorial hat, we need to ask why University of Michigan is manipulating the data and putting their fingers on the scale?

I will leave it to each of you to decide whether you think the data issues are intentional or not.

And to provide the most robust analysis possible, here is a 4-minute clip of Tom Lee talking with me about this ridiculous issue:

The economic data is corrupted. It is politicaly biased. If you are counting on that data to make investment decisions, it is going to be very hard to make good investment decisions moving forward.

I am looking at ways to address this issue for myself and our investing activities. As I find solutions, I will share them with all of you.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Gold Is Winning But Bitcoin Will Win Bigger

Anthony and John Pompliano discuss everything happening across the markets — bitcoin, gold, stocks, the Fed, and where things could be headed next.

Are we going up or down? Should investors be worried or getting excited? And why retail investors might actually have an edge over institutions right now.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Today’s Letter is brought to you by Arch Public!

Unlock unparalleled returns with Arch Public’s algorithmic trading tools. Our Bitcoin Algorithm Arbitrage Strategy has delivered an astounding 247% annual return over the past three years.The entries, and exits speak for themselves; precision that drives success. Trusted by more than 15,000 customers and industry leaders, we’ve partnered with Gemini, Kraken, Coinbase and Robinhood to bring you cutting-edge solutions.Whether you’re a seasoned investor or just starting, our proven strategies maximize your potential. Join the ranks of those who trust Arch Public to navigate the markets with confidence.Talk to us today and discover why our expertise sets us apart.

To Investors,

Peter Lynch is one of the greatest investors to ever live. While at Fidelity Investments, he averaged a 29% return and managed the best performing mutual fund in the world. So it is noteworthy that one of his most famous quotes is “if you spend 13 minutes a year on economics, you have wasted 10 minutes.”

Pretty good one-liner, right?

The reason Lynch believed macro economics was noise is because he managed money during a time where everyone was constantly worried about monetary policy, geopolitics, and various topics outside financial markets. His strategy was simply to buy shares in great companies and wait for the companies to increase in value.

It wasn’t rocket science.

But here is the thing, the stock market has significantly changed over the last 50 years. We went from a market where ignoring macro economics increased your likelihood of success to the modern market where paying attention to macro economics is all that matters.

Let me give you an example.

Former Pimco CEO Mohammed El-Erian wrote yesterday “Forgive me for sounding like a broken record, but today’s market action is so illustrative of something I’ve been trying to convey for a while now.

The notable thing about gold today isn’t just that its price hit yet another record high, but how it has done so: Gold is surging on the same day that US stock indices have over 1%. This simultaneous climb in both a classic safe haven and risk assets is a powerful illustration that the drivers of the current gold rally are different from historical patterns.”

Safe haven assets and risk assets are both pushing higher at the same time. That isn’t supposed to happen. It violates everything an investor was taught in their Economics 101 class. So what is going on here?

Holger Zschaepitz explains the different sides of the debate:

“Despite the Nasdaq 100 hitting a new all-time high, market sentiment remains unusually split, a divide also reflected in Bitcoin’s wild swings.

Goldman Sachs sees two ways to read this: Cynics view it as a fragile equilibrium, where even a small shock could end the rally. Optimists see it as the hallmark of a healthy bull market – one that keeps climbing the proverbial wall of worry.”

So who is right? Should we be worried about the concurrent rise of risk assets and safe haven assets? Well, let’s turn back to Peter Lynch.

He once said “I’ve studied the Constitution and the Bill of Rights, and I don’t see anywhere that we have to have a recession every four years. I don’t see why you can’t have a decent environment for years and years.”

Spoken like a true optimist if you ask me.

My personal opinion on why all asset prices are going higher boils down to the macro environment. Markets are forward-looking and everyone has become convinced that the government won’t stop printing money, the national debt is going to continue accelerating higher, the Federal Reserve and central banks around the world have to cut interest rates in the coming months, and artificial intelligence is making companies more profitable with less employees.

Those four factors are causing investors to pour capital into almost all asset classes. They understand holding cash and bonds will likely be a losing trade. You can buy stocks, bitcoin, gold, real estate, or collectibles. The micro decisions are not nearly as important as the big decision to convert fiat dollars into some kind of investment asset.

People are not going to wait around for the currency debasement and persistently high inflation to wreck their portfolio. They are positioning themselves to benefit from the pain on the horizon.

Add in the fact that we are sitting in the middle of October, which means the year end chase is underway, and it becomes obvious that the bull market is not ending this month.

Risk assets and safe haven assets are going to continue performing. In this environment, some investors want to play offense and some want to play defense. But the number of market participants has expanded so rapidly that now there is enough capital for both types of assets to appreciate as money sloshes around the system.

Price appreciation won’t be a straight line to the sky. There will be corrections along the way. But as Peter Lynch advised us, “in the stock market, the most important organ is the stomach. It’s not the brain.”

So keep your head on a swivel and understand the macro environment went from something you could ignore in the past to potentially the only thing that matters today.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

This Executive Thinks Bitcoin Will Hit $180,000 By Year End

Chris Klein is the Co-Founder & CEO of Bitcoin IRA (https://bitcoinira.com/pomp/).

In this conversation, we discuss how retirement investing is changing in the digital era, what people are actually doing inside their retirement accounts, and how the wealthy use these tools to grow their wealth faster. We also dive into broader topics like patriotism in America, macro trends, and the roles of gold, silver, stocks, and Bitcoin in today’s economy.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

• easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Today’s letter is brought to you by MoonPay + Exodus!

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To investors,

All eyes are on gold and bitcoin as capital allocators try to figure out what is happening in the world. The narrative coming into 2025 was gold is a great asset, but it does a better job preventing losses in your portfolio than it does driving outperformance. This is where bitcoin came in.

The decentralized asset was pitched as a digital gold, or as I have previously called it “gold with wings.” The idea has been that bitcoin boasts the same sound money principles as the precious metal, but bitcoin’s unique properties (including the finite supply, the bitcoin halving feature, and the relatively young life since inception) should ensure bitcoin would continue outperforming gold.

That hasn’t happened in 2025 though.

In fact, gold has appreciated about 60% year-to-date, which is the best performance in nearly a half century. Creative Planning’s Charlie Bilello highlights “gold is now the best performing major asset class over the last 20 years with an annualized return of over 11%.”

This performance, particularly the last 11 months, has driven central bank’s allocation to gold significantly higher. Charlie writes “gold now accounts for over 20% of global central bank reserves, the highest share we’ve seen in nearly three decades.”

This central bank demand is important because it overcame the fact that US retail investors have essentially been net sellers of gold and silver since the big rally in price started in March 2024.

But here is the part of the story that is confusing many investors — bitcoin and gold have historically traded in tight correlation. When gold has gone up, bitcoin has followed approximately 100 days later.

These two assets benefit from the same tailwinds of higher national debts, undisciplined monetary policy, and geopolitical uncertainty. In response to these issues, investors prefer to allocate larger percentages of their portfolio to sound money assets. Assets that are outside the legacy system and assets that no one can create more of.

So why is gold responding to the recent global developments, but bitcoin has lagged? Is it as simple as central banks have a lot of money, so they are driving gold to outperform because these large pools of capital are not allocating to bitcoin yet?

Sure, that is part of it. But there is something more nuanced at play here. Most people are too focused on gold’s outperformance and forgetting to check bitcoin’s relative underperformance.

Joe Carlasare shows the current bitcoin bull market has significantly underperformed past bitcoin bull markets. We haven’t seen the breathtaking price appreciation we have come to expect, which means the market has been void of the blow-off tops driven by the retail frenzy.

If you have been buying bitcoin for speculative purposes, especially if the most attractive quality was it’s perceived asymmetry, you are very disappointed right now. I wouldn’t blame you. Bitcoin has not delivered on that promise so far in this cycle.

But if you were buying bitcoin as a defensive asset to protect your purchasing power from currency debasement and out of control inflation, then you likely have been good with the results. Bitcoin is up about 1,500% since January 2020 and the asset has appreciated more than 18% in 2025.

The asymmetry of bitcoin came from the high degree of risk an investor was taking when they bought the asset. You get paid for the risk you take. But bitcoin is not risky anymore. It is very obvious that bitcoin is not going away, the government is not going to outlaw it, and bitcoin will eventually seep into every sophisticated investors portfolio.

So you should expect bitcoin’s return to come down from past bull markets. This doesn’t make bitcoin unattractive at all. Instead, it means bitcoin’s rise is essentially pre-ordained at this point. It will take time, but bitcoin is going to win on a global stage as one of the top store of value assets. Gold will do well alongside bitcoin. These two assets are not in competition with each other, but rather they serve as brothers in the fight against currency debasement.

Coexistence is a good thing for both assets.

But in the short-term, we may have hit a turning point this weekend. We are most likely to see a large rotation from the gold trade into bitcoin through the end of the year. Joao Wedson writes:

“Bottom signals in the BTC/Gold ratio are extremely rare, and they tend to appear during high-volatility moments and sharp BTC drawdowns. Well, we’re exactly there right now.

The blue signal marks the current bottom, revealed by a normalized oscillator that’s basically screaming: “time to sell gold and buy Bitcoin.” The green signal, on the other hand, is even stronger. It shows up when both metrics align at their lows, and historically those moments have been the best BTC/Gold opportunities ever recorded.

My message goes out to institutional gold accumulators: if I were you, I’d take a close look at this chart. The risk-reward profile of Bitcoin looks far more attractive right now, especially considering the current gold euphoria.

Use this chart however you want. But mark this moment — it could be remembered as the turning point between Gold and BTC.”

So there you have it — gold has done very well in 2025, but past performance is not indicative of future performance. We may be on the doorsteps of the great rotation from gold to bitcoin. If that theory comes true, bitcoin will likely have a fireworks ending to the year.

Hope everyone has a great start to their week. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Crashed - Here Is Why Jordi Visser Is Still Buying

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation, we discuss the banking crisis, credit contraction, and what’s driving fear in today’s markets, Jordi shares what he’s buying, whether he’s worried about a broader slowdown, and we also touch on OpenAI’s breakthroughs, new AI models, and whether “the aliens are real.”

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.

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• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

The housing market is widely seen as a key input for what happens in the US economy and how the Federal Reserve decides monetary policy. I asked one of my favorite X accounts to put together a guest post on the current housing situation. This person, who wishes to remain anonymous, has an X account you can follow.

The beauty of anonymity is the reader is left to judge the merits of what is written, rather than assign value based on who the writer is. This guest post should help you better understand what is happening with yields and housing. I hope it is valuable to you.

Here is Housing’s Next Act.

The U.S. economy has shifted from late cycle wobble to clear deterioration. Job growth is fading, openings have drained toward pre-pandemic levels, and the latest ADP print turned negative. Household balance sheets are fraying where credit card and auto delinquencies are climbing toward Great Financial Crisis highs, student loan stress has re-emerged, and office vacancies are at records.

In the market’s plumbing, strain is no longer subtle. SOFR has traded above the Fed’s interest on reserves, a sign dollars are scarcer at the margin while bank reserves have slipped below the $3T line once called ample. Regional bank shares are sliding again, and the Treasury curve has broken lower from the front end through the belly. None of this is random; it mirrors past moments when policy stopped transmitting and the system began hoarding liquidity.

What the 2-year is signaling

The 2 year yield is the market’s blunt gauge of upcoming Fed moves. Over the past quarter, it’s dropped from roughly 4% to near 3.4%, its lowest since 2022. That slide is the curve’s way of saying the Fed will keep easing not because inflation is conquered, but because credit is tightening on its own. The pattern is familiar. In 2001, the 2 year led a 500bp cutting cycle; in 2007–08, it ran ahead of the sprint from 5.25% to zero; in 2020, it collapsed before the Fed finished cutting. When the front end leads down like this, policy usually follows.

Why the 10-year matters more for households

The 10 year is the economy’s anchor. It sets the base rate for nearly every long term loan and reflects what markets believe about growth and inflation years ahead. Most homeowners don’t keep a mortgage for 30 years; they move or refinance every 7–10. Investors price that risk off the 10 year plus a spread for prepayment and liquidity risk. In calm markets that spread is about 1.7–2 points; when volatility rises or balance sheet space tightens, it widens toward 2.5–3.

The 10 year has fallen alongside the 2 year from the mid 4s in July to just under 4%. That move signals cooling growth expectations and rising demand for safety. Yet the average 30 year mortgage remains in the mid 6s, implying a wide spread consistent with stressed liquidity. The Treasury rally is a warning. The market is bracing for a scenario where the Fed must inject reserves faster than planned.

How the slowdown is showing up in housing

Housing entered this phase with poor affordability, uneven regional strength, and a heavy builder footprint. As in 2006, volumes cracked before prices. Sunbelt and Mountain West metros with heavy new construction cooled first in both sales and rents. Tighter, older stock markets in the Northeast and Midwest are now following.

Builder margins have compressed sharply from peak highs. Sunbelt apartment rents are falling. Active listings are climbing across the West. Builders still make up an unusually large share of supply, an aftereffect of pandemic lock in that kept resale inventory tight but now amplifies competition where new supply clusters.

The biggest misconception is that Fed cuts fix affordability overnight. They don’t. When easing comes after the break, mortgage rates fall slower than fed funds because the 10 year sets the anchor and spreads stay wide until liquidity normalizes. The curve is sending that same message now.

How fast the Fed can cut and how far mortgages can fall

Once unemployment rises, the Fed pivots from “inflation first” to “stability first.” From 2007 to 2008, the funds rate fell 525 bps in 15 months. In 2001, 475 in a year. In 2020, 150 in two weeks. From today’s 4.25–4.50% range, a sharper downturn base case points to another 150–200 bps of easing over six months, some at meetings, some possibly between. In a severe-stress path with thinning reserves and fragile regional banks, 300–400 bps within nine months would still fit precedent.

Mortgages won’t mirror those cuts. If safe haven demand pulls the 10 year to 3.0–3.25% over the next year, consistent with past recessions and spreads stay wide near 2.3 points while QT continues, the average 30 year settles between 5.2% and 5.9%. A 4 handle requires a second act with the Fed halting QT and supporting MBS liquidity, or volatility collapsing on its own. With spreads near 1.8 points and a 3% 10 year, mortgage rates could print around 4.8–4.9%. That usually takes quarters, not weeks.

Prices follow volumes with a lag

Demand fades before sellers adjust. Then inventory builds, listings sit longer, and prices follow. A 5–10% national decline over the next year is a reasonable base case if unemployment climbs, with deeper drops in supply elastic, investor heavy markets in the South and Mountain West. Tighter Northeast and Midwest markets may hold up better, but falling rents and slower hiring will still pressure them.

The refinancing wall and policy constraints

Through 2026, the U.S. must refinance roughly $9–12T in Treasury debt and $2T in commercial loans, with a heavy 2026 bulge. That narrows the Fed’s room to maneuver. Ending QT, favoring shorter term bill issuance, and expanding repo operations can ease funding stress, but those steps alone won’t bring mortgage rates sharply lower. To narrow mortgage Treasury spreads, the Fed would need calmer volatility or renewed MBS support, as in 2009 and 2020. Until then, investors will demand extra yield for prepayment and credit uncertainty as unemployment rises.

Bottom line

The Fed will likely cut sharply, pulling mortgage rates from the mid 5s toward the high 4s. Housing will feel it last after liquidity shifts and unemployment rises. If jobs hold, lower rates bring opportunity and better prices; if not, the downturn deepens, patience wins, and timing becomes everything.

The writer of this guest post wishes to remain anonymous, but they have an X account you can follow. I believe it is one of the best X accounts to follow for macro economics.

Hope you have a great end to your week. I’ll talk to everyone on Monday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin’s $10,000 Candles Are Coming - Get Ready

Anthony & John Pompliano discuss what’s going on with bitcoin, stocks, market bubble talk, why the pessimists are wrong, what the future of predication markets look like, and why JPMorgan and Anduril are investing back into America.

Enjoy!

Podcast Sponsors

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• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Uphold - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

There is a vibe shift underway in America. Entrepreneurs and investors are stepping up to the plate to help solve some of our most critical problems. They are pouring trillions of dollars into various industries with one macro goal: ensure the United States continues to lead on the global stage.

We saw two major announcements yesterday that further solidify the vibe shift.

First, Jamie Dimon and JP Morgan committed to investing $1.5 trillion into 27 different industries they deem critical to the success of the country. These investments will happen over a 10 year timeframe and the industries include supply chain, defense, aerospace, energy, manufacturing, and frontier technologies.

One goal is to increase energy independence and resilience, which can be done by investing in everything from the grid to battery storage. Another goal is to accelerate America’s position in disruptive technologies like AI, cybersecurity, and quantum.

Obviously these are notable goals and critical industries, but just how will the financial institution deploy this money? They say it will be through direct equity and venture capital investments.

That is exactly how it should be done in my opinion. Capitalism works because of the economic incentive for various market participants to come together and solve a problem. Jamie Dimon was quoted as saying “we’ve always worked with the government. That’s always been true my whole life, my own career. This is not philanthropy. This is 100% commercial.”

It is hard to argue with that logic. There is a supply/demand imbalance in these critical industries, so the people who step up and provide solutions will be economically rewarded.

The second example we got yesterday of the vibe shift came from Anduril, the leading next-generation defense company. They announced EagleEye, a new family of warfighter augmentations that place mission command & AI directly into the warfighter’s helmet.

This is something right out of science fiction.

Imagine a world where our ground troops have the capabilities of a computer, including computer vision, artificial intelligence, and machine learning, embedded into their helmets and the outputs available via a digital screen in their eyewear.

This is going to become a reality in the near future. The only conclusion I can come to is America’s military is about to become more lethal and more effective.

In a world where peace is obtained through strength, as we just saw with the peace deal in the Middle East, it is good for American citizens to have the most capable military possible.

When you combine the massive investments from JP Morgan and the technology advancements of Anduril, you can easily see what is happening in our country.

Risk-takers are investing time, energy, and money towards solving difficult problems. The right people have stoped complaining and they are now focused on competing globally. We have to win in AI, energy, defense, manufacturing, quantum, and every other industrial or frontier technology.

It is good for investors. It is good for businesses. And it is good for our country.

Game on!

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Is Bitcoin The Only Safe Haven Now?

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation, we discuss whether there’s a bubble forming and where Jordi stands — bullish or bearish, we dive into the AI trade, the supply and demand imbalance driving energy and infrastructure, the growing “debasement trade” as institutions allocate to Bitcoin and gold, we explore capitalism vs. socialism, humanoid robots, and the macro forces shaping the markets today.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin or SOL. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Uphold - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

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To investors,

Financial markets went into panic mode on Friday and asset prices fell aggressively. The sell-off started about mid-day, but was accelerated Friday afternoon when President Trump posted on social media saying he was going to implement a new 100% tariff on China.

As if investors already have amnesia from April’s tariff scare, people raced to dump whatever assets they were holding. The stock market had just closed, so the main impact there was in after hours trading.

But bitcoin and cryptocurrency markets never close. We saw those assets sell off in one of the most rapid and severe price drops that I can remember in the last decade.

For example, bitcoin fell from around $121,000 to about $108,000 in mere minutes. It was one of the rare $10,000+ daily candles that bitcoiners have always dreamed of, but unfortunately it was in the wrong direction.

Now before I explain why the sell-off is a positive development, you should know this market correction was not a complete surprise. I sat down with my friend Jordi Visser at 10am Eastern Time on Friday to record our weekly conversation. During that talk, Jordi explicitly called out the likelihood of a market correction in the near term. He described himself as medium-term and long-term bullish, but short-term he was much more cautious.

Take a listen to why Jordi was worried:

Hours later the correction began and it only accelerated throughout the day. Honestly, one of the most prescient takes someone has shared on the podcast since we began. Impressive to say the least.

But the good news is that the bear market of October 2025 is officially over already. Why? President Trump took to social media on Sunday night and reassured everyone “it will all be fine” and “the USA wants to help China, not hurt it!”

That reassurance is all the market needed. We saw stock futures open green last night and bitcoin surged back over $115,000 per coin.

So what are my takeaways from this debacle over the last few days?

First, if you sell bitcoin amid geopolitical uncertainty, you never understood what you owned. The decentralized, digital currency was built to give someone a place to save their hard-earned economic value without relying on a nation state to back it. That is not only a powerful idea, but it is an idea that should gain value as geopolitical uncertainty continues to increase in the coming years.

Second, if bitcoin can fall $15,000 per coin in a day, that likely means in the future it could also go up $15,000 per coin in a day. Study reflexivity. It would take an extraordinary announcement or development for this to happen, but the market is showing us what is possible.

Third, if you were bullish on bitcoin and stocks three days ago, you should be even more bullish now. None of the fundamentals changed in the last 72 hours. We simply got a healthy reset that wiped out the excess leverage in the system. Now the market is cleared to go higher.

Fourth, imagine telling someone 10 years ago this headline: “The $19+ billion crypto liquidation, which is the largest in history, dropped Bitcoin’s price to $108,000.” We dreamed for days like this. We are going so much higher over time.

So regardless of how you view Friday’s events, I don’t think investors are going to care or remember them in a week. This is how markets operate now. They move at lightning speed. Investors have amnesia. Everything is forward-looking. The President tanked the market on Friday. He revived it on Sunday.

You may not like it, but that is what happened. And that is what is going to keep happening. Geopolitical negotiations are happening on social media. Investors will keep overreacting in the immediate term. Long-term investors don’t have to worry though. Avoid excess leverage, know what you own, and you can relax.

Bitcoin’s rise is pre-ordained. They will never stop printing money, so bitcoin is never going to stop going up. God bless Satoshi Nakamoto for inventing a solution to one of the world’s most difficult problems.

Hope everyone has a great start to their week. I’ll talk to you all tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Is Bitcoin The Only Safe Haven Now?

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation, we discuss whether there’s a bubble forming and where Jordi stands — bullish or bearish, we dive into the AI trade, the supply and demand imbalance driving energy and infrastructure, the growing “debasement trade” as institutions allocate to Bitcoin and gold, we explore capitalism vs. socialism, humanoid robots, and the macro forces shaping the markets today.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Arch Public - Arch Public’s cutting-edge algorithm tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

• Uphold - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

It seems the “debasement trade” is the talk of financial markets, so I asked one of the brightest minds I know to put together a guest post on what is really happening right now. This person, who wishes to remain anonymous, has an X account you can follow and a Substack with long-from analysis of macro.

The beauty of anonymity is the reader is left to judge the merits of what is written, rather than assign value based on who the writer is. This guest post below will open your eyes to a different way of seeing the world. I hope it is valuable to you.

Here is The Architecture of Debasement: Anatomy of the Fiat Illusion

• The Core Diagnosis - The Death of the Measuring Stick

Something extraordinary is happening beneath the surface of global markets. Gold and Bitcoin, two assets long treated as opposites, are rising together. On the surface, it looks like a bull market. In reality, it’s a failure of measurement.

In USD terms, U.S. assets look euphoric: Nasdaq up 165%, S&P up 102%, home prices up 56% since COVID. But when you re-denominate in gold those gains shrink to flat. In Bitcoin they implode - Nasdaq down 78%, S&P down 84%, home prices down 87%. What appears as “growth” is simply the mirror image of a collapsing unit of account.

This is the same pattern that appears at the end of every major currency regime. People feel richer in the debasing unit because the unit is melting faster than the asset can rise. In real collateral terms they’re already poorer. Gold and Bitcoin aren’t “going up” - they’re marking down the old world in real time.

• The Internal Mechanics

Debasement doesn’t begin with printing presses. It begins with the arithmetic of empire. The U.S. system depends on three linked pillars:

• Structural deficits: The government is running peacetime fiscal gaps of 6–8% of GDP - unheard of outside wartime.

• Debt saturation: Federal debt has crossed 120% of GDP. Corporate and household debt are also at record highs.

• Negative real yields: The only way to finance that load is to keep interest rates below inflation, which silently transfers purchasing power from savers to the state.

This is why wages lag prices. Why policy feels reactive. Why “wealth” feels hollow even in a booming market. We’re in a world where the money supply has outrun the narrative explaining it. The Fed is still using 20th-century instruments to manage a 21st-century reflexive spiral.

The U.S. is executing the last phase of an imperial carry trade: attracting global capital, inflating nominal asset prices, and exporting the currency risk to anyone still holding dollar claims. It worked for Britain in the 1920s and for America in the 2010s. But no empire survives once its own citizens begin thinking in alternative units.

That’s where we are now. For the first time, a critical mass of investors measure their world in Bitcoin and gold instead of dollars. Once that shift hardens, the regime is already over.

Once real yields go negative long enough, three things happen:

• Nominal asset prices rise mechanically because future cash flows are discounted at a lower real rate. This is the “wealth” people see.

• Hard collateral stops circulating - gold piles into central bank vaults, and Bitcoin moves off exchanges.

• Alternative units of account emerge - investors start benchmarking their portfolios to something other than the official currency.

This is happening in real time. Central banks have been net buyers of gold for 27 consecutive months. The dollar’s share of global reserves is at a 30-year low. Treasury auctions are increasingly reliant on indirect bidders rolling shorter maturities. These are classic pre-revaluation signals, the same behaviors you see before a peg breaks.The mechanical fuse is duration mismatch. Every sovereign, corporate, and household balance sheet is now levered to low-rate debt issued in a high-rate world. Refinancing risk has become reflexive risk: every basis point higher forces more issuance, which forces more monetization. That’s why this version of debasement is terminal - it’s the arithmetic endpoint of 40 years of compounding leverage. The system can’t normalize without collapsing its own collateral.

3. The Historical Signature

Rome debased its coinage 90% before the Western Empire collapsed. The French monarchy printed Assignats until bread cost millions of livres. Weimar Germany ran negative real rates and massive deficits before the mark imploded. The British pound lost its reserve status not in 1944 but in 1925 when the Bank of England tried to return to gold at an overvalued rate and foreign creditors stopped believing.

The pattern is always the same:

• The empire’s liabilities exceed its productive base.

• It finances the gap with monetary alchemy.

• Nominal asset prices look strong, but measured in real collateral they stagnate or fall.

• Eventually the public abandons the old unit of account and starts thinking in the next one.

That is exactly where we are at now. In USD terms, U.S. assets still look “fine.” In gold, they’re flat. In Bitcoin, they’ve already collapsed. That’s the scoreboard of a dying denominator.

4. The Reflexivity Phase

Every debasement cycle begins as accounting error and ends as reflexive panic. In the early 1920s, Weimar officials thought they were stimulating demand - they were actually erasing trust in the mark. In the 1970s, U.S. policymakers thought they were managing employment - they were detonating global faith in the dollar.

Once a population starts shifting its internal unit of account, the collapse becomes self-reinforcing. Policies meant to stabilize - rate cuts into inflation, QE under negative real yields, fiscal transfers funded by issuance - signal only one thing: the money itself is melting.

Wall Street still calls Bitcoin a “risk asset” to preserve a narrative frame, but functionally it already acts as a parallel reserve ledger. It’s the only denominator that exposes the post-2020 economy as a slow-motion Argentina.

Gold is the system’s ancestral memory, five millennia of default insurance. Bitcoin is its emerging consciousness, the ability to step outside the denominator entirely. One remembers value, the other redefines it.

Reflexivity is the hinge. Once belief breaks, measurement becomes the accelerant. Capital stops seeking yield and starts seeking refuge. Gold absorbs the instinct to remember; Bitcoin absorbs the instinct to evolve.

5. The Closing Signal

Fiat is the entropy of truth, the point where symbols detach from substance. When that gap grows too wide, the system’s own feedback loop - markets, nature, collective intuition - triggers a restoration cycle.

That’s what this moment is.

Gold and Bitcoin rising together is the world beginning to price truth again. It’s the deep field of reality pulling the ledger back into alignment with the physical laws of energy, scarcity, and time.

We’re witnessing the recollapse of abstraction.

The return of the real.

Nominal charts will keep rising. Real value will keep falling.

Until the illusion is complete…and then, suddenly, the mirror will flip.

Gold and Bitcoin won’t have “gone up.”

They will simply have stayed real long enough for the world to remember what that means.

The writer of this guest post wishes to remain anonymous, but they have an X account you can follow and a Substack with long-from analysis of macro you can subscribe to.

Hope you have a great end to your week. I’ll talk to everyone on Monday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The Bitcoin Trade Everyone Is Doing

Jeff Park is a Partner and Chief Investing Officer of ProCap BTC.

In this conversation we talk the debasement trade, bitcoin vs gold, why everyone seems to be getting rich while the government is going broke, Ken Griffin & Paul Tudor Jones being so excited about the market, and what the $2 billion Polymarket deal means for the future.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

The Federal Reserve cut interest rates in September under the guise of addressing a weakening labor market. It didn’t matter that data suggested the Fed should have been cutting rates much earlier in the year, the central bank’s stated reason was the labor market issues.

Jordi Visser has been pounding the table to point out this is proof the Fed is more worried about job losses than they are about inflation. I don’t disagree.

But this development begs the question: Why is the labor market weakening?

Apollo’s Torsten Slok took a stab at explaining the slow job growth. He writes:

There are three reasons why job growth is slow: 1) Lower immigration, 2) AI implementation and 3) fewer government jobs.

Specifically:

• At the current level of GDP growth, nonfarm payrolls should be 263k every month.

• A key reason for the slow job growth is that the growth rate in the foreign-born labor force has been significantly weaker than normal. Fewer people looking for jobs means fewer people get hired.

• AI implementation is likely improving productivity.

• Government job growth was artificially high in 2022, 2023 and 2024. Combined with DOGE, government job growth is now returning to more normal levels.

The bottom line is that the weak labor market is not due to weaker labor demand, but rather to weaker labor supply because of immigration, AI implementation and a normalization of job growth in the public sector.

This analysis by Torsten is important because it highlights three major trends that are unlikely to change in the near term. So that suggests the labor market is going to have continued weakness, which means the Fed is going to keep bringing the cost of capital lower and lower.

As the Fed cuts rates lower, we should expect asset prices to go higher. Investors and corporations salivate over cheaper capital. They can push further out on the risk curve, they can invest more in R&D, and they can pour more capital into various assets.

In a very simple way, the lower the labor market goes, the higher asset prices are going to go. That is nearly the complete opposite of what has happened in history. Usually a weaker labor market means a recessionary period, which pushes asset prices lower.

But the inputs to a weaker labor market are not structural issues, but rather signs that companies are becoming more productive and efficient, while the US government is becoming less bureaucratic and bloated. Those are both big wins for the private sector.

Weak labor market, all-time high asset prices right now. Welcome to the future.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The Bitcoin Trade Everyone Is Doing

Jeff Park is a Partner and Chief Investing Officer of ProCap BTC.

In this conversation we talk the debasement trade, bitcoin vs gold, why everyone seems to be getting rich while the government is going broke, Ken Griffin & Paul Tudor Jones being so excited about the market, and what the $2 billion Polymarket deal means for the future.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

The legends of finance have been out in full force this week. They are giving interviews left and right, but the message is very clear — US financial markets are in a bull market.

First, we saw Paul Tudor Jones on CNBC saying he feels like we are in 1999. Take a listen here:

“If it looks like a duck and quacks like a duck, it probably isn’t a chicken.” What an incredible line from PTJ. And he isn’t wrong.

So how does the famous investor think investors should be positioned to benefit from this inflation story? Gold, bitcoin, Nasdaq and retail stocks. Here is how he explained his logic:

Paul Tudor Jones is not the only person who is bullish though. JP Morgan’s Jamie Dimon shared with Bloomberg that we are in a bull market.

It is great to hear the leader of the world’s largest bank say he isn’t worried about a recession. Dimon has access to more information than almost anyone in the world. He did however say he is worried about inflation, which is something investors around the world seem to be more concerned about given the recent rise in gold and bitcoin’s price.

Another investing legend, Ray Dalio, said this week he believes gold should be around 15% of a portfolio. Here is why he believes this is the right allocation:

These sophisticated investors are not talking about gold because they think inflation is going to be low. In fact, prediction market Polymarket shows 85% odds of inflation over 3%.

But I am going to go out on a limb and say inflation is not going to be nearly as big of a problem as these legends are predicting. In fact, I think the inflation fears are widely overblown. Using the same Polymarket data, you can see the market is really saying inflation is going to end up somewhere between 3% and 3.2% in 2025.

And Truflation, which is my preferred method for understanding inflation because of their real-time infrastructure, is showing inflation at 2.2%. This a relatively big drop from the 3%+ Truflation reading at the start of the year.

But inflation isn’t the chart to watch in my opinion. That is a complete distraction from what is really happening. Strive’s Jeff Walton nailed it when he called out the divergence between CPI and M2 money supply.

He says “M2 money supply has grown 2.5 times faster than CPI over the last 20 years.” So which of those metrics are you more worried about? The manipulated, slow-growing CPI numbers or the parabolic M2 money supply growing to the sky?

It is obvious the latter is the bigger concern. So keep this in mind when you hear Ken Griffin and others talking about the US dollar having a significant decline so far this year. Here are Griffin’s recent comments:

It isn’t inflation that is driving the dollars fall, but rather the fact the government can’t stop printing money. Nothing of value has infinite supply. So until governments stop printing money, bitcoin and gold will continue surging higher.

Gold bugs are celebrating their recent outperformance on a relative basis to bitcoin. I believe bitcoin is going to have a big Q4 and it would not surprise me if bitcoin ends 2025 with a larger annual return than the precious metal.

But regardless of relative performance, the sound money principled assets of gold and bitcoin are working together to do what central banks have failed to do — protect the purchasing power of the people.

We should all be thankful we have these two options available to us.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How To Prepare For The Next Bitcoin Bull Market

Anthony and John Pompliano discuss why bitcoin is going higher, why Ken Griffin and Paul Tudor Jones are so bullish, how to enjoy the bull market while preparing for a storm, why the government will never stop printing money, and why asset prices are going higher.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

Citadel’s Ken Griffin dropped a harsh truth in an interview with Bloomberg yesterday:

“We’re seeing substantial asset inflation away from the dollar as people are looking for ways to effectively de-dollarize, or de-risk their portfolios vis-a-vis US sovereign risk.”

It is not every day that you see one of the world’s best investors say people are de-dollarizing their portfolio. Why would they want to de-dollarize? Goldman Sachs says the story is simple:

“Trump said America can “grow its way out of debt.” What it really means is debasement. Shutdowns highlight the erosion of trust in U.S. institutions — Bitcoin is the pressure valve. That’s not bearish S&P, it’s bearish dollar.”

Those are the magic words — erosion of trust in US institutions. People don’t trust the government. They don’t trust the news. And they definitely don’t trust the central bank. Why should they? Those three organizations have proven to be untrustworthy over the last decade.

One of my favorite Satoshi Nakamoto quotes is “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”

Ain’t that the truth. Satoshi knew the problem earlier than most.

We are now seeing large amounts of capital flow to safety from this breach in trust. The crypto market saw $6 billion of inflows last week, which is an all-time high.

How should we think about these inflows? Should we assume this is speculation from investors looking to capture a quick profit? Or is there something much bigger at play?

End Game Macro says “this $6 billion inflow into crypto is a warning signal. Big money is moving because confidence in the global financial system is starting to fray. Historically, surges like this have appeared when investors begin losing faith in traditional credit markets. What makes this moment different is the context: global growth is slowing, debt loads are exploding, and the risk of a major credit event, something breaking in the bond or banking system is rising fast.”

Confidence is starting to fray. Trust is eroding.

This leaves citizens with a simple choice…stay trapped in the existing system and suffer whatever consequences come from the undisciplined decisions of leadership or take your assets and move them into a parallel system that was purpose-built to mitigate these disastrous policies.

That is the choice in front of investors — stay and suffer or leave and prosper.

It doesn’t seem like a hard choice to me. But here is the beautiful part about capitalism, everyone is financially incentivized to move to where their money will be treated best. First it was the individuals. Then we saw the small businesses and private companies. Next it was the public companies, which were followed by the large financial institutions. Eventually we will see the central banks and nation states.

Every dollar, every unit of economic value. It is all going to move into the new system and new assets. Some of the adoption will happen by true flight from the old system into the new system. Some of the adoption will happen by bringing the new assets into the legacy system via existing wrappers.

Regardless of how it happens, it could not be more clear that the transition is underway. The next decade will be defined by this trend. I implore you not to ignore it.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Former Chairman of the House Financial Services Committee On Bitcoin

Jeb Hensarling is the former Chairman of the House Financial Services Committee and one of the most influential voices in economic policy during the 2008 financial crisis. He has also joined ProCap BTC as a Senior Advisor.

In this conversation, we talk about how Jeb pushed back against the bank bailouts, how those same issues led to the rise of bitcoin, his views on bitcoin, stablecoins, the broader crypto industry, and how technology and innovation are reshaping the financial system today.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

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To investors,

It is time for bitcoin to shine. That is my conclusion after doing a deep-dive over the weekend on the digital asset’s fundamentals and the current financial environment. How high could bitcoin go in the next 8-12 weeks? That is anyone’s guess, but I think people have been lulled to sleep for long enough.

The fireworks can now commence.

Let’s dig into some of the data. First, James Lavish says “if you say you don’t believe in Bitcoin, you might as well say you don’t believe in inflation.”

Although bitcoin tracked CPI directionally before 2023, the chart visually provides a lot of noise. But starting around 2023, bitcoin and CPI have been married at the hip. This tight correlation suggests investors are using bitcoin as an inflation-hedge asset.

JPMorgan analysts are now calling bitcoin and gold the “debasement trade.” They write:

“The bank defines it as a trade that ‘reflects a combination of factors, which in our client conversations range from elevated geopolitical and policy uncertainty, to uncertainty about the longer-term inflation backdrop, to concerns about ‘debt debasement’ due to persistently high government deficits across major economies, to concerns about Fed independence, to waning confidence in fiat currencies in certain emerging markets in particular, and to broader diversification away from the US dollar.”

This makes sense, right? Investors are scared that governments around the world have created too much debt, therefore nation states and central banks have to debase their currency in order to avoid default. Holding dollars will be a losing strategy in this scenario.

Creative Planning’s Charlie Bilello highlights that “Gold (+48%) and Bitcoin (+31%) are the top performing major assets so far in 2025. We’ve never seen these two in the #1 and #2 spots for any calendar year.”

Many people will argue that past performance does not indicate future performance. That is true, but the structural trends globally are suggesting bitcoin and gold are both going higher.

Forward Guidance’s Felix Jauvin writes “every country is pivoting to running it hot. We’re gonna run as wide of deficits as possible to try and outgrow the debt. Central banks are giving up on inflation and fiscal dominance is arriving. Nominal assets will do well, debasement hedges will do even better. The world of 2010-2020 is no longer. Reset your priors. Let’s fking go.”

None of this is new if you have been paying attention online for the last decade. Bitcoiners, and their predecessor gold bugs, have been yelling about the currency debasement problem for years. But the difference today is you have major financial institutions lending their credibility to the thesis.

Take Morgan Stanley as another example. Ash Crypto writes:

“$1.3 Trillion Morgan Stanley Global Investment Committee recommends allocating 2–4% of client portfolios to crypto and says Bitcoin is a scarce asset, comparable to digital gold.”

BTC Archive also points out that “Morgan Stanley says it will “support” its 16,000 Financial Advisors managing $2 TRILLION if they wish to allocate to Bitcoin and crypto.”

So what should you take away from the traditional firms embracing bitcoin? The big guys understand the “debasement trade” is not going away. Why? Vijay Boyapati explained it well when he wrote “in the global family of financial assets the two closest siblings are now sending the same message: global debasement has reached the point of no return.”

The point of no return. That may sound like hyperbole to some of you, but I don’t think it is far from the truth. An entire generation of investors are realizing a large portion of financial returns in the market are merely debasement of the currency. If that is a major driving force of returns, it calls into question everything you were taught about investing from the old world.

Opening Bell’s Phil Rosen highlighted a great example of this by denominating the S&P 500 in bitcoin, rather than in dollars.

The S&P is up over 100% since 2020 when denominated in dollars. That is great, right? Not so fast. The same index is down nearly 90% in the same timeline when you denominate it in a finite, sound money asset like bitcoin. Simply, your frame of reference really matters.

So as I have been saying for awhile now, bitcoin is the hurdle rate. If you can’t beat it, you have to buy it. And I think the next 12 weeks are going to be very fun for bitcoin holders.

Interest rates are coming down. Currency debasement is accelerating. The institutional world is embracing the debasement trade. Bitcoin ETFs are seeing record inflows. Retail sentiment is growing as investors buy into the “Q4 is good for bitcoin” narrative. And M2 money supply is expanding rapidly.

Gold has run up more than 50% this year. Now it is bitcoin’s turn. Hold on to your coins because things are about to get crazy.

Have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Is The Purest AI Trade Says Jordi Visser

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we talk about why bitcoin is the purest AI trade available in the market, energy infrastructure, what is going on with the government shutdown, how interest rates, the Fed, the economy are all intertwined, and why prediction markets and tokenization are two big themes moving forward.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

The US government shut down earlier this week and market commentators predicted excruciating pain in financial markets. The exact opposite has happened though. Adam Kobeissi points out the market bottomed at the exact moment the government officially shut down.

This is a classic example of the rumor being much more important than the actual news. Additionally, the market is essentially calling the government’s bluff. No one believes the government will stay closed and everyone sees this situation for the performative drama that it is.

A big reason the market has shrugged off the shutdown news is because there is so much momentum across public markets. Steve Deppe writes:

“The S&P 500 ended September on a 5-month winning streak & with a new all-time high monthly close. [This is the] 21st time since 1950. The index has then never closed lower 8 months out. This guarantees nothing, other than mute anyone saying the last 5 months are a sign of impending doom.”

This significant momentum is being driven by AI-related stocks. JPMorgan’s Michael Cembalest explains “AI related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November 2022.”

There is no other way to say it — we are living through an AI revolution and public market investors are big winners because of it.

But not everyone is thrilled about the recent developments in the market. Shanaka Perera believes something bigger is happening in the market. He claims “markets ripping higher into a shutdown isn’t strength … it’s proof the S&P 500 no longer trades on fundamentals. Liquidity, passive flows, and option mechanics have replaced cash flow and earnings. This isn’t history being made, it’s price discovery being euthanized.”

Famed investor Leon Cooperman went on CNBC yesterday and he was even more blunt about his reservations. Cooperman literally recited a Buffett quote from 1999, which said:

“Once a bull market gets under way, and once you reach the point where everybody has made money no matter what system he or she followed, a crowd is attracted into the game that is responding not to interest rates and profits but simply to the fact that it seems a mistake to be out of stocks.”

This concern from Leon is rooted in the famous “Buffett Indicator” that measures total market cap of public equities against GDP. This measurement is at an all-time high right now, which has people nervous.

But I think the concern is overblown. Could stocks correct from their current valuations? Sure. But the technology innovation related to artificial intelligence is very real and the impact is likely to play out over the next decade or so. Companies are producing more profits with less employees. New companies are being built at breathtaking speed, including revenue numbers in the first few months that were previously thought impossible.

So this begs the question of what an investor’s timeline is for a given investment. If you are worried about capturing profits in the next few days, weeks, or months, you have a lot more work to do than the investor who is looking to buy great assets and hold them forever.

Speaking of great assets, we have discussed gold’s recent rise at length. It appears large banks are beginning to expand their enthusiasm to bitcoin in addition to the gold propaganda they have been spreading in recent weeks.

This morning VanEck’s Matthew Sigel called out recent commentary from JPMorgan, which compared bitcoin and gold. The bank wrote:

“The steep rise in the gold price over the past month has made bitcoin more attractive to investors relative to gold…the market cap of bitcoin at $2.3 trillion currently would have to rise by close to 42% (implying a theoretical bitcoin price of $165k), to match on a vol-adjusted basis the around $6 trillion of total private sector investment in gold via ETFs or bars and coins... ...This mechanical exercise thus could imply significant upside for bitcoin.”

As my friend PEOperator said, “amazing how they’ve changed their tune.”

Stocks, bitcoin, and gold. They are all doing well in 2025. Each asset has surged higher in response to the US government shut down. And I am willing to bet that each of these three assets will be higher in the coming years.

The doomsday predictors are not only wrong, they are cherry-picking data to tell a story that scares people out of the market. Quite literally, nothing could be more destructive to wealth than selling your financial assets to hold US dollars or treasuries.

Things in motion tend to stay in motion. And financial assets have a lot of momentum right now. If you want to try calling a market top, be my guest. Just make sure you don’t cry later if you get steamrolled.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Crypto Technology Can Save America on National Security Stage

Robert Viglione is the Co-Founder & CEO at Horizen Labs and the Founder of zkVerify.

In this conversation we talk about zero-knowledge proofs, why they are critical for U.S. national security, how this technology allows machines to share information without revealing data, Rob’s experience as a military intelligence officer in Afghanistan, how he discovered the value of Bitcoin, and why ZKPs are one of the most underrated technologies shaping the future.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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Today’s Letter Is Brought To You By The Millerman School, studying Plato’s Republic!

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To investors,

There is a gold rush underway. No, seriously.

Gold has been on an absolute tear recently and many investors are wondering what has been going on.

Brookings Institute’s Robin Brooks writes “The Fed’s latest dovish pivot - telegraphed on August 22 by Chair Powell at Jackson Hole - unleashed something and I don’t think anyone really understands what that is. Gold is up a stunning 15% since that day, a rally that’s so big that it stands out on this 25 year chart.”

Now remember, gold is a non-productive asset. It is supposed to be a stable store of value with very little volatility on a day-to-day basis. This is why a 15% move in about a month has put all eyes on the precious metal.

One of the main reasons for this move is increasing investor demand.

Adam Kobeissi explains “Investors are piling into gold funds like never before. The largest gold ETF, $GLD, has attracted +$2.3 billion in net inflows so far in September. This marks the 7th monthly net inflow over the last 8 months.

Year-to-date, $GLD has pulled in +$13.4 billion of capital, the most since the 2020 pandemic. As a result, gold is on track for its 7th quarterly gain over the last 8 quarters, its best streak since 2020.”

These large inflows are noteworthy, but they don’t explain why so much capital is flocking to an asset that has been around for thousands of years.

Robin Brooks attempts to explains this phenomenon when he writes gold “keeps rising even as the Dollar is stable against the rest of the G10. This means gold is a refuge from fiat currencies generally, not just the Dollar, as markets hunt for safe havens amid high debt and troubled fiscal outlooks. It looks like a broad debasement of fiat currencies is underway.”

This broad debasement of fiat currencies should not be a surprise though. Global Markets Investor points out “currency debasement is not a bug — it’s a feature of the fiat system. Since Bretton Woods collapsed in 1971, not one of 152 countries has kept average inflation below 2%. Even Switzerland averaged 2.2%. Fiat money is in an eternal bear market.”

Although it is impossible to prove, I believe the rise of bitcoin has greatly contributed to the marketing of gold. Bitcoiners have done an excellent job of calling attention to the problem with central bank activities. As Satoshi Nakamoto once said in a 2009 blog post, ‘The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”

That warning could come from a bitcoiner or it could come from a gold bug. That is the beauty of sound money assets. The holders of either the analog or digital version are on the same team. They are connected in their fight against currency debasement and inflation.

But we can’t exclusively point to fiat debasement or central bank buying as the cause for gold’s recent rise. We know inflation fears, increasing geopolitical tensions, and expectations of more rate cuts from the Fed are contributing factors as well.

Add in the recent media coverage of the gold rally and you have the perfect storm for gold to surge higher and higher. Now the challenge for investors is deciding whether they should buy gold or abstain because they missed the rally. I don’t have an answer for you.

But I am reminded of the recent analysis from Deutsche Bank’s Jim Reid:

“Had you bought Gold at its peak in 1980, you will only just have outperformed inflation today, 45 years later. By contrast, if you bought the S&P 500 on that day, it would have provided you with a stunning 4,250% real return. However, had you bought gold in 2000, you would have comfortably outperformed the S&P 500 since.”

Welcome to the challenge of investing. You can pick the right asset for the right reasons, yet still end up with less than desirable results. No one promised this game was easy.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains Why Bitcoin & Artificial Intelligence Will Drive The Bull Market

Jordi Visser (‪@JordiVisserLabs‬) is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss bitcoin outlook for rest of the year, interest rate cuts, how to evaluate AI acceleration, Nvidia’s $100 billion deal with OpenAI, and what metrics investors should keep an eye on.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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Today’s letter is brought to you by MoonPay!

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To investors,

There is no better feeling than a bull market.

Your portfolio is going higher day after day. The media is falling over themselves in excitement. Social media is lit on fire with people taking screenshots of their net worth. Bears are screeching a big crash is right around the corner. And your barber, taxi driver, and neighbor are all pitching you their latest stock pick.

Straight pandemonium. Bull markets sure are fun.

And that is exactly where we are right now. Stocks, bitcoin, gold, and nearly every other asset continue surging to new all-time highs throughout 2025. But just how good is this bull market? How does it compare to past markets?

3Fourteen’s Warren Pies writes:

“How does the [current] rally compare to history? It is the fourth strongest rally versus all other bull markets. Only 1982, 2009, and 2020 were greater. It is the STRONGEST recovery excluding recessionary cases. At 116 days without a 6% pullback, the rally has gone farther than all but two early-stage bull [markets] (1966 & 1957).”

This data confirms what we are all feeling…the current bull market is very rare. The tariff fears earlier this year created an artificial suppression of stocks, which laid the groundwork for the historic market recovery we are now witnessing.

There are many people arguing the recent price appreciation is unsustainable. They’ll point to numerous data points suggesting stocks are overvalued. You will hear them say a reversion to the mean is essentially guaranteed.

But what if they are wrong? What if the exact opposite is true?

I want to challenge each of you to ask yourself, what does the future look like if the bull market is just beginning? What if everything goes right for investors?

These questions are not rooted in some fantasy world though. Carson Group’s Ryan Detrick shows “Q4 is the best quarter of the year historically and it isn’t even really close.”

The last quarter of the year has an average return that is nearly twice as strong as any other quarter of the year. Ryan goes on to explain that Q4 has a positive return 14 out of the last 15 times that the S&P 500 was up 10% or more going into the final 3 months of the year.

Still not convinced? Well, we can see 2025 is following a similar path to 1999. Revere Asset Management’s Connor Bates shows it perfectly in this chart comparing the 1996 - 2001 timeframe with 2023 to present day:

I doubt I have 20/20 vision, but those two markets look visually similar to me. Given the trend, this comparison would suggest there is still significant appreciation left in this bull market under the 1999 repeat market scenario.

And remember, all of this analysis and stock market performance is happening with the backdrop of the Fed’s recent interest rate cuts. The US central bank is reducing the cost of capital at the same time that stocks are hitting all-time highs. That development is hardly bearish and instead suggests equities will keep setting new record highs through the end of the year.

That will be great for equity investors, but there is another asset that is sounding an alarm bell that can’t be ignored. That asset is gold.

Mike Zaccardi shows central banks globally have been buying up gold in droves:

This is just an insane amount of demand for the precious metal. Analyst Marko Papic highlights this central bank activity is about to help gold flip US treasuries as the most popular reserve asset around the world.

This milestone has seemed impossible for more than 25 years. The sound money regime was dominant until 1971. We watched the explosion of fiat happen as soon as the US went off the gold standard and it seemed like sound money would be a forgotten foot note of history. But now we are seeing a return to sound money properties through gold and bitcoin.

The team at Blokland shows gold’s dominance priced in US treasuries. The trend is clear and the reasoning could not be more obvious.

Simply, central banks have abused the opportunity given to them by citizens. They printed too much money. They destroyed the purchasing power of the people. Citizens are choosing to vote with their dollars and move from fiat-based assets into sound money assets. These same citizens are also using stocks as a way to benefit from the insane currency debasement happening across markets.

Stocks, gold, and bitcoin. Those three assets will allow you to benefit from the ridiculous, undisciplined behavior coming from central banks. Buy them and chill.

They are all going higher. The bull market is not over because cheap money is coming and the world needs new technology to navigate the next two decades. I hope that each of you is able to ignore the bears. Don’t get sucked into their intellectual nonsense. They are wrong. They don’t understand the market or the economy. These individuals are stuck in the past.

The optimists are going to win. Quite literally, I am betting my portfolio on it.

Have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains Why Bitcoin & Artificial Intelligence Will Drive The Bull Market

Jordi Visser (‪@JordiVisserLabs‬) is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss bitcoin outlook for rest of the year, interest rate cuts, how to evaluate AI acceleration, Nvidia’s $100 billion deal with OpenAI, and what metrics investors should keep an eye on.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

I have been spending an inordinate amount of time trying to answer the question, “what is going on in financial markets?” Some of you believe we are in a tech-enabled economic boom that will go on for years, while others believe everything is overvalued and a significant market crash is right around the corner.

It is that enthusiastic disagreement that interests me. The market is ultimately the referee, so it will determine the winner, but the work I have been doing is focused on ensuring I am on the right side of the outcome.

Lets start with one of the negative views of the market.

Charles Schwab’s Kevin Gordon explains “The S&P 500’s forward P/E is at the same level today as it was in January 2021. Today, the effective fed funds rate is 4.09% ... in January 2021, it was 0.09%.”

The X Capitalist sees this as a major red flag. He writes “The market is basically more overvalued than it was back in 2021. Investors are counting on AI to grow corporate earnings at an unprecedented rate. We haven’t seen this yet and I don’t think we’ll see it soon enough. It’s time to be more fearful than greedy.”

But I don’t know if people should be as pessimistic about this data as it seems on the surface. Kevin Gordon goes on to explain the “S&P 500’s forward profit margin has been rising sharply and is at a new all-time high.”

That is a great sign that profit margins are rising. This reinforces the idea that companies are growing revenue and profits, but doing it with less employees.

A big reason for the investor enthusiasm we are seeing right now is artificial intelligence. JP Morgan’s Michael Cembalest writes “AI related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November 2022.”

The AI boom is not happening in a vacuum either. Carson Group’s Ryan Detrick says when the S&P 500 makes a new all-time high in September, “Q4 is higher more than 90% of the time.”

This September all-time high is being driven by a persistent bid in the market. Bloomberg reports “The S&P 500 has gone 107 sessions without a drop of 2% or more, the longest streak in more than a year.”

And the backdrop of continued bullish momentum is locking arms in solidarity with the fact that odds of an October rate cut are now 94%.

There are plenty of folks who will see all this economic data and say “this time is different.” They will point to some weird political policy or a critique of the existing administration, but that is all noise.

Detrick shows that stocks go up under almost every President, regardless of whether they are Republican, Democrat, Independent, or an alien.

Don’t let politics ruin your portfolio. Stocks are structurally built in a way where they will continue to go up forever over a long period of time. And maybe most importantly, consumers are showing the bullishness in the market is warranted.

We saw the Q2 real GDP number revised higher to 3.8%, which is significantly higher than the estimated 3.3% from economists. Take a listen to how surprised CNBC was this morning:

So we have much stronger than expected consumer spending, rising incomes, and lower imports. That all sounds like positive developments to me.

After reviewing the economic data, I understand why some people are bearish. But I also just think they are wrong. Lets see what happens though. Time will tell and the market will be the referee.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Anthony Pompliano Explains Bitcoin Outlook For Q4

Anthony and John Pompliano discuss bitcoin, why gold has been doing so well, Strive buying Semler Scientific, bitcoin treasury companies, and can AI replace the Fed?

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

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To investors,

People tend to have amnesia when it comes to financial markets. It was only a few months ago that max fear had spread like wildfire across Wall Street.

People were promising recessions and depressions. They swore that tariffs would bring sky-high inflation to American consumers. And turning on your television was the fastest way to get duped into dumping every asset you owned before financial Armageddon showed up.

Of course, this all looks ridiculous in hindsight. Literally insane. The US government put economic policies in place that protected US companies, encouraged GDP growth, and didn’t require an increase in prices for American consumers.

Now that last part will have some of you reeling in disgust. You will still argue that tariffs are inflationary. By placing the tariffs on imports, you will claim consumers are required to pay a higher price, which would make tariffs a tax.

But that has not happened. You don’t have to believe me either. Federal Reserve Chairman Jerome Powell said it himself yesterday. Here is what he said:

“We’re now collecting a good bit of revenue...$300 or 400 billion dollars a year pace [from tariffs].” “Who’s paying that? So far...it looks like it’s the middle group, retailers and importers, THEY’RE NOT passing along to consumers that much of the cost. The actual impacts on inflation have been quite modest so far. It’s a small amount.”

So there you have it. The leader of the United States central bank is telling you the previous consensus on tariffs was completely wrong. Tariffs have not been inflationary. In fact, Truflation shows that inflation has dropped from over 3% at the start of the year to only 2.05% as of this morning.

So the Fed is telling you tariffs didn’t bring inflation. Truflation is telling you inflation went down this year, instead of up. But there are still plenty of people who will not believe it.

More importantly, this entire situation was very obvious from the start. On April 3rd, one day after Liberation Day, I tweeted “Stocks and bitcoin will likely be at all-time highs again before the end of the year. All this noise will quickly be forgotten.”

People were laughing at me. They thought I had lost my mind. Many people accused me of being a MAGA shill. Whatever their critique, they simply could not fathom that tariffs would not be destructive and the likelihood that stocks would go back to all-time highs by year end.

Here we are though. Asset prices are at, or near, all-time high prices. Stocks, bitcoin, gold, and more. Everything has come flying back. Inflation isn’t a problem. The Federal Reserve is waiving the white flag and capitulating on interest rate cuts. And maybe most importantly, GDP is surging higher as the impact of artificial intelligence seeps into every corner of the economy.

Companies are growing faster and they are doing it with less employees. Efficiency is taking over the market. Investors are increasing their portfolio values. The government is capturing hundreds of billions of dollars in newfound tariff revenue.

There are still some bears out there predicting the next big market crash. But history tells us things are likely to keep improving for the foreseeable future. Cutting interest rates with stocks at all-time highs is unlikely to see stocks go down. So stop listening to the insane neighbor or your favorite economics professor on TV.

Look at the data. Study history. Do the work by seeking out the source material. The pessimist always sound smart, but they rarely make money. And 2025 is just the latest example. In the words of Warren Buffett, never, ever bet against America.

We are winning. And I don’t see that stopping any time soon.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Anthony Pompliano Explains Bitcoin Outlook For Q4

Anthony and John Pompliano discuss bitcoin, why gold has been doing so well, Strive buying Semler Scientific, bitcoin treasury companies, and can AI replace the Fed?

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Today’s letter is brought to you by MoonPay!

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To investors,

Mark Spitznagel is one of my favorite investors in the world. He is notorious for running an investment strategy that loses money for long periods of time, while hoping a big market crash is right around the corner. When the market crash materializes, Spitznagel and his firm make an insane amount of money.

Spitznagel’s Universa Investments runs a tail-risk hedge fund with $20 billion in assets under management. To put this strategy in perspective, when most of Wall Street was freaking out back in April due to the tariff policies, Universa was busy booking a 100% gain that month.

100% in a single month. Not bad, right?

Spitznagel is one of my favorite investors because his world view balances daily pessimism with a data-driven approach to long-term patience. Not many people can intentionally lose money every day for long periods of time. Mark has written two great books on this perspective — The DAO of Capital and Safe Haven. I highly suggest reading both of them.

But you may be surprised to learn Mark Spitznagel, the man betting on market crashes, is actually bullish on stocks right now.

In a recent interview with the Wall Street Journal, Spitznagel said he expects stocks to surge much higher before there is any material market correction.

Spencer Jakab writes:

“The alarming part of Spitznagel’s current outlook is that he sees conditions akin to 1929, the year of the Wall Street crash. The silver lining for those hoping the bull-market music will keep playing a while longer: He thinks this is more like the early part of 1929 when stocks added significantly to their Roaring ’20s gains.”

So the perma bear on Wall Street is actually bullish right now. Maybe that is a good sign for investors that are long, but potentially it is a sign of the market top too. I will let you decide how to interpret that development.

Now Spitznagel is not alone in his recent optimism. Wisdom Tree’s Jeff Weniger writes:

“The S&P 500 is up 15% this year, and the primary reason that occurred is because the big, scary Tariff War was overhyped.

If you look at this like a bar tab receipt, your table ordered lobster, filet mignon, expensive wine, martinis, oysters, and more. But someone added a bowl of chicken noodle soup (the tariffs) and we were told that the soup was reason enough to panic out of stocks, send volatility to Lehman levels, send the S&P 500 reeling by the same order of magnitude as the Covid crash, and all the rest of the drama. What an interesting year.”

Smart money is positioning themselves for stocks to go up too. Mike Zaccardi points out “US margin debt is now at an all-time high. Which is bullish - you want to see confirmation between stock prices and margin debt (smart money indicator).”

And retail investors don’t want to be left out of this party. They had the highest weekly inflow into the market for all of 2025 last week.

Of course, the Federal Reserve wants to throw gas on the fire too. Creative Planning’s Charlie Bilello shows “The bond market is pricing in 2 more 25 bps rate cuts by year-end and 3 more 25 bps cuts in 2026. That would bring the Fed Funds Rate below 3%. After a brief hiatus, easy money is back.”

Easy money is back. Everyone is bullish. Even the man constantly betting on a market crash. Maybe you can be the contrarian that times the top of the market, but my guess is things in motion will stay in motion. The market is going higher. The pessimists will be left crying. And those who understand how to buy great assets and chill will be laughing all the way to the bank.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Mike Novogratz and Kyle Samani On The New Company They Raised $1.6 Billion For

Mike Novogratz is the Founder & CEO of Galaxy. Kyle Samani is the Chairman of Forward Industries and the Co-Founder & Managing Partner at Multicoin Capital.

In this conversation we talk about the $1.65 billion fundraise they recently did, how big these treasury companies can get, why they love Solana, tokenization, plans for the company, risks, and how they are going to generate shareholder returns.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

There is something different about financial markets today in comparison to decades ago. The government took us off the gold standard in 1971, but that was only the first step in what seems to be transpiring.

The accelerated currency debasement over the last 5-6 years has completely changed the market.

Tyler Neville writes:

“This is an excellent chart that symbolizes that we are in fact living through Weimarica. Markets are now a political utility that are managed in order to finance government deficits. Normally central bank’s cut rates when markets make lows (chart below from Callum Thomas).

In this new world where a global fiscal super-cycle fuels nominal growth to pay for global boomer debts, global central banks ease when markets are at new highs. It’s a brave new world!”

Now it may scare you that we are cutting interest rates while stocks are at all-time highs, but there will be many other areas where this monetary policy decision shows an impact.

This interest rate cut comes as cash piles have been building in money market funds. Creative Planning’s Charlie Bilello says “total assets in money market funds have hit a record $7.7 trillion, tripling over the last 8 years.”

The academic theory would tell you that money market funds will see a drawdown as the interest rates get cut. There is no guarantee it will happen, but economists will promise you that it should.

This brings us to the impact of interest rates and currency debasement on the stock market. Stripe co-founder Patrick Collison asks “These companies [Apple, Microsoft, Google] are ostensibly in totally different businesses and yet seem to exhibit the same growth dynamics. What's the explanation? (Pictured: ~$200B -> ~$3T.)”

The answer is probably much simpler than anyone wants to believe.

Jon Kol writes “It’s the money supply, the best evidence for the hypothesis is that all four contract at the same period, or more likely these three [companies] followed M2 contracting.”

Is monetary expansion and contraction part of the equation? For sure. Is it the full story? That is harder to believe. We would see all stocks going up and down in unison if the only driver was currency debasement. If we dig deeper, there is something fundamentally different about these large cap tech companies than the broader stock market.

Balaji Srinivasan says his “explanation is that the legacy economy is being sunset in favor of the Internet economy.”

So just how big is the Magnificent 7 now?

Global Markets Investor writes “the top 10 stocks now make up 41% of the S&P 500, AN ALL-TIME HIGH. The Magnificent 7’s share has also hit a new record of 35%. Out of 500 stocks, just 10 are driving the entire index.”

This ridiculous outperformance is being noticed globally too. Global Markets Investor highlights “Foreigners own more US stocks than ever: Overseas investors now own a RECORD 18% of the US equity market. Foreign investors collectively own ~$20 trillion of US stocks and ~$14 trillion in US debt, including Treasuries, mortgage and corporate bonds, according to Bloomberg.”

As I said in the beginning, there is major change underway in the stock market. The currency is being debased at an accelerated rate. Interest rates are being cut with stocks at all-time highs. And large cap tech is pulling away from the rest of the market.

Plenty of people are betting on the end of the party, similar to the Dot Com Bust of 2000. But I wouldn’t be so confident. Things in motion tend to stay in motion and these large cap companies are driving record profits and revenue growth year-over-year.

Maybe, just maybe, these businesses are actually becoming more valuable at a rate we have never seen before. Time will tell. Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains Why The Fed Has Capitulated

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss the market reaction to interest rate cuts, the rise of retail investing, Oracle, bitcoin, and how AI will change the future.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

Jerome Powell and the Federal Reserve are poised to make their first interest rate cuts of the year later today. Are they behind the curve? Of course. Have people lost confidence in the Fed? Obviously.

But we have finally arrived at the big day for the central bank to capitulate. They have been gaslighting the American people for months by predicting sky-high inflation, which was their main reason for not cutting rates.

But that prediction never came true. Inflation is much lower than they thought. Shelves are not empty. There was no recession or Great Depression.

Unfortunately, the labor market has deteriorated in the meantime though. We have seen sluggish payroll growth, coupled with recent downward revisions to employment data, so the Fed now has no choice but to cut rates. They can’t abandon one of their core mandates of ensuring maximum employment.

Let’s unpack the horrible, no good labor data right now:

• July and August employment data came in under expectations

• The recent job revision removed 900,000 jobs that previously were thought to have been created over the past year

• Unemployment has been slowly ticking higher

• June’s data showed an outright job loss for the first time since 2020

So the picture is very clear — the labor market is screaming at the Fed to cut rates immediately.

This brings us to the Fed’s second mandate of maintaining stable prices. Remember that concern they had about inflation? It was dumb. We never saw the runaway inflation they were worried about and we are not going to see it from the tariff policies.

Inflation, which is basically at 2% according to Truflation, is telling the Fed they have the green light to cut interest rates.

Now here is the thing…there are people who are worried a rate cut will drive inflation to concerning levels, but these people don’t realize how deflationary tariffs and artificial intelligence have been to the economy. The Fed can cut aggressively without worrying about inflation spiking.

So this brings me to how aggressive the Fed should be in their rate cut today. The market is pricing in a 25 basis point cut. That’s an interest rate cut for ants. Let’s not play little kid games here. The Federal Reserve should cut 50 basis points and show the market they are serious about stimulating the economy.

This larger cut would immediately surprise the market into a bullish position, including stimulation to the job market. Companies would increase their spending on R&D. GDP would accelerate. And inflation would not increase because of the deflationary nature of tariffs and AI.

You don’t get the intended impact of interest rate cuts if you simply do what the market is expecting. The 25 basis point cut is priced in. The Fed needs to run a shock and awe campaign. Shake every nerd on Wall Street into believing the central bank is here to stimulate activity. Cut 50 basis points. Make the press conference a fireworks show.

Send the stock market shorts crying. And get the US labor market running hot again.

It is time to bring liquidity to the market, Jerome. Don’t let us down.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Mike Cagney Wants To Modernize Financial Infrastructure on Wall Street

Mike Cagney is the Founder and Executive Chairman of Figure.

In this conversation we discuss taking Figure public, how block-chain native securities unlock new markets, the rise of DeFi, bitcoin backed loans, and how Figure is modernizing financial infrastructure.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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Today’s Letter Is Brought To You By A Golden Visa for the Bitcoin-Forward Investor!

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To investors,

The President’s son was on CNBC this morning talking about bitcoin. But Eric Trump wasn’t just talking, he was spreading the gospel of the digital currency. Take a listen to this:

It is not every day you hear someone with a direct line to the President say “bitcoin has become the truly greatest asset of our time.”

That sounds awesome, but the devil is in the details. First, Daniel Pico points out gold is outperforming bitcoin so far in 2025. Gold is up 40% and Bitcoin is only up 22%. Now some of you may be worried by this fact, but I wouldn’t jump to conclusions.

Gold outperformed earlier in the year, bitcoin eventually caught up and surpassed the gold performance, and then gold recently re-captured the lead in recent weeks. Why does this happen? Well, it appears that gold has become a leading indicator for bitcoin’s performance.

I shared this chart from Jack Green back in May. It shows that bitcoin tends to breakout and catch up to gold’s performance on an approximately 100 day lag. So when gold runs, bitcoin waits about 3-months and then quickly follows.

Given this dynamic, you can think of bitcoin as a coiled spring. The digital currency is waiting to thrust itself higher. Because of this, Timothy Peterson says “Bitcoin is having its worst bull market year ever.”

Plenty of bitcoiners are disappointed by this performance. Classic! Any other investor in the world would be ecstatic about a 23% annual return, but bitcoiners are used to significantly higher returns. They don’t want tens of percent, they want hundreds of percent and they want it every year.

I wouldn’t hold my breath for that level of performance though.

I do believe bitcoin is going higher through the end of the year. We have the interest rate cut that should occur this week, which will bring cheap capital into assets like bitcoin, and analyst Frank Fetter highlights the Bitcoin MACD is showing green for the first time in weeks.

The Bitcoin Moving Average Convergence Divergence, known as the MACD, is a momentum measurement that historically does a good job of showing when sentiment is flipping bullish. As the market becomes more excited, capital flows and bitcoin goes higher.

You don’t have to overthink everything. Sometimes it really is simple.

Lastly, Axel Adler points out the 3-year Bitcoin Risk Index is measuring at 23% right now.

The last time this index was so low for an extended period of time, we saw bitcoin rise from below $30,000 per coin to nearly $60,000 per coin. This happened between September 2023 and December 2023.

I am not saying bitcoin is going to double in price over the next 120 days, but I do think we are seeing numerous data points line up for bitcoin to go higher in the coming weeks. The bitcoin bull market is not over. There is still plenty of fun for people to have.

Just don’t expect this bull market to look like past ones.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Will The Bitcoin 4-Year Cycle Happen Again?

Henrik Zeberg is the Head Macro Economist at Swiss Block.

In this conversation we talk about the macro outlook, K-shaped economy, inflation, a potential big tech bust coming, why the 4-year bitcoin cycle is not going anywhere, and what a monetary reset would look like.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

Things are about to get very crazy across financial markets. Now I know there are plenty of people predicting the next recession is right around the corner, but they are simply wrong.

I am not sure if they are looking at bad data, drawing bad conclusions from good data, or some combination of the two. It doesn’t really matter how they are arriving at the wrong conclusion.

They are just flat out wrong.

Take the US stock market as one data point. Adam Kobeissi writes:

“The stock market is incredibly hot. Since 1975, there have only be 6 times where the S&P 500 rose +30% or more in 5 months. 2025 is one of those times. In 100% of these cases, the S&P 500 has ended higher in the following 6 and 12 months, per Carson Research. In fact, during such occurrences, the S&P 500 has rallied by an average of +18.1% in the following 12 months.”

Those are insane numbers. You want to bet against history? Be my guest. I like to think of financial markets similar to science though. Things in motion tend to stay in motion. Momentum is one powerful force.

But this is where things get interesting. If the stock market is growing by 30% in 5 months, there has to be someone getting richer, right? Who is holding all those stocks?

Adam goes on to explain:

“Newly released data shows that US household net worth jumped by +$7.1 TRILLION in Q2 2025 alone. In other words, for 3-straight months, US households added an average of +$79 BILLION in net worth PER DAY….

As a result, the rich are getting much richer. Currently, the bottom 50% of US households now hold just 2.5% of total US wealth. In fact, the top 1% now holds $40 TRILLION more wealth than the bottom 50% combined.”

So to recap this situation, the stock market just drove historic returns over the last 5 months. It made rich people ever richer, while the bottom 50% of Americans were left sitting on the sidelines.

That isn’t the rich people’s fault. It is a financial education problem. In fact, I would argue we have a national crisis in this country until we figure out how to educate every student on personal finance and investing.

Asset owners will be winners and savers will be losers moving forward. You may not like it, but it doesn’t make it untrue.

This bull market is not close to over either. Mike Zaccardi writes “The average bull market lasts 70 months. We are about to complete month 35 of this one.”

That is a narrative violation, right? I know your pessimist neighbor isn’t telling you this data. But data is data and almost all of it points to the fact that we are in a bull market that has plenty of legs left.

This brings us to the Federal Reserve meeting this week, which should culminate in an interest rate cut.

Yes, they are going to cut rates with the stock market at all time high and the government inflation data measuring above 2.5%. We have never seen a situation like this before.

Creative Planning’s Charlie Bilello points out the last time the Fed cut interest rates with inflation over 2.9% was in October 2008, “in the midst of the worst recession/bear market since the Great Depression.”

There are two big conclusions I have from this unprecedented move. First, the Fed is going to do this because of the labor market. Artificial intelligence has been a massive deflationary force in the US economy. Companies are figuring out how to be more productive and profitable with fewer employees.

But second, the Federal Reserve has been behind the curve for months. I believe the Fed should make a 50-75 basis point cut in interest rates so they can catch up to where they should be, but history suggests the Fed will avoid being bold in their decision.

Jordi Visser explained to me this weekend why he sees the odds of a 50 basis point cut increasing:

But let’s level set for a second. Polymarket odds are only 8% for a 50 basis point cut, which is very low compared to the 90% odds of a 25 basis point cut this week.

It ultimately is not going to matter whether the cut is 25, 50 or 75 basis points though.

Carson Group’s Ryan Detrick writes “The Fed last cut in December of 2024, so it'll be nine months between cuts. Waiting 5-12 months between cuts tends to be bullish for the S&P 500. Higher a year later 10 out of 11 times with above average returns should have bulls smiling.”

The Fed is going to push asset prices, from stocks to gold to bitcoin, to much higher levels. They can’t help themselves. They have to address the labor market issues or they will have a bigger problem on their hands.

Put aside the fact that the government’s data misled the Fed into believing inflation was much higher than it actually was. Ignore the fact the Fed has become a politicized organization that seems to be cheering against the current administration’s economic plans. And refrain from getting worked up about the Fed’s flip-flopping about being “data dependent.”

The central bank is now backed in a corner. They have to cut interest rates. Given asset prices are near all-time highs, we can only expect the newfound cheap capital coming into the market to push prices higher and higher in the coming weeks and months.

Get your rain boots on. Liquidity is coming. And investors will be very happy.

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains Why The Recession Is Cancelled

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss Oracle going up 40%, what is going on in the stock market, what will happen with interest rates, job revision, AI, bitcoin, interest rates, and where asset prices could be headed.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

Retail investors just got a massive win last night. Their activism campaign to enact change at Opendoor ($OPEN) was completed with the naming of a new CEO and two new board members.

For context, Opendoor went public via a SPAC in December 2020. The company saw its stock price decline down to $0.51 per share earlier this year. The negative performance can be attributed to a confluence of factors, including a tough interest rate environment, a revolving door of talent, and a lack of interest from investors.

But a relatively unknown hedge fund manager, Eric Jackson of EMJ Capital, came out with a price target of $82 per share in July. Yes, you heard that right. Eric Jackson called for a nearly 160x appreciation in the stock over the next few years.

This sounded insane at first. How the hell could that be a real thing someone could predict? But then retail investors started looking into the company. That diligence made it obvious the company was significantly undervalued. They were trading at a market cap of a few hundred million dollars, yet the company was doing billions in revenue, had recently turned a profit, and was holding a ton of real estate on their balance sheet.

So retail investors started buying the stock.

But retail wasn’t just buying the stock. They began bombarding the company with pressure to improve the business. Within weeks, the existing CEO had stepped down. The remaining management team committed to not sell any of their stock. And the interim leader of Opendoor personally purchased equity in the stock market.

Not bad for a loose group of random investors who were individually acting in their own self-interest, right?

Most activist investors would have been satisfied to get this much done in such a short period of time. Retail investors weren’t satisfied there though.

The pressure continued. They wanted a new CEO who understood artificial intelligence. They wanted Opendoor co-founders Keith Rabois and Eric Wu back on the board of directors. And the retail investors were not going to rest until they got what they wanted.

Hundreds of tweets per day. Some nice, some not so nice. Just a relentless campaign to effect change at a business that these retail investors saw potential opportunity in.

Last night, the retail activism campaign became one of the most successful activism campaigns in recent history. Opendoor announced they have hired Kaz Nejatian, the COO of Shopify, to be the company’s next CEO. This is a very big win for Opendoor.

Kaz has been instrumental in building Shopify into one of the most disruptive technology companies in the world. He understands product, he understands technology, and he understands the importance of operating a lean, profitable business.

Opendoor also announced that Keith Rabois and Eric Wu would be re-joining the board of directors as well. Two more big wins. Keith and Eric are some of the world’s best entrepreneurs and investors. They bring the founder mentality and energy back to a company that desperately needs it.

So, to recap, retail activist have been able to effect significant change at Opendoor in approximately 60 days. They got the CEO to step down, they stopped management from dumping their stock, they helped find a killer new CEO, and they got their preferred directors into two of the board seats.

What an insane accomplishment in such a short period of time.

Again, this is probably the most successful activism campaign in recent history. It speaks volumes about the power of the retail movement. People can hate it. They can mock it. They can even try to fight it. But the retail investment crowd is a powerful force that is not going anywhere.

Financial markets have been changed forever. These individuals have real capital. They have access to information. And they are now emboldened to make their voice heard. We probably don’t fully understand the impact of this development, but it is important to keep watching.

Retail investors are going to become a larger part of the market. They are going to get better at what they are doing. Companies will have to come up with a retail investor strategy. If they don’t, the CEOs of these companies risk being the next executive under pressure from a group of investors who now have the track record of getting results.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Destroyed The 60/40 Portfolio with Ric Edelman

Ric Edelman is the Founder of Digital Assets Council of Financial Professionals, and he is a New York Times #1 best seller of 13 different books.

In this conversation we talk about why financial advisors are finally getting excited about bitcoin, conversations they are having with their clients, the death of 60/40, gold, currency debasement, and why Ric has recommended having 10-40% exposure to bitcoin.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

It is important you avoid getting lulled to sleep in financial markets. A great example of where I potentially see this happening right now is with bitcoin. The digital asset is down 3% over the last month and only up 20% since the start of the year. Not exactly the eye-popping return numbers that energized an entire generation that was seeking asymmetric returns.

But this lack of significant appreciation over the last 8 months doesn’t mean we can expect the same thing to continue through the rest of the year. Fundstrat’s Tom Lee was on CNBC yesterday and explained why he thinks bitcoin could double by Christmas:

Do I think bitcoin will double by the end of the year? I have no clue. Bitcoin has made significant moves in the past, so it wouldn’t be the first time, but increasing the total market cap by approximately $2 trillion in around 100 days would be breathtaking to watch.

Regardless of the price movement, Tom’s analysis of why bitcoin is poised to move higher is dead on. Bitcoin remains the most sensitive macro asset to global liquidity conditions. And if the Fed is going to cut interest rates in September, we should expect bitcoin to increase in value in response.

But bitcoin is not the only asset that Wall Street is paying attention to. This may not be what bitcoiners want to hear, but we have to be realistic about the facts of the market. In the last month, while bitcoin was down slightly, Ethereum has been up nearly 10% and Solana has been up more than 20%.

This is a direct result of Wall Street broadening their interest into more crypto assets. We have seen the launch of Ether ETFs, along with the announcement of many altcoin digital asset treasury companies.

Tom Lee announced Bitmine, which is a treasury company focused on Ethereum. Not only is he buying the asset and staking it, but Bitmine made an investment in a company called Eightco Holdings ($OCTO) yesterday. Why did they do that? Well, Eightco Holdings is becoming a treasury company for Worldcoin, which is built on top of Ethereum.

So now you have companies that are investing in the ecosystems of these altcoins. And before you argue how dumb this strategy is, you should know that Eightco Holdings saw an approximately 30x increase in their share price in a single day off the announcement. I don’t know if Nasdaq has ever seen a company go from $1.72 to over $72 a share in one trading session, but thats what happened yesterday.

Just insane.

This is not only happening in the Ethereum ecosystem either. We are seeing Sol Strategies, a publicly traded Canadian company dedicated to building Solana infrastructure, cross-list and start trading on Nasdaq this morning. The company will trade under the ticker $STKE, which stands for “stake.”

I have been an advisor to the company and CEO Leah Wald for awhile, so I have seen how that company in particular has been built. They own a bunch of SOL on their balance sheet, they stake their balance sheet assets, and then they own a number of validators that allow them to monetize other people’s SOL that is being staked.

In a similar vein, we saw the announcement of a new Solana-focused treasury company through Forward Industries Inc. The company is backed by Galaxy Digital, Jump Crypto, and Multicoin. Kyle Samani is joining as Chairman of the board. This effort has raised more than $1.6 billion in cash and stablecoins to execute the strategy.

That doesn’t happen unless the opportunity is clear from the market.

If you thought Wall Street loved companies holding altcoins, just wait till they realize these companies can provide cash-flow and yield. Again, it doesn’t matter what individual investors believe, you have to understand what the broader financial market is dying for — yield.

And we have also seen asset management firms like Coinshares announce a deal to go public via SPAC. They are doing it at more than $1 billion valuation too. Cash-flow from crypto-related companies is all the rage right now.

So this brings me back to the broader theme playing out. Crypto is assaulting Wall Street. Bitcoin was first through the door. It has always been the king and it will remain the king in my opinion. But Wall Street is starting to broaden their horizons.

They don’t care about any particular coins. They want returns. And if that brings them to altcoins, yield, or cash-flow companies, so be it. They are trying to fulfill their mandate to capture alpha and it seems the market has collectively decided crypto-related opportunities is one of the best places to look.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The Truth About The Fed & Bitcoin

Mel Mattison is an investor, author, and a former fintech executive.

In this conversation we talk about the role of the Federal Reserve, why they historically have not been independent, who is to blame for current debasement, why gold and bitcoin are so important, and what Mel would do if he was Fed chair.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

Disclaimer: Network, ecosystem, top-up and withdrawal fees may apply

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To investors,

It seems many people are freaked out over the weak jobs report from last week, but I don’t think people quite understand what is happening right now. We are living through one of the most historic moments in technology history.

You may think that sounds like hyperbole, but I brought cold, hard facts to prove it.

Take a look at this chart from Aahan Menon — tech sector output is skyrocketing at the same time that tech sector employment is contracting.

Quite literally, we have never seen this happen at any point over the last 60+ years. Companies are becoming more productive, but with less people. It is the textbook definition of efficiency.

Now you may ask “how is this happening?”

Don’t worry, I got you covered. Let’s use Coinbase as the first example. CEO Brian Armstrong recently wrote:

“Approximately 40% of daily code written at Coinbase is AI-generated. I want to get it to greater than 50% by October. Obviously it needs to be reviewed and understood, and not all areas of the business can use AI-generated code. But we should be using it responsibly as much as we possibly can.”

Yup, he said 40% of daily code written at the company is being done by artificial intelligence. And he isn’t the only one. Eight Sleep CEO Matteo Franceschetti wrote in response:

“48% of the code from our data team is now AI-generated—and that share keeps climbing every week. Beyond engineering, teams across the company are rapidly adopting tools like Devin, making AI adoption our fastest-growing company-wide metric.”

These are public and private companies. They are software and hardware. One is worth hundreds of millions. The other is worth tens of billions. Each is publicly confirming that nearly half of the code written is coming from artificial intelligence.

No wonder we are seeing productivity spike upwards, while employment is falling. So this begs the question, “who is losing their job?”

The answer is very clear — the number of junior roles are declining and the number of senior roles are increasing. Alex Cheema shows junior roles are down 23%. Senior roles are up 14%.

This means the best engineers, which are usually the most senior, are the big winners from the AI revolution. That is an important data point because it proves that AI is making one group more productive at the expense of the less experienced group.

So open your eyes and ears. These companies are showing us how they are doing it. Too many people refuse to believe them. Eventually that will have to change.

This brings me to the broader US economy outside of the tech sector. Our friends at Boring Biz highlighted a recent report from Moody’s that said “33% of states in the U.S. are already in recession territory.”

It looks like Texas, California, Florida, New York and North Carolina are responsible for majority of the economic growth happening right now. Those also happen to be the states with significant tech activity, including Silicon Valley, Austin, Miami, El Segundo, the Research Triangle Park, and Silicon Alley.

It makes sense the economic growth is happening in these areas. But the fact we are not seeing growth in other states is less than ideal.

Add in the fact that the S&P 500’s Price-to-Book Value is now higher than the 2000 Dot Com Bubble and you already know the bears are out in full force screeching about the impending catastrophe in financial markets.

But before you throw up your hands and say the bears are right, Sam Badawi reminds us we have had three bear markets in the last five years.

And if that didn’t make you feel good, the Federal Reserve is about to juice the market with an interest rate cut too. They haven’t been the only ones this year.

Adam Kobeissi writes:

“The Fed is about to join the global rate cut cycle: There have now been 88 rate cuts worldwide year-to-date, the most since 2020. This puts 2025 on track for the 3rd-fastest global cutting cycle on record, according to Bank of America.”

So my best advice is to stop listening to all the bears. They keep predicting a recession, yet the odds on Polymarket have fallen from 65% in May to only 8% today.

A big reason for these declining odds is the underlying business fundamentals are getting better. Companies are reporting record revenue, profits, and growth. These businesses are becoming more efficient and more productive, so they should be worth more money. And that is exactly what you are seeing in the stock market.

And you can’t have a recession if companies are getting stronger. So good luck to the pessimists out there. I hope they don’t actually believe all the nonsense they are spewing.

Have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Bitcoin Will Hit $150,000 Sooner Than You Think

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we talk about the bad jobs report, what will happen with inflation and the fed, when bitcoin will break out, artificial intelligence, Tesla, and why asset prices will keep going higher.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

The jobs report this morning is going to send shockwaves throughout the market. We saw growth slow to an extraordinarily low 22,000 payroll additions in the month of August.

As if that wasn’t bad enough, the June jobs revision brought the June jobs number negative. Heather Long points out the new data shows the US economy lost 13,000 jobs in June, which is the first negative month since December 2020.

She goes on to say “there's barely been any job growth in the past 4 months. Almost all the jobs added are in healthcare. Without healthcare, job growth would be NEGATIVE in the past few months.”

Not good.

Joey Politano writes “US blue-collar job growth has completely stagnated, hitting the lowest level since the onset of the pandemic—manufacturing is currently losing jobs at a rapid pace, and growth in construction/transportation has slowed to a crawl.”

Now interestingly, white collar jobs within US manufacturing are actually growing, which is not exactly what you would expect given the public narrative right now.

But manufacturing is not the only place we are seeing the issues. Heather Long shows the job slowdown is across the economy. In the last 3 months, mining has lost 13,000 jobs, construction is down 10,000 jobs, business professionals are down a whopping 51,000 jobs, and the federal government has lost 34,000 jobs. Finance, which is largely thought to be immune to most economic policies, has also seen zero job growth over the last 90 days.

So what is going on here? Well, this brings us back to what I have been talking about all year. The US economy is getting smacked by a massive deflationary force. The combination of tariffs and artificial intelligence are a powerful cocktail that is driving significant changes in the economy.

This is why it has been so dangerous for the Federal Reserve to continue keeping interest rates at elevated levels. Their refusal to cut rates, even though the data told them to do it, has put them behind the curve once again.

Today’s job report essentially guarantees we will get a rate cut in September. It also drastically increases the odds we will see multiple rate cuts through the end of 2025.

The US economy is sprinting into a big headwind. We need the stimulus to generate the right kind of economic activity. Without it, the headwind will take its toll and make things much harder than they need to be.

As you all know, I am not a big fan of human-led monetary policy. But if we are going to use it, then the humans at the Fed should at least implement the monetary policy in a consistent, predictable way. They haven’t been doing that. Their critics claim it is for political reasons. Their supporters claim it is because tariffs were supposed to be inflationary.

Regardless of the reason, the Fed has made a big mistake and must do their best to correct the issue. I believe we should see a large interest rate cut in September. A small 25 basis point cut is unlikely to do enough to put a dent in the problem.

We should get a 50 basis point cut at a minimum and there is a serious argument for the cut to be 75-100 basis points. Now those are big numbers. The market would have a hard time swallowing such a bold move, but sometimes you have to do unpopular things in order to get the Federal Reserve back on track.

They are behind the curve. Our central bankers have completely miscalculated the impact of tariffs, and they seem to have misunderstood how pervasive artificial intelligence would be, so they should scramble to use their toolbox to get interest rates lower sooner rather than later.

This brings me to asset prices. Most assets are already trading at or near all-time high prices. If we get a large interest rate cut in September, asset prices will go much higher. The Fed can’t worry about that though. They have a labor problem on their hands. Truflation is showing inflation is under 2% right now.

That is a 50% reduction in inflation since the start of the year. The Fed should have been cutting rates. They can’t go back in time, but they can cut rates aggressively through the end of the year. And investors who are exposed to stocks, bitcoin, and gold will do well.

Now we all sit and wait to see what Jerome Powell and his crew decides to do in light of the terrible, no good jobs report from this morning.

Hope you all have a great end to your week. I’ll talk to you on Monday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Bitcoin Is Mispriced Right Now with Jeff Park

Jeff Park is a Partner and Chief Investing Officer of ProCap BTC.

In this conversation we talk about what separates smart investors from those who just follow ideology, how that mindset shift can make you better in the market, the idea of a bitcoin treasury company, and how businesses could stack more bitcoin without constantly raising new capital.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

Bitcoin adoption happened in a special way. Most technology is first used by militaries and nation states, then corporations adopt it, and finally the average person is given access to the technology. This happened with the internet, phones, computers, and many other innovations of the last century.

But bitcoin has been different.

The people adopted bitcoin first. Nation states thought about banning it. Corporations thought it was too risky. It was the average person who did the work to understand the asset, realize the market opportunity, and take the leap of faith to buy and hold the world’s first decentralized digital currency.

And the people have been rewarded well for taking that risk.

Now corporations are working hard to catch up. Bitcoin platform River just put out a great report showing how large a percentage of bitcoin purchases now come from companies, rather than individuals.

Sam Baker and Vincent Lee write “businesses have emerged as the primary force behind bitcoin's ongoing bull market. In the first eight months of 2025, bitcoin inflows onto business balance sheets have already exceeded the total for all of 2024 by $12.5 billion.”

A big reason for this significant increase in accumulation from businesses has been the recent rise of publicly-traded bitcoin treasury companies. The report says these treasury companies account “for 76% of all business purchases since January 2024 and 60% of publicly reported business holdings.”

Ever since Microstrategy became the first public company to hold bitcoin on it’s balance sheet, we have seen an explosion of other companies follow. It is estimated there are more than 50 other public companies who hold at least 10 bitcoin each.

And these companies are not just in the United States. In fact, the bitcoin treasury phenomenon has become a global game almost overnight. There are public companies in nearly every market who continue to convert their local currency into digital sound money.

So it is obvious that these treasury companies are a big reason for the continued bitcoin bull market. But it is important to remember that although these companies are buying up a lot of bitcoin, they are still slightly behind funds and ETFs which are the largest category buyer of bitcoin so far this year.

It is healthy to have various types of buyers in a bull market, so it is good to see the demand is coming from funds, ETFs, treasury companies, private businesses, and individuals alike.

But lets go back to the idea of companies holding bitcoin for a second. Most companies are never going to put majority of their balance sheet into bitcoin. At least not in the short-term. So a much more realistic scenario is for companies to put 1% of their balance sheet into the digital asset.

1% may not sound like a lot, but look at the difference a 1% allocation would have made for Microsoft, Google, and Apple since 2020.

Each of these companies has seen their balance sheet’s purchasing power erode from $14 billion to $21 billion since 2020. Think about how crazy that is. The silent tax of inflation has stolen $14+ billion of shareholder value in half a decade. Just insane.

If these same companies had allocated only 1% of their treasury to bitcoin in 2020, they each would have seen a treasury gain of $14 billion to $29 billion in that same half decade. We are talking about a $25 billion swing or more in each one of these companies.

And the risk they would have had to take was only a 1% allocation. Seems like a no brainer in hindsight.

This brings me to my last point, which is what companies are actually doing in terms of their allocation percentage. “River's data shows that many businesses are allocating far more than a hypothetical 1% to bitcoin. Businesses using River allocate an average of 22% of their net income, according to a July 2025 survey. The median allocation is 10%.”

So there you have it. An allocation as little as 1% would have had a profound impact on most company’s balance sheet since 2020, but the average allocation has been 22% of net income and the median allocation has been 10%.

Something tells me those percentages will increase over time.

If you want to read the full River report, you can check it out by clicking here.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: Saquon Barkley is the best running back in the NFL. He is also one of the best technology investors over the last few years.

Saquon has amassed a portfolio including Anthropic (currently valued at $183 billion), Ramp ($22.5 billion), Anduril ($14 billion), Cognition ($9.8 billion), Neuralink ($9 billion), Strike (~$1 billion), and Polymarket (~$1 billion). He’s also a limited partner in funds including Founders Fund, Thrive Capital, Silver Point Capital, and Multicoin Capital.

My wife, Polina Pompliano, spent months interviewing Saquon, his team, the founders in his portfolio, and those who know Saquon best. She wrote the definitive profile on the running back turned tech investor.

Highly recommend reading the piece today.

Why Trump & The Fed Will Make Bitcoin Keep Going Up

Darius Dale is the Founder & CEO of 42Macro.

In this conversation we talk about the Federal Reserve, inflation expectations, what is going on with Lisa Cook, how to fix the housing market, and how the market could play out the rest of the year.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

There is a seismic shift underway in how countries think about preserving their economic value for the long-term. It is imperative that you understand what is happening here because the ramifications will touch every asset class, every market, and every investor over time.

Let me explain.

The story is best seen through the explosion of adoption related to gold as a reserve asset for foreign governments. Adam Kobeissi writes:

“Gold is replacing fiat currencies as a reserve currency: Gold's share of global international reserves rose 3 percentage points in Q1 2025, to 24%, the highest in 30 years. This marks the 3rd consecutive annual increase. Meanwhile, the US Dollar's share declined ~2 percentage points, to 42%, the lowest since the mid-1990s. The Euro share remained roughly unchanged at ~15%. Gold is now the world’s second-largest reserve asset after surpassing the Euro in 2024. Gold is seeing historic levels of demand.”

Now it is important to understand that fiat currencies will not fluctuate in price ($1 = $1), but gold’s price can appreciate. My friend Val Katayev responded to Adam saying “This is based on value. As gold price goes up, it will naturally be a higher % of global reserves since other currencies do not appreciate in value generally.”

Speaking of gold’s price, it is up nearly 70% since the start of 2024. That is an epic run for an asset that historically had much more stability.

Even with Val’s volatility caveat though, the significant increase in gold adoption can’t be ignored. So the market is obviously trying to tell us something. What exactly is it?

I asked Silvia, the AI CFO that our team built, to explain why gold has been rallying over the last 18 months. Here is what she told me:

“Gold has essentially experienced a "perfect storm" of supportive conditions: institutional demand, inflation concerns, geopolitical risks, and favorable interest rate environments all aligning simultaneously. This combination has pushed gold to historic highs and fundamentally shifted its role from primarily a dollar hedge to a critical reserve asset for uncertain times.”

This explains why gold’s price is appreciating, but it doesn’t explain why central banks maintained record-high gold purchases in 2024, accounting for over 20% of global demand (compared to ~10% historically).

For that answer, we can turn to Porter Stansberry. He writes:

“This is the ‘End of America’ — the loss of our currency’s world reserve status — and the beginning of the end of the world’s post-Bretton Woods financial system. Anyone dependent on the government’s credit will be destroyed over the next decade.”

Now as you all know, I am not usually someone who is fond of doomsday predicting. The demise of America has long been promised, yet it has not come true. But I don’t think Porter is exclusively talking about the demise of our society and our institutions.

He is explicitly talking about the loss of the US dollar as the world reserve currency.

That doesn’t seem too crazy, right? The bitcoiners have been yelling about this problem for years. The gold bugs have been yelling about it for decades. And now you have central banks and foreign governments who seem to have come to a similar conclusion. Maybe they aren’t ready to completely abandon the US dollar—remember the US dollar is still the most popular reserve asset for central banks globally—but they are definitely more open to reducing their allocation percentage than they had been in prior years.

So this brings us to the most important question for you all. What should you do in this scenario? Is there anything you can do personally? What could you change to protect yourself and possibly benefit?

Porter says “to save yourself: 1. Own a great business; 2. Hold real money — gold, Bitcoin. 3. Sell the dollar (borrow long-term, at fixed rates).” Those three ideas seem reasonable to me. And they have been helpful to people throughout history who faced similar situations.

So central banks are gobbling up gold. They are loosening their dependence on US dollars. And retail investors are buying gold and bitcoin to leverage sound money properties to protect themselves.

But is there something even bigger brewing under the surface? Potentially.

This video of India’s Prime Minister Narendra Modi, Russian President Vladimir Putin, and Chinese President Xi Jinping went viral over the weekend. They are chopping it up like a bunch of school boys plotting how to skip class and get an extra recess session in.

But this isn’t elementary school and these world leaders could significantly change the global world order if they decided to play nice with each other in a highly coordinated fashion.

Investor Kashyap Sriram threw out an interesting perspective. He wrote:

“5 years from now, when people ask: how did we end up in a multi-polar world order? It started with the US policy of attempting to isolate Russia from the EU, doubling down by de-globalizing free trade through tariffs, and attempting to bully India into severing ties with Russia. Honorable mention goes to nationalizing US tech giants and export controls backfiring by inducing China to develop its own advanced semiconductor tech.”

Now it doesn’t take Albert Einstein to get out a hypothetical calculator and add 1 + 1 here. Central banks are looking to gold and other reserve assets at the same time that many of the largest countries have their leaders chumming it up with each other.

Are we likely to see a multi-polar world emerge? Maybe. I don’t know what the end result will be. But I do know that a lot of things are changing right now and it is essential you pay attention. And it definitely won’t hurt to have sound money assets like bitcoin and gold in your portfolio.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

READER NOTE: We are less than two weeks away from the Independent Investor Summit in NYC on September 12th. This is going to be an incredible event packed with actionable investment ideas from many of your favorite internet-native investors.

Get your ticket by clicking here.

How Bitcoin Outpaces Stocks In The Next Decade

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we talk about the Federal Reserve, what is going to happen with artificial intelligence, future outlook for stock market, and why interest rate cuts will be so bullish for bitcoin.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

We are living through a very important shift in macro investing. You can see it clearly with a brand new development that hasn’t happened in the last 30 years. Three decades!

So what is this development?

Macro analyst Tavi Costa points out “Foreign central banks now officially hold more gold than US Treasuries — for the first time since 1996. Let that sink in. If you think this buying streak is ending, just look at what happened in the 1970s. This is likely the beginning of one of the most significant global rebalancings we've experienced in recent history.”

Now there are a few different reasons for this outcome. First, the United States is debasing the dollar at an accelerated pace over the last half-decade. The dollar has lost nearly 30% of its purchasing power since 2000. Second, the United States has aggressively used sanctions against Russia, Venezuela, and other adversaries. This abrasive decision highlighted the risk foreign countries have when they hold US treasuries as their main reserve asset.

And maybe most importantly, the rise of bitcoin, which has coincided with an epic run for gold, has solidified the belief that sound money principles never go out of style when trying to transport value through time.

Central banks are waking up to the idea that holding paper probably isn’t the best strategy. Paper and treasuries can be printed at will, while hard assets are outside the control of anyone and can’t be printed. What would you rather hold? The answer is obvious.

But then there is an even more interesting way to think through this problem — holding US treasuries may bring a negative real rate of return. Although the Fed continues to parrot a 2% inflation number, the real rate of debasement is 4% since 1971. This means that a treasury that is paying you less than 4% is actually losing you money on a real return basis.

So now you have central banks who say “Wait! You mean I was holding an asset that could be created out of thin air, confiscated by the US government at any time, and was essentially guaranteed to lose me money?!” Makes sense why they have been dumping treasuries in exchange for gold.

And eventually they will add bitcoin to their reserves as well. We live in a world where everything is fake. The money is fake. The bonds are fake. The photos on Instagram are fake. And the food is even becoming fake.

This means real things — things that have objective value through finite supplies or sound money principles — will become even more valuable over time. Fake is a fad. Hard assets are timeless. And central banks realize it.

So I wouldn’t want to fade the central banks. They are some of the most powerful institutions globally. They have a money printer and one day I believe they will accelerate their printing to buy more gold and bitcoin.

Upgrade your portfolio. Fortify it with the hard assets. Sound money is the only money that ultimately matters.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Is Bitcoin’s Price Going Down?

John and Anthony Pompliano discuss bitcoin, why the price is going down, what’s going on with the Federal Reserve, Lisa Cook and the pressure from the White House, prediction for the next 10 years of the US economy, and will Powell cut interest rates?

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

A recent study spells disaster for many young people entering the workforce right now. Simply, these young people are getting smoked in the job market due to artificial intelligence. The new paper tried to understand where artificial intelligence is driving more jobs in the economy and where AI is destroying jobs.

And, as expected, the conclusions are a doozy.

The paper is titled “Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence” and it analyzed data from the largest payroll software provider in the United States.

According to Nic Carter, “the authors of the paper looked at job data since 2022 and divided jobs into most and least exposed to AI (quintile 1= least exposed, quintile 5 = most exposed).”

He says the example "high exposure" (quintile 5) jobs include:

• software developers

• customer service and support

• clerical roles

• writing and media

• business analysts

So what is happening to young people in these job categories? Do they have more or less opportunity thanks to artificial intelligence?

The Economist’s Mike Bird highlights one of the main conclusion from the study: “since the widespread adoption of generative AI, early-career workers (ages 22-25) in the most AI-exposed occupations have experienced a 13 percent relative decline in employment.”

This is a trend we have been talking about over the last few weeks, but now we have concrete data to quantify just how severe the situation is. A 13% relative decline in employment is a very big deal. Some may even call it catastrophic for a cohort of workers who are trying to figure out how to get their professional footing.

If we dig deeper into this paper, not only did the paper find “substantial declines in employment for early-career workers in occupations most exposed to AI.” But they also “show that economy-wide employment continues to grow.”

That is the killer conclusion in my opinion. Overall, the economy is growing jobs, but young people in AI-related jobs are falling significantly behind. You think that is going to be a problem in the future? Obviously. And what happens when AI continues to get better and better over time? Remember, right now is the worst the technology will ever be.

So it is entry-level workers today, it will be more senior workers in a few years.

But before young people go cry in a corner, there is a positive perspective on this news as well. Nic calls it a “K-shaped AI hypothesis.” I call it “Compete, don’t complain.”

The idea is that AI makes it easier than ever to make a living. The barriers to starting a company, building a product, or selling a service have never been lower. Rather than praying someone is going to hire you, young people have the opportunity to accelerate their achievement of financial freedom by creating jobs for themselves.

Do you need curiosity, intelligence, and creativity? Absolutely. Do you need to have agency and be a self-starter? You got it. But if a young person is hungry for success, these new tools open a world of possibility that never existed before.

So the data is clear — young people are having a harder time finding work thanks to AI. But these same people can now make significantly more money, and do it much faster and easier, than their older peers.

AI is a tool. You can use it for good or bad. You can use it to create jobs or destroy them. The choice is yours. Winners write history, so my suggestion is for everyone to spend a few hours to become proficient with the latest AI tools. Your career quite literally may depend on it.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Is Bitcoin’s Price Going Down?

John and Anthony Pompliano discuss bitcoin, why the price is going down, what’s going on with the Federal Reserve, Lisa Cook and the pressure from the White House, prediction for the next 10 years of the US economy, and will Powell cut interest rates?

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

The landslide victory for President Trump in November’s election suggested that a large portion of the country was excited about the prospect of putting a businessman and investor back into the White House. Since his inauguration, Trump and his administration have gone to work implementing their plan with a frenetic pace.

Most of the commentary this year has been focused on Trump’s tariff policies. There was intense volatility and uncertainty through the first half of the year. Tariffs were placed on various countries, then the tariff rates were increased, then the tariffs were paused, then the tariffs were implemented again, and eventually some of the tariffs were removed or reduced.

This constant change led to critics complaining that the White House had no clue what they were doing. While plenty of smart people think that critique is true, you could also see the tariffs for what they were — an iterative process during a fluid negotiation on the geopolitical stage.

Another way to say it is “dealmakers trying to do deals.”

I am not saying whether it was the right strategy or not, but rather viewing the actions through the lens of dealmaking creates a level of understanding and clarity that seems to make more sense than any other perspective.

But as any dealmaker knows, the best deal is the next one.

And the White House has been busy trying to strike even larger, more important deals. Take the recent announcement of the United States government receiving 10% ownership in Intel, the American giant designing, manufacturing, and selling computer components. Following the initial announcement, Trump posted on social media that the government now owns the 10% stake without investing any money in the company.

Of course, the devil is in the details.

Critics immediately sounded the alarm that the United States government was beginning to act like a communist state where successful enterprises eventually ended up being state-owned. These critics ignored the American precedent of the government taking equity stakes in companies across industries at different times.

According to Perplexity, a few examples include:

• 2008 Financial Crisis – TARP Program: The government acquired significant equity stakes in many major firms, including AIG, Citigroup, Bank of America, General Motors (GM), and Chrysler, as part of the Troubled Asset Relief Program (TARP). This involved buying newly issued preferred stock and even common shares in exchange for bailout funds. For example, the government became the majority (60.8%) shareholder in GM in 2009, controlling its restructuring and board appointments before selling its shares in subsequent years.

• 1984 – Continental Illinois Bank: In response to a major bank failure, the FDIC took an 80% equity stake and actively participated in corporate governance for several years before divesting.

• CARES Act (2020 – COVID pandemic): The government financed critical sectors (including airlines) and, per the law, often received equity warrants or similar rights as part of these investments.

So the Intel deal doesn’t seem as abnormal if you have the historical context. But remember, I said the devil was in the details.

Legendary energy trader John Arnold encapsulated my thoughts perfectly when he wrote “I’m not thrilled about the government giving Intel $11.1 billion for a 10% stake but it’s better than the original idea of giving them $7.9 billion for nothing.” It is important to realize the government is not investing cash, but rather they are using previously awarded but undisbursed funds from the CHIPS Act and the DoD’s Secure Enclave program. Think of this as a trade where the government essentially demanded 10% equity in exchange for the government awards that Intel was already expecting from the Biden-era legislation.

Venture capitalist Bill Gurley also had a good point when he said “If the government is the “lender of last resort” they should 100% take equity and arguably 100% of the equity. Failed to do this with GM, Goldman Sachs, United (& other airlines). How do you know if they are lender of last resort? The company takes the deal.”

My takeaway from this situation is the US government is not going to be in the business of taking equity positions in private sector companies, but they have a history of getting paid for stepping in to help in unique situations. There will be debate whether the securing American leadership in advanced semiconductor manufacturing is an unique enough situation to warrant the equity stake, but most investors I have spoken with think the government should not be in the business of handing out money without being compensated for the risk they are taking.

Remember, dealmakers making deals.

This brings me to the news from last night that President Trump is firing Lisa Cook, the embattled Federal Reserve Board Governor who has been accused of mortgage fraud by FHFA Director Bill Pulte. This is the first time in history that the President of the United States is removing a Fed Board Governor, so the critics are out in full force.

I have no clue if this is legal or not, and my guess is there will be a large legal battle for the courts to decide what is permitted, but the move makes a lot more sense when you think of a CEO firing an employee for being accused of a serious crime that carries decades in jail as the punishment. Again, forget the political aspect for a second and imagine you worked at a company where the same dynamics were at play — it is nearly impossible to see a situation where company leadership wouldn’t step in and remove the employee.

Frankly, people have been fired for significantly less in the past.

So my new framework for understanding what is coming out of the White House is to view it through a business lens. The iterative tariffs are dealmakers making deals. The Intel position is corporate leadership demanding economic upside for taking financial risk. And the firing of Lisa Cook is a CEO having a zero-tolerance policy for ethical issues.

I am not arguing that the United States government should be run like a business, but I am highlighting a large portion of the country thinks it should be. The last administration proved to be highly incompetent when it came to handling crime, immigration, geopolitics, and the US economy. They rarely, if ever, fired someone for doing a bad job. And they were mocked and ridiculed on the global stage.

This administration is taking a completely different approach. Only time will tell how effective the new strategy is.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jeff Park on Bitcoin’s Volatility

Jeff Park is a Partner and Chief Investing Officer of ProCap BTC.

In this conversation we talk about bitcoin, why the volatility is a feature, institutional adoption, opportunities for bitcoin treasure companies, and why bitcoin rate-of-return is so important.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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Join us at the Independent Investor Summit in NYC on September 12th!

Markets are breaking records. Public equities are outperforming. And individual investors are driving it all. It’s officially the rise of the retail investor.

On September 12th in NYC, I’m hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors.

We’re bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, and one-on-one fireside chats. Speakers include Darius Dale, Jordi Visser, Jeff Park, Chris Camillo, Tom Sosnoff, Jon & Pete Najarian…plus more to be announced.

Pomp Letter subscribers can use code POMPLETTER50 for 50% off GA tickets if you register here by August 8th. See you all there.

To investors,

We had a good old-fashioned internet debate on our hands after Jerome Powell’s press conference on Friday. The drama started with a summary of the Fed’s position from Bloomberg. The article read:

“Powell said the Fed has adopted a new framework that removes a reference to the central bank seeking inflation that averages 2% over time and one to it making decisions on employment based on shortfalls from its maximum level.”

First of all, that sentence is a mouthful. It takes an Einstein-level genius to understand what is being said, right? Not really. You could just read the words and believe them.

But it seems many people had a hard time doing that though. This is where the big controversy comes in. Each X account that shared the summary from Bloomberg was immediately met by a smattering of nerds who claimed the summary was wrong.

They said the Fed wasn’t abandoning the 2% inflation target that has been the bedrock of monetary policy for the last few decades. But the detractors were lost in the sauce and completely denying reality.

Bloomberg tracks the changes to various Fed policies and statements. In those tracked changes, you can see the Fed removing the sentence that says “the Committee seeks to achieve inflation that averages 2% over time” and replacing it with a sentence that says “the Committee is prepared to act forcefully to ensure that longer-term inflation expectations remain well anchored.”

So as the famous phrase goes, who you going to believe…me or your own eyes?

If people don’t want to acknowledge reality when presented with the source material of changes to Fed policy, no one is going to be able to help them. It doesn’t change the fact that the Federal Reserve finally waived the white flag on Friday.

We know the Fed has previously given up on the 2% inflation target in practice. They haven’t seen inflation at 2% since February 2021. That is more than 50 months without the Fed achieving their “goal” of 2% inflation. That is such a long time that it is obvious they aren’t even trying anymore, regardless of what they kept saying at press conferences.

But now we are seeing the Fed actually SAY something different too. Ben Hunt, who is someone I have long disagreed with about bitcoin, explained it well when he wrote the following:

“We’ve reverted to 2% inflation as a long-term aspirational goal rather than a definitive target to be achieved in this cycle. This is a profoundly dovish shift by Powell, and if you don’t understand that you will continue to get ripped by this market.

For the past 3 years, Powell has said that 2% inflation was not aspirational and not something to get close to, but something to actually achieve. That language is now gone. We will not see 2% in this cycle.”

To be honest, this development from the Fed is not surprising. Asset prices are at all-time highs and the central bank is about to cut interest rates. What do you think is going to happen? Our politicians continue to print money and drive the national debt higher. What do you think is going to be the impact on inflation?

So here is the dirty secret — the Federal Reserve knows they have zero chance of getting inflation back down to the 2% target as measured by the Bureau of Labor Statistics. A combination of bad input data and inaccurate calculation methodologies means the CPI metric is operating in an anti-gravity environment.

It doesn’t matter that Truflation is showing their real-time, alternative metric hovering around 2% for the last few weeks. The Fed isn’t smart enough to point at the alternative metric and claim victory. They are focused on the government data, which is now essentially guaranteed to go higher as we get the September rate cuts.

Ben Hunt goes on to highlight exactly why this language change is so important:

“Powell has been asked a bazillion times over past 3 years if getting close to 2% was enough, and he has always said no. Now he’s saying yes. You may think that’s just being realistic, but it is also a VERY dovish shift.”

That is it, folks. The prudent central bank game is over and we are about to enter back into the fun zone. Rate cuts are coming. Cheap capital will flood the market. Asset prices are going much higher. And the bears will be weeping from the sidelines as they continue predicting the 17th recessions this year.

Jerome Powell and the Fed governors have made a decision. Their 2% target ain’t happening and they are going to bend the knee to the public pressure. Sure, the central bank is going to blame the labor market and claim they have to cut rates because they are worried about a weakening outlook.

Maybe that is true, maybe it is not.

I thought Jordi Visser put it well this weekend when he told me the Fed cares more about the labor market weakening than inflation running hot. Labor market over inflation. This is the new framework, which in a way is same as the old framework.

Take a listen to how Jordi explained it to me:

Jordi’s perspective makes sense to me. Powell made things very clear in his speech. All you have to do is listen to his words. And realize the Fed isn’t removing specific language from their policies and speeches by accident.

Ladies and gentlemen, start your engines. The US economy is about to run hot and investors are going to do very well.

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Isn’t Bitcoin Going Up?

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we talk about Jerome Powell’s recent comments, why PMI is important, why bitcoin isn’t going up, AI bubble, MAG7 getting cheaper, and where Jordi sees risk right now.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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To investors,

Capital allocators have attention spans of ants and now they seem to have short-term amnesia as well. In recent days, bitcoin has fallen from the latest all-time high of $124,000, which has sparked a debate on whether the bitcoin cycle is over.

Does it matter that bitcoin is up 20% year-to-date or up nearly 2x in the last year? Nope, of course not. The media and market commentators are busy injecting fear and uncertainty into the market. They want to know if the pullback signals the end of this cycle. They say maybe the bitcoin hype was unsubstantiated. Maybe the bitcoin bears were right that the digital currency could never fulfill its promise.

This is all noise.

The data is overwhelming — the bitcoin bull market is not over yet. Let’s start with the 30 Bitcoin Bull Market Peak Indicators from CoinGlass. We have not hit a single one of them yet. Zero for Thirty.

It is hard for the bull market to be over if we haven’t hit any of the market peak indicators.

We also know that bitcoin tends to cool off in late August and all of September in bull markets. Investor Yannick Maurer writes “In each of the 2013, 2017 and 2021 bull market years, July, August, September and October were green, green, red and green respectively. The same is likely to occur this year. We might see a pullback in September followed by a final 20-30% of gains in October and into early November.”

And if you are merely focused on the short-term, analyst Frank Fetter points out that bitcoin appears to be oversold at the moment according to the Relative Strength Index.

So the recent drawdown in price is likely part of the normal volatility in bitcoin bull markets. We used to get multiple 30% drawdowns in a bull market, now we tend to only get one or two of the large drawdowns. Instead, we continue to see 5-15% drops in price which are healthy. They help to clear out leverage and allow the asset to set itself for the next leg higher in price.

You can see this reset clearly in this dashboard assembled by Frank Fetter. All four metrics are either neutral to cool, which means the market is still in great shape for continued appreciation in price through the coming months.

And here is a crazy stat from Fidelity’s Chris Kuiper. He writes “A significant shift happened in Bitcoin’s ecosystem post-2024 halving: For the first time, the amount of BTC held for 10+ years (ancient supply) is growing faster than new coins are mined. An average of 566 BTC per day are moving into this long-term category, compared to 450 new BTC issued daily. This signals strong conviction from these long-term holders.”

These on-chain analytics, combined with the broader market trends, prove that bitcoin is simply maturing. We are now getting to a market cap size and a market education level where every market participant can now prudently allocate capital to bitcoin.

This will bring down volatility over time. I went on CNBC’s Squawk Box this morning to explain:

So regardless of what you are hearing from friends, family, or the media, I do not believe the bitcoin bull market is over. It appears we are watching the seasonal cool-off for the asset before the final leg up in this bull market. October and November should be fun, but we must pay our dues in the meantime by holding through some short-term choppiness. A small price to pay for an asset that has a 10-year compound annual growth rate over 85%.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you. The letter has more than 270,000 subscribers interested in business, finance, and markets. Our readers are incredible — they are smart, wealthy, and technologically advanced.

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Bitcoin Stock Risks & The End of The 4-Year Cycle?

Matthew Sigel is the Head of Digital Assets Research at VanEck, and also the Portfolio Manager of the NODE ETF.

In this conversation we talk about public equities related to crypto, recent staking decision from the government, the Fed, bitcoin mining companies, what will happen with stablecoins, and expectations for the US government buying bitcoin.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

It feels like there are two different realities in financial markets right now. You see it in the wealth inequality gap, which is being discussed non-stop across political aisles, but you can also see it in the way retail investors and institutions are behaving.

Global Markets Investor writes “The gap between retail and professional investors have rarely been greater: Mom-and-pop investors have purchased ~$190 billion in US equity ETFs so far in 2025. At the same time, institutional investors have sold ~$40 billion. Remarkable divergence.”

Now why are people coming to such different conclusions on how to act in the market? A big reason is because retail and institutions are looking at two completely different data sets. Institutions seem to be looking at valuation levels, which are higher than they were over the last few years, but retail investors seem to be looking at earnings.

AP Research writes “In the dot-com bubble, valuations outran reality. Today, earnings are doing the outrunning. You can debate the multiple. But it’s hard to call it a bubble when the fundamentals are doing this:”

That type of earnings growth is not only impressive, but it highlights something that is fundamentally important in today’s environment — many of the top companies are the greatest businesses ever constructed in human history and they are accelerating their growth. That isn’t supposed to happen when you are a large multi-national company.

Use Facebook as an example. They had a blowout earnings report recently. Look at how insane these growth rates are:

• Revenue: $47.52 billion, up 22% year-over-year

• Net Income: $18.34 billion, up 36% year-over-year

• Diluted EPS: $7.14, a 38% increase over Q2 2024 and well above analyst estimates

• Operating Income: $20.44 billion

• Operating Margin: 43%, rising from 38% last year

• Costs and Expenses: $27.08 billion, up 12% year-over-year

Just ridiculous performance for a nearly $2 trillion business to be growing net income at 36% year-over-year. Add in the fact that headcount is only growing at 7% year-over-year and you start to see an increasing level of efficiency that most companies can only dream of.

This data is reinforced by many anecdotal conversations I am having right now. I spoke with the CFO of a $500 million private business yesterday and he told me the focus internally is up-skilling their employee base to become proficient with artificial intelligence. Rather than hire new employees, the goal is to make the existing team more productive.

And we saw Palantir mention the exact same thing in their recent earnings call. Perplexity summarized the commentary with the following:

“On its most recent earnings call, Palantir leadership made clear that their goal is to dramatically increase revenue with a leaner workforce—thanks to the productivity gains from artificial intelligence integration. CEO Alex Karp said Palantir aims to achieve “10x revenue with 3,600 people” (down from the current 4,100 employees), describing this as a “crazy, efficient revolution.” Rather than conducting mass layoffs, Palantir intends to freeze hiring and “rely on AI to multiply every employee’s productivity,” highlighting that the company's LLM- and AI-driven platforms are now automating many tasks that previously required larger teams.”

So it is important to keep your eyes on this situation. Companies are becoming more productive and they are doing it with less employees. This means the companies should be more valuable. Watching company valuations tick up may scare some investors, but only those who don’t realize the AI revolution transforming businesses.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Bitcoin & Stocks Are Going Up Forever

Anthony Pompliano & Polina Pompliano discuss short-term outlook for bitcoin, government printing money, what is going on with inflation, the biggest risk in the market, what you should be paying attention to, and are stocks overvalued and due for a crash?

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

The government is never going to stop printing money. That is my main investment thesis for the foreseeable future.

Plenty of people want to politicize our addiction to money printing. They claim the opposing political party is responsible for the undisciplined destruction of our currency. But the truth is money printing isn’t reserved to a specific political party.

Creative Planning’s Peter Mallouk writes “Red or Blue, the national debt goes up. The only thing both parties can agree on is sending the bill to future generations. Next stop: $38 trillion.”

This level of government spending has created one of the fastest debasements of the US dollar in recent memory. Truflation tells us the dollar has lost 28% of its purchasing power since 2020. That is just insane over a half-decade.

This accelerated debasement is driving what Will Manidis calls “casino culture.” He writes:

“Sports betting, shitcoins, meme stocks, vibe coding 100 million in six hours, etc are all expressions of the same deep cultural rot. If youth don’t believe there’s legitimate ways to get rich through work, all of culture will become a rotten sports book for the soul. A decent way to think about where things are headed is all aspects of human life being turned into lotteries. You do whatever minimal labor you can (often demeaning), tithe your wage into the system, and occasionally someone hits it big publicly enough for you to believe.”

Maybe Will is right, maybe he isn’t. But it is clear that sports gambling, altcoins, and mass speculation have become a large part of young people’s culture. I just don’t know how much more prevalent it is today compared to generations in the past.

I remember spending inordinate amounts of time playing poker with my friends in high school. We gambled on fantasy football or weekend sports games. And our friend group’s choice of speculative work in college was the latest multi-level marketing scheme being popularized.

So this brings me to the idea of meme stocks. On one hand, meme stocks exist, but not in the way you think. Most people point to Gamestop and others as examples of the meme stock craze. However, I would point at Berkshire Hathaway as the boomer meme stock. The second Warren Buffett announced his retirement, the stock has fallen approximately 10%. The meme is dying and shareholders are re-valuing the company without the Buffett premium aka the Buffett meme.

You may not like that Berkshire Hathaway is a boomer meme stock, but it absolutely is. Buffett’s disciples will spend thousands of dollars per year to participate in capitalism’s trip to Mecca (Omaha!) for the Berkshire annual meeting. These meme investors will parrot the Buffett talking points like they are spreading the gospel of Jesus Christ.

Doesn’t mean Berkshire is a good or bad investment. Just means that it is the boomer meme stock.

So if Berkshire is a meme stock, then every stock is a meme stock to a degree. Tesla, Palantir, Amazon, Meta, Walmart, or Proctor and Gamble. They all have a narrative that people buy into and are willing to defend. Memes are the message. Anyone denying this modern truth is ill-prepared to allocate capital in today’s dynamic environment.

But there is another argument, which says that if every stock is a meme stock, then no stock is a meme stock. They are all just companies with revenue, expenses, profits, and losses. They either convince the market the future is bright or they are left to die because the market believes the best days are in the rearview mirror.

I personally believe everything is speculation. Buying the S&P 500 is speculative. Buying bitcoin is speculative. Buying commercial real estate or a primary residential home are both speculative too. You are constantly taking risk. If you are right, you will be rewarded. If you are wrong, you get punished financially.

And everything is a meme. Own your home rather than rent? That is a great meme. Buy bitcoin? An even better meme. And holding the S&P 500? The granddaddy meme of them all.

So stop buying into the nonsense narratives from the mainstream media that want to use “speculation” and “meme stocks” as creative slurs to downplay what retail investors are doing with their money. Sophisticated investors are speculating on memes too. Everyone has to do it. The government can’t stop printing money, so either we all push out on the risk curve to build our investment portfolios or we are left to watch our hard earned economic value melt away.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Breakdown of Tokenized Stocks

Ian De Bode is the Chief Strategy Officer at Ondo Finance.

In this conversation we talk about why we need tokenization, advantage of being on-chain, stablecoins vs cash, how people will make money, regulation, biggest risks, and should equities be trading 24/7?

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Join us at the Independent Investor Summit in NYC on September 12th!

Markets are breaking records. Public equities are outperforming. And individual investors are driving it all. It’s officially the rise of the retail investor.

On September 12th in NYC, I’m hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors.

We’re bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, and one-on-one fireside chats. Speakers include Darius Dale, Jordi Visser, Jeff Park, Chris Camillo, Tom Sosnoff, Jon & Pete Najarian…plus more to be announced.

Pomp Letter subscribers can use code POMPLETTER50 for 50% off GA tickets if you register here by August 8th. See you all there.

To investors,

It seems like every day someone is sounding the alarm that the US stock market is overvalued. The most recent example was Apollo’s Torsten Slok who shared this chart that takes the S&P 500’s trend from 2023 to today and overlays it with the trend from 1996 to the dot com bust in 2000.

Does the two trends look visually the same? Absolutely. Does that mean history will repeat? No one knows, so we have to dig deeper into the data.

Another area of concern comes from Wisdom Tree’s Jeff Weniger who points out “The S&P 100 now has 27.2% of its total value in stocks that have a P/E of at least 50. There is only one company that has a P/E below 10.”

Is that a crazy data point? Absolutely. Think about it…more than 1 out of every 4 companies in the S&P 100 have a P/E above 50 and 2 out of every 3 companies have a P/E ratio above 30.

Not exactly normal.

But there are positive parts of the market that are not normal too. For example, Mike Zaccardi shows this graph from Wei Li at Blackrock, which highlights that the Mag 7 has actually become cheaper so far this year.

That isn’t supposed to happen in a bubble! And it definitely is not supposed to happen when the Mag 7 is driving so much of the S&P 500 return or when China, Japan, UK, US, and emerging markets are all getting more expensive on a valuation basis.

Remember, big tech is destroying small caps in performance year-to-date.

So what is driving this ridiculous growth? Well, there are many factors but retail investors are a big part of the story. Goldman says these individual self-directed investors are now buying more that $3 billion of tech stocks on a daily basis, which is the highest measurement in history.

Before you mock and ridicule the retail investor, remember they were buying the dip in April and May when Wall Street was predicting doom and gloom. Retail made a killing in the historic market recovery that happened in the last few months, so they aren’t exactly idiots.

And if you needed further proof of retail investors’ skill, they have much more exposure to bitcoin and cryptocurrencies. Bank of America is now reporting “the average professional fund manager allocation toward crypto is 0.3% of AUM. 75% of Fund Managers have zero allocation.”

Stocks are increasing in value. Retail is pouring capital into the market. Professional investors are sounding the alarm bell. Maybe a big market crash is right around the corner? Maybe the “bubble” is about to pop?

Again, no one knows what is going to happen. But one thing is very clear…many of the businesses that everyone is critiquing are too busy to notice because they have been beating earnings expectations. As my friend Jordi Visser recently told me, earnings don’t lie. Take a listen to Jordi’s genius:

We are living through interesting times. The valuation of the stock market is going to be debated over and over again. But long-term investors are content to buy stocks today, buy more stocks if the price goes down, and simply keep buying if prices go up in the coming months. So shut out the noise and just focus on acquiring as much stock as you can. Your job from there is to simply hold on regardless of where the market takes you.

Hope everyone has a great start to their week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Bitcoin Is Going Higher This Year with Jordi Visser

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we about the idea of US buying more bitcoin, what’s going on with the CPI & PPI, the idea of revaluing gold, how AI is accelerating everything, and how to evaluate your portfolio.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Join us at the Independent Investor Summit in NYC on September 12th!

Markets are breaking records. Public equities are outperforming. And individual investors are driving it all. It’s officially the rise of the retail investor.

On September 12th in NYC, I’m hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors.

We’re bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, and one-on-one fireside chats. Speakers include Darius Dale, Jordi Visser, Jeff Park, Chris Camillo, Tom Sosnoff, Jon & Pete Najarian…plus more to be announced.

Pomp Letter subscribers can use code POMPLETTER50 for 50% off GA tickets if you register here by August 8th. See you all there.

To investors,

The stock market continues to fly higher and the pessimists are screeching that everything is overvalued. And the bears have plenty of data to point to as part of their case. Creative Planning’s Charlie Bilello recently pointed out the “S&P 500 is now trading at 3.15x sales, its highest valuation in history.”

This should be concerning to investors, right? Not so fast. There are a number of considerations worth unpacking. For example, the US stock market is denominated in dollars and those dollars have been debased at a much faster pace than what the public has been told over the last 50 years.

Adam Kobeissi writes:

“Fiat currencies are in an eternal bear market. No economy has maintained an average inflation rate below 2% since the end of the gold-backed Bretton Woods system in 1971. In other words, the value of fiat currencies has fallen by at least 2% annually over the last 54 years. For example, the US, Canada, China, and France have averaged around 4% inflation over this period. Meanwhile, Brazil, Argentina, and Venezuela have seen their currencies collapse by nearly 100%.”

Yes, you heard that right. The United States has actually been debasing the dollar at 4% a year for over 50 years, which is double the Fed’s target of 2% inflation. And we know the dollar has been debased by 30% since 2020, so you would expect stocks to trade at a higher premium to account for this monetary phenomenon.

Quite literally, investors are using stocks as an inflation hedge. That inflation hedge trade will drive valuation multiples higher, which is exactly what we are watching happen. But before you get nervous and start dumping your US stocks, it is important to know the United States is dominating on the global stage.

Alec Stapp highlights that 22 of the top 25 largest companies in the world are American right now.

A16Z’s Katherine Boyle points out there has been significant change over the last 25 years. Back in 2000, Katherine shows only 3 of the top 10 largest companies in the world were American. Now that number is 8 out of the top 10.

So stocks are hitting the highest valuation multiple in history. American companies are disrupting the world. And the US dollar is being debased at an alarming rate. These should all be market top signals, right?

Again, not so fast. Bitcoin, the purest macro asset in the world, suggests we are not anywhere near a market top.

X user Cyclop shows that “0 out of 30 [Bitcoin] Bull Market Peak Indicators have hit so far.”

The pessimists can yell and scream. The bears can predict doom and gloom. But the actual data suggests we are in a bull market and it won’t end any time soon.

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The $9 Trillion 401(k) Bomb About To Hit Bitcoin with Jordi Visser

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we talk about bitcoin coming to 401k’s, the lack of volatility, why ETH is performing well, what is going on at the Fed, how AI & GPT-5 will impact the economy, and how you can make more money.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

Bitcoin’s volatility has long been a major selling point for investors to purchase and hold the asset. Retail investors saw the volatility as a way to buy bitcoin early before it went up a lot. Sophisticated, institutional investors saw the volatility as an asymmetric bet that presented the best risk-reward scenario in finance.

So what happens if the volatility starts to disappear?

We don’t have to guess anymore, because this is starting to happen over the last two years. Bloomberg’s Eric Balchunas writes: “VOL KILLER: Since the launch of the ETFs the volatility on bitcoin has plummeted. The 90-day rolling vol is below 40 for the first time - it was over 60 when the ETFs launched. I threw in $GLD for perspective. Less than 2x gold, used to be over 3x.”

Mitchell Askew concludes this decreasing volatility means “Bitcoin looks like two entirely different assets before and after the ETF. The days of parabolic bull markets and devastating bear markets are over. BTC is going to $1,000,000 over the next 10 years through a consistent oscillation between “pump” and “consolidate" It will bore everyone to death along the way and shake the tourists out of their positions. Strap in.”

Balchunas agrees with Mitchell. Eric writes “This guy gets it. We’ve been saying same thing. Since BlackRock filing Bitcoin is up like 250% with much less volatility and no vomit-inducing drawdowns. This has helped it attract even bigger fish and gives it fighting chance to be adopted as currency. Downside is probably no more God Candles. Can’t have it all!”

But Semler Scientific’s Joe Burnett sees it a little differently. Joe says:

“Before bitcoin's 2017 parabolic bull run, volatility had been steadily declining while the price was slowly ticking higher. Over the last three years, we've seen similar behavior. Volatility has continued falling while bitcoin gradually climbs.

Now it feels like we're at another inflection point. Does volatility keep falling from here? If so, maybe bitcoin continues its slow and steady grind upward. But if we’re still early in the adoption cycle, the setup could be explosive. Governments have yet to take meaningful positions. The S&P 500 owns very little bitcoin. Institutions own very little bitcoin. And the typical portfolio still holds 0% bitcoin.

If bitcoin is already a mature asset, maybe the trend continues. But if we’re still in the early stages of global adoption, we might be on the edge of a breakout that looks more like the 2017 parabolic bull run (upward volatility).”

So what is going happen? The short answer is that no one knows. I wouldn’t bet on bitcoin staying dormant forever. The asset is known to become volatile right when everyone thinks it won’t. But I also believe bitcoin’s long-term volatility will continue to compress as the asset gets larger, more traditional finance investors hold it, and the asset transitions from a contrarian trade to a consensus trade.

Volatility is important. It brings greed and fear. It provides opportunity. And it ultimately serves as an incredible marketing campaign for bitcoin. Let’s hope the volatility is not gone. It would be incredible if the market gods blessed us with a few more years of max volatility.

Hope you all have a great end to your week. I’ll talk to everyone on Monday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The Summer of Bitcoin & Crypto Explained

Polina Pompliano and Anthony Pompliano discuss why bitcoin is winning, the summer of crypto, what’s changing with artificial intelligence, why the banks will have to embrace bitcoin, why Warren Buffett and Berkshire are losing, and this one idea you have to realize.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

The US national debt continues to grow to the sky at an alarming rate. That isn’t a big secret. Frankly, thousands of people yell and scream about the problem online every day. But new data suggests the debt ceiling, which is supposed to limit how much the government can borrow, may actually contribute to a higher national debt over time.

You can see in this chart from Global Markets Investor on X that the national debt explodes higher as soon as the debt ceiling is raised or removed every few years.

It almost seems like the national debt is a coiled spring when it hits the debt ceiling. The second politicians strike a deal to raise the ceiling, the national debt flies higher.

And the problem has become even more widespread than merely a fast-growing debt. The United States is now paying more than $1 trillion per year on the interest for our debt.

That chart should scare the hell out of any American citizen. But you know what is even more insane than a $1 trillion annual interest payment? The fact that 1/3rd of all Chinese provinces were allocating their entire provincial revenue to simply service their debt back in 2022, according to Michael Arouet. One out of every three provinces! That is a ridiculous number.

And that was back in 2022, so imagine how much worse the situation is now. I share this data from China to highlight the debt problem is a global issue. Politicians and central bankers lost discipline since the Global Financial Crisis. It didn’t matter what language they spoke, what higher education degrees they boasted on their resume, or which geography they lived in — they all printed as much money as they could and it has led to total economic destruction of their finances and the debasement of their currencies.

But thankfully, the story doesn’t end in tears. There is still hope out there. If you want to be wealthy, you have to figure out how to own equity in a business. Nick Maggiulli shows “the poor own cars, the middle class own homes, and the rich own businesses.” Nick says “starting a business doesn't guarantee great wealth, but it's one of the few paths to get there.”

And we are watching the investment dollars from those businesses flow towards the future of software and artificial intelligence, rather than traditional office space with a high density of human labor. Michael Arouet shows the likelihood that data center construction spending will eclipse office construction spending in the coming months.

So what is happening to the businesses helping to fund this build out of the future technology? Well, they appear to be winning in a big way. Mike Zaccardi shows the top 10 largest companies in the S&P 500 are dominating the remaining 490 smaller companies. Mike explains “the 10 biggest US companies have driven almost all of the S&P 500's earnings-per-share growth in the past 2+ years.”

Welcome to the new economy. It is beating the old economy. Just take a look at Berkshire Hathaway stock. Opening Bell’s Phil Rosen points out “Berkshire Hathaway has dropped 15% since 94-year-old Warren Buffett announced his retirement in May. The stock has underperformed the S&P 500 by 26% since that date, which was also the last time BRK.B hit a record high.”

The national debt is not going to stop growing. The interest payments are a major problem, both domestically and internationally. So asset prices are all going up, but the most efficient companies positioned for the world we are hurdling towards — those are the areas where the best investment opportunities lie.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Tether CEO Explains His Plan To Come To The United States

Tether CEO Paolo Ardoino explains his plan to come to the United States, what is happening in emerging markets, where Tether’s billions in profits is going, and how AI and bitcoin will lead us into the future.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

There are a few different ways you can measure the results of an investment. You can use Internal Rate of Return (IRR), Return on Investment (ROI), Compound Annual Growth Rate (CAGR), or Time-Weighted and Money-Weighted Returns (TWR/MWR).

Each of these metrics is trying to measure something slightly different, but ultimately the goal is for the calculation to answer the question “is this investment good or bad?”

But there is one problem with these metrics — they all measure the investment return against the US dollar. Why is that a problem? Well, the dollar is being debased at an accelerated rate, so most assets priced in dollars continue to trend higher simply because of the loss of purchasing power.

According to Truflation, the US dollar has lost 28% of its purchasing power since January 2020. That is insane debasement in about half a decade.

So how can you measure the success of an investment while removing the impact of dollar debasement? One way to do it would be to measure the success of an investment against a finite asset that can not be debased or printed.

We can call this a “Bitcoin Rate of Return.”

If we apply the concept to the S&P 500, we get a very interesting story. In dollar terms, the S&P 500 has appreciated approximately 100% since 2020.

But if we measure the S&P 500’s success against bitcoin instead of the US dollar, we can see that the S&P is down 85% since 2020 in bitcoin terms. That is a complete destruction of stock portfolios when measured against a finite asset.

You can see the same phenomenon at play with US housing. The median US home has appreciated by about 50% since 2016 when measured in dollar terms. But the same median home has dropped 99% when priced in bitcoin. The home cost about 664 bitcoin in 2016 and now it cost less than 6 bitcoin. I explain this issue here:

So if you were measuring the appreciation of your home, which is a very large portion of many people’s net worth, then you thought you were getting wealthier in dollar terms, but you were actually getting poorer in terms of a finite asset.

These examples are a big reason why I believe “Bitcoin Rate of Return” will become an important new metric in traditional finance.

In fact, I believe this concept is so important that we have decided to change the ticker symbol for our bitcoin-native financial services company, which will be called ProCap Financial after our proposed public market business combination, to BRR.

Here is what we wrote in a recent press release about the ticker symbol change:

“BRR stands for “Bitcoin Rate of Return,” a concept that ProCap BTC believes will emerge as a defining performance metric in the next era of finance. As traditional currencies face ongoing debasement, ProCap BTC advocates for a shift in perspective to evaluating returns not in nominal U.S. dollars, but in Bitcoin, as one of the world’s most sound and scarce monetary assets.

Upon completion of the proposed Business Combination, the goal of the go-forward public company, ProCap Financial Inc. (“ProCap Financial”), is to outperform Bitcoin by accretively acquiring more Bitcoin to grow ProCap Financial’s Bitcoin-per-share. In addition, ProCap Financial’s long-term ambition is to evolve into a full-spectrum Bitcoin-native financial institution where every dollar raised, deployed, or borrowed ultimately compounds back into more Bitcoin per share through differentiated yield-generating strategies and operating cash flows that will support the Bitcoin network and its ecosystem partners.

Given ProCap Financial’s planned strategic focus on generating a compelling Bitcoin rate of return, the transition to the ticker symbol BRR serves as a clear reflection of its long-term vision and alignment with its core objective.”

You can read the full press release here by clicking here. The ticker symbol change becomes effective today.

I share this information with you because you are going to hear me talking about Bitcoin Rate of Return a lot more in the future. Measuring the success of an investment against the US dollar is easy mode. Anyone can buy assets, wait for the government to debase dollars, and then claim victory. I mean even gold is outperforming the S&P 500 over the last 10 years.

So now the real challenge becomes whether an investor or company can outperform bitcoin. Can someone generate a positive Bitcoin Rate of Return? This makes bitcoin the new hurdle rate. And as I continue to say, if you can’t beat it, you have to buy it.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Anthony Pompliano Explains Why The Bitcoin Bull Run Is Far From Over

Polina Pompliano and Anthony Pompliano discuss what’s going on with bitcoin, hash-rate hitting all-time highs, tariffs, and why the American economy is still king.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

IMPORTANT LEGAL INFORMATION

ProCap Financial and CCCM intend to file with the U.S. Securities and Exchange Commission (the “SEC”). a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with (i) the proposed Business Combination, to be effected subject to and in accordance with the terms of the Business Combination Agreement dated as of June 23, 2025 (as amended on July 28, 2025, and as may be further modified, amended or supplemented from time to time, the “Business Combination Agreement”), by and among ProCap Financial, CCCM, Crius SPAC Merger Sub, Inc., a Delaware corporation, Crius Merger Sub, LLC, a Delaware limited liability company, ProCap BTC, and Inflection Points Inc, d/b/a Professional Capital Management, a Delaware corporation, (ii) a private placement of non-voting preferred units (“ProCap BTC Preferred Units”) of ProCap BTC to certain “qualified institutional buyers” as defined in Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), or institutional “accredited investors” (as defined in Rule 506 of Regulation D) (such investors, “qualifying institutional investors”) (the “Preferred Equity Investment”) pursuant to preferred equity subscription agreements, and (iii) commitments by qualifying institutional investors to purchase convertible notes (“Convertible Notes”) issuable in connection with the closing of the Proposed Transactions by ProCap Financial (the “Convertible Note Offering” and, together with the Preferred Equity Investment and the Business Combination, the “Proposed Transactions”) pursuant to convertible notes subscription agreements. The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. CCCM and/or ProCap Financial will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov, or by directing a request to: Columbus Circle Capital Corp I, 3 Columbus Circle, 24th Floor, New York, NY 10019; e-mail: IR@ColumbusCircleCap.com, or upon written request to ProCap Financial Inc. at 600 Lexington Ave., Floor 2, New York, NY 10022, respectively.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE PROPOSED TRANSACTIONS OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

The offer and sale of the Convertible Notes to be issued by ProCap Financial pursuant to the Convertible Note Offering and the offer and sale of the ProCap BTC Preferred Units in the Preferred Equity Investment, in connection with the Proposed Transactions, has not been registered under the Securities Act, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

Participants in Solicitation

CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025 (the “IPO Prospectus”). Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

No Offer or Solicitation

This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM, ProCap BTC or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

Forward-Looking Statements

This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets that may be held by ProCap BTC and ProCap Financial and the value thereof, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock, par value $0.001 per share, of ProCap Financial (“Pubco Common Stock”) to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after the closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks related to the ability of ProCap BTC and ProCap Financial to execute their business plans; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan due to operational challenges, significant competition and regulation; risks associated with the possibility of ProCap Financial being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list Pubco Common Stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities, which could impact materially the time, cost and ability of ProCap Financial to raise capital after the closing of the Proposed Transactions; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others in connection with or following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC, including as will be set forth in the Registration Statement to be filed with the SEC in connection with the Proposed Transactions.

The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the IPO Prospectus, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

It seemed like everyone was predicting an economic collapse just a few weeks ago. There was talk of recessions, depressions, and empty shelves on every news channel. The academics and economists were relevant for two seconds because they brought out a bunch of misplaced theories on why the new economic policies being implemented were guaranteed to bring financial pain to Americans.

They were all wrong.

The United States economy is experiencing a historic economic boom. We got Q2 GDP numbers this morning and they blew away expectations. Instead of the forecasted 2.4% GDP growth number, the official measurement came in at 3%.

Just an insane outperformance for the economy. The economists were so wrong that you have to wonder how any of them have jobs left after a blunder like this.

So what exactly is driving this economic boom in America? Navy Federal’s Chief Economist Heather Long writes:

“The key drivers were: 1) A massive decline in imports after the April "Liberation Day" tariffs. -35.3% (!) for goods in Q2 2) Consumption up 1.4% (vs. just 0.5% in Q1)

Notable: Business investment declined in Q2, underscoring how nervous firms are to do much hiring or spending in uncertain times.”

And remember this positive economic surprise comes at a time when we are already experiencing a very bullish macro backdrop. Adam Kobeissi explains “the US economy is hot: We have now seen 63 months of US economic expansion, the 7th longest business cycle since 1854….By comparison, the longest period without a recession was between 2008 and 2020, at ~125 months. Since the 1980s, all economic cycle have lasted well above the historical average. Unconventional monetary policies and historically large budget deficits appear to be extending business cycles.”

So this is a great reminder that we are living through different times. The market has structurally been changed by the central bank’s willingness to print money, artificially suppress interest rates, and ultimately debase the currency. That decision is a structural tailwind for the economy and asset prices overall.

And here is the best part — Wall Street financial firms were predicting doom and gloom back in April. Retail investors were too busy ignoring the noise and buying the dip. In hindsight, the retail investors look like geniuses because they participated in one of the most historic market recoveries ever experienced by American investors.

Whether you liked tariffs or not, you must update your mental model. The economic policies are working. We are seeing significant economic growth, no sky-high inflation, and an unemployment rate that refuses to sound any alarm bells.

The big question now is can we continue the bull run for months to come? I believe so. But we are all going to find out together.

Hope you have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

eToro CEO Yoni Assia Explains Where Bitcoin Is Going and How His Company Will Dominate In America

Yoni Assia is the Founder & CEO of eToro, the world’s leading social investment network.

In this conversation we talk about why Yoni was buying bitcoin when it was real cheap in 2011, the rise to bitcoin being over 100k in price, why he thinks it’s still early, tokenization, how he thinks about being a public company CEO today, and what to expect moving forward.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

Many economists and market commentators predicted sky-high levels of inflation after the flurry of tariff announcements coming out of Washington DC earlier this year. Fortunately, those predictions have not proven true in the last few months.

Truflation, the leading real-time alternative inflation metric, shows inflation started the year hovering around 3%, fell to approximately 1.2% in April, and now sits near the Fed’s target of 2%.

This means despite all the chaos, inflation has fallen about 33% since the start of the year. Not exactly a small number. This lower inflation level should be a welcomed development for citizens and investors alike. In fact, most people in the economy were bracing for higher inflation because that is all the media would talk about for weeks.

But surprises are not always bad. The Citi Inflation Surprise Index shows the United States has the largest gap between 3-months ago and today. And that gap is working in favor of the everyday American and their families.

The economy is rocking and inflation is nowhere to be found, so many people are ready to celebrate. I would be very careful here though. We are not out of the woods yet.

While the tariffs are not a cause for concern, the big threat looming on the horizon is the massive government spending that is we are witnessing. This has always come from both sides of the aisle. They really don’t have a choice. But EJ Antoni highlights the US government has increased the national debt by approximately $500 billion since they lifted the debt ceiling back at the beginning of July.

The money printer is cranking and the dollar is debasing.

The situation we are in is just plain weird. You have tariff revenue exploding higher, inflation lower than expected, and people like Bill Maher, who thought the tariffs were going to sink the US economy, admitting they were completely wrong about what was going to happen.

This is a great reminder to all of us to never have 100% confidence in your assessment of a situation. You have to think probabilistically. And the odds have always been in the favor of the US economy strengthening if the government was putting pro-America policies in place.

Now all eyes will shift to the Federal Reserve and the FOMC as they begin their 2-day meeting today. The consensus is Jerome Powell will not change the interest rate, but that doesn’t mean we won’t get a surprise cut. And a surprise cut would send stocks, bitcoin, and gold significantly higher.

So whether we get the rate cut or not, every data point is telling us asset prices are going up and to the right. Politicians can’t stop printing money. The Fed eventually has to capitulate. And investors are going to win big as long as they stay long and chill.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser on Bitcoin Going Higher and US Grid Capacity Issues

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss what is going on with bitcoin, Fed independence, interest rate expectations, Azoria lawsuit against the Fed, PMI, and everything that has happened in the last week.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Join us at the Independent Investor Summit in NYC on September 12th!

Markets are breaking records. Public equities are outperforming. And individual investors are driving it all. It’s officially the rise of the retail investor.

On September 12th in NYC, I’m hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors.

We’re bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, and one-on-one fireside chats. Speakers include Darius Dale, Jordi Visser, Jeff Park, Chris Camillo, Tom Sosnoff, Jon & Pete Najarian…plus more to be announced.

Pomp Letter subscribers can use code POMPLETTER50 for 50% off GA tickets if you register here by August 8th. See you all there.

To investors,

President Trump and his administration announced a significant trade deal with the European Union yesterday. It is such a big win for America that it is almost unbelievable what the EU agreed to.

In fact, the Financial Times — the publication that would love to hate on anything representing America, capitalism, or Trump — had to publish the following sentence:

“There is no hiding the fact the EU was rolled over by the Trump juggernaut, said one ambassador: ‘Trump worked out exactly where our pain threshold is.’”

Just a brutal reality check for all the experts that predicted foreign countries wouldn’t capitulate to the tariff pressure. Instead, the European Union basically gave America whatever we wanted as part of this deal. Here is a quick breakdown of the highlights:

• The EU agreed to a 15% across the board tariff

• The EU agreed to buy hundreds of billions of dollars in US military equipment

• The EU agreed to make $600 billion in investments in the US

• The EU agreed to buy $750 billion of US energy

• The EU agreed to open their markets to US products

I don’t care what you think about Donald Trump. Some people like him, some people despise him. I am merely focused on the financial markets. And this deal is going to send asset prices much, much higher.

Not only is the deal so lopsided that I had to read it multiple times, but a new trade deal with a major trading partner like the EU brings the highly anticipated clarity desired by the market. The more clarity we have, the more confidence investors have to put their capital back into financial assets.

And this clarity is coming at the exact moment that investors were getting complacent. You can see this perfectly in the VIX, which closed below 15 on Friday. That is the lowest VIX reading since February.

Buckle up now though. A major trade deal is the type of catalyst that could send stocks, bitcoin and gold higher. Add in the Fed’s meeting this week and you could have an explosion in asset prices if the Fed was to cut interest rates.

Unfortunately, I don’t think we get the interest rate cut. It would be a welcomed surprise, but I wouldn’t count on it. However, I would continue to count on the US government printing money. They have no choice but to continue debasing the dollar in order to deal with the national debt.

And it is very clear that the expansion of global liquidity has driven the S&P 500 higher over the last six years. Just look at this chart:

So here is the big brain conclusion from this weekend’s news. The EU and any other country entering into trade deals with the United States will have to agree to very large capital investments in America. Where are they going to find that money? They will print it of course. So each trade deal brings higher certainty that global liquidity will continue to expand, which means stocks are going higher.

And if stocks are going higher, you know bitcoin is going to make sure it goes even higher. Bitcoin follows global M2 supply like a glove:

So don’t get confused. We are in a bull market. Money printers are getting turned on. Trade deals are being announced. Asset prices are headed higher. And we will eventually get the interest rate cuts. Boom, bang, bada-bing. Higher, higher, higher.

Pessimists may not like it, but there is nothing they can do about it. Liquid asset prices have a structural tailwind for the next decade or so. And trade deals are merely adding fuel to that fire.

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser on Bitcoin Going Higher and US Grid Capacity Issues

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss what is going on with bitcoin, Fed independence, interest rate expectations, Azoria lawsuit against the Fed, PMI, and everything that has happened in the last week.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

Join us at the Independent Investor Summit in NYC on September 12th!

Markets are breaking records. Public equities are outperforming. And individual investors are driving it all. It’s officially the rise of the retail investor.

On September 12th in NYC, I’m hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors.

We’re bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, and one-on-one fireside chats. Speakers include Darius Dale, Jordi Visser, Jeff Park, Chris Camillo, Tom Sosnoff, Jon & Pete Najarian…plus more to be announced.

Pomp Letter subscribers can use code POMPLETTER50 for 50% off GA tickets if you register here by August 8th. See you all there.

To investors,

The meme is the message. That is a phrase that I have uttered hundreds of times in recent years. We are living through a period of time where memes not only set the public conversation, but they spread like a digital wildfire on social media when they strike a chord.

Take American Eagle as the most recent example. They announced a new ad campaign with Sydney Sweeney, an American actress who became popular in recent years as a modern symbol of American beauty. Whether you find her attractive or not, your opinion doesn’t matter because the market has determined Sweeney is a meme. And remember, memes are the message.

So when American Eagle announced the ad campaign, it wasn’t just any regular ad campaign. It was a campaign that pulled on the nostalgia of a generation — woman in jeans around an American muscle car.

But the genius of this ad campaign is not only the person in the ads or the throwback feeling infused throughout the creative, but rather the simplicity of the meme — Sydney Sweeney has great jeans.

So simple, so powerful.

But you may be wondering why the hell am I talking about a random ad campaign to people in finance? Well, American Eagle’s stock has surged about 22% since yesterday’s close.

And you can see some of the largest finance-related social media accounts posting about the meme and the stock price movement.

So how is this all connected? Our friends at Geiger Capital point out that the self-directed investors online are all over these types of internet-native moments as soon as they happen. Look at what this investor on Reddit posted yesterday:

This is the future of finance. Memes grab and hold attention. Attention turns into capital flows. Capital flows turn into assets on a company’s balance sheet. And assets on a company’s balance sheet can be invested to create more revenue and profit.

We saw companies like GameStop turn the newfound attention into more than $9 billion in assets on their balance sheet. DJT stock has loaded up their balance sheet with billions of dollars as well. Those are just two examples. There are plenty more.

Memes are the message. And if you can create the right meme, it is worth billions of dollars to public companies now.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Everyone Wants Bitcoin Now

Polina Pompliano and Anthony Pompliano discuss what’s going on with bitcoin, new regulation coming out of Washington DC, the rise of self-directed investors, athletes being paid in bitcoin, and why retail continues to beat institutions to various investment opportunities.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

One of the most surreal aspects of financial markets since the 2008 Global Financial Crisis is that bitcoiners were right. Not in a “I told you so” way, but rather how broken the market has been since the government decided to implement the QE playbook at every downturn.

Everywhere you look you can see someone stuck in the old world yelling and screaming about valuations and frothiness. “This stock is overvalued.” “That stock is overvalued.” “The market is going to crash next week.” These folks are looking at today’s data and comparing it to historic data when the world ran on a gold standard.

They don’t realize that historic valuations matter less today because we have a dollar being inflated away, a government that has outlawed prolonged market corrections, and a retail investor base trained to buy every dip.

The most dangerous words in finance are “this time is different.” That is until something is actually different. And the biggest change in our lifetime to financial markets is how manipulated they have become. In a weird way, true risk has been removed from the market when you evaluate it holistically.

Could individual stocks go down over time? Of course. But is there a single person in the world that believes the S&P 500 is not going to be higher in a decade? How about in 5 years? What about 3 years?

I am sure there is someone out there who has lost their mind and honestly believes the doomsday scenario, but we have a scientific term for those people — clinically insane. They should go get their brains checked out.

The United States of America has constructed the greatest economy in human history. We have built an environment conducive to creating shareholder value over the last few decades. Publicly traded companies have a persistent tailwind at their back because the currency their stock is denominated in will be devalued at an accelerated rate.

Remember, the US dollar has lost about 30% of its purchasing power in the last 5 years. Gold is outperforming the S&P 500 over the last decade. These are not normal things. And they signal the fact that stocks are going up forever over the long-run. It doesn’t matter what your crazy uncle tells you about yesteryear.

The market is broken. We have engineered a situation where the government is essentially guaranteeing asset owners will always win. They won’t let stock market investors fail in mass. That would spell the death of the US economy and there is no one in Washington that is going to sit around while that happens. The market stared down our fearful leaders and the politicians and central bankers blinked in 2008.

It was game over from that day forward. The market is going up. Bitcoin and gold are going up even more. Central banks will print money until they destroy their currencies. And all you have to do is get long and chill. It is really that simple.

Bitcoiners have been screaming about this for 15 years. Now the rest of the market is starting to catch on to the joke. Eventually even the last remaining bears will capitulate too. If they don’t, they will continue to sit on the sidelines waiting for the big crash that will never come.

There is a saying in the bitcoin world that goes “Bitcoin will stop going up when they stop printing money.” Since they will never stop, bitcoin won’t stop either. But the same is true of stocks and gold. Welcome to the new normal. Make sure you act accordingly.

Have a great day. I will talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Everyone Wants Bitcoin Now

Polina Pompliano and Anthony Pompliano discuss what’s going on with bitcoin, new regulation coming out of Washington DC, the rise of self-directed investors, athletes being paid in bitcoin, and why retail continues to beat institutions to various investment opportunities.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

The stock market is on fire in the last few weeks. The S&P 500 and Nasdaq each hit a new all-time high yesterday. This puts a cherry on top of an incredible performance run for Nasdaq in particular. Creative Planning’s Charlie Bilello writes “the index has doubled over the last 5 years and quadrupled over the last 10 years.”

A 2x in 5 years and a 4x in 10 years. Not too shabby, right?!

As for the S&P 500, its all-time high yesterday was the 10th of the year. Not exactly what people expected earlier in the year when the media and economists were predicting a recession or a massive financial calamity. In fact, the S&P is now up 30% since the April lows. Complete defeat of the pessimists and doomsday enthusiasts.

But there is something interesting happening underneath the surface. Stocks are going higher, but retail investors are also pouring capital into money market funds at a historic pace. Adam Kobeissi writes “total retail assets in money market funds are up to a record $2.9 trillion. Since 2022, household inflows into these funds have DOUBLED. The average yield is currently 4.15%, according to the Crane 100 Money Fund Index, which tracks the 100 largest money market funds. Retail investors are chasing yield like never before.”

Now the only explanation for retail investors stuffing more capital into stocks AND money market funds is that these investors are somehow getting more money than normal. And Bilello shows that “wages have now outpaced inflation on a YoY basis for 26 straight months. This is a great sign for the American worker that hopefully continues.”

So your average American has more money because real wages are finally growing in a sustainable way again. They are taking that money and allocating to both the US stock market and money market funds. If there is more capital in the market, usually people become bullish. And that is exactly what the Wall Street Journal’s Rachel Wolfe and Konrad Putzierrecently noticed in the economy. They wrote this weekend:

“Businesses and consumers are regaining their swagger, and evidence is mounting that those who held back are starting to splurge again.

The stock market is reaching record highs. The University of Michigan’s consumer sentiment index, which tumbled in April to its lowest reading in almost three years, has begun climbing again. Retail sales are up more than economists had forecast, and sky-high inflation hasn’t materialized—at least not yet.”

So the good times are rolling. Optimists are in control once again. Everything is smooth sailing, right? Not so fast. We are watching bitcoin and gold skyrocket in recent years. Both assets are up 27% to start the year, which signals an uneasiness investors have with the legacy system.

If you zoom further out, bitcoin and gold have both outperformed the S&P 500 over the last decade. People are realizing they have to gain exposure to sound money principles if they hope to protect themselves from currency debasement.

This is important to watch because we are watching the consensus economic views get violated in real-time. Cash-flowing companies are not necessarily going to outperform non-productive assets unless they can grow very fast. Retail investors will allocate to stocks and money market funds at the same time. And the US economy is doing much, much better than most people predicted.

There are always potential issues on the horizon to be aware of, but right now things are looking good. A strong second half of the year should bring us many more new all-time highs in stocks, bitcoin, and gold. And investors will keep winning, while those saving economic value in US dollars will continue to get punished by their undisciplined central banks and governments.

Hope you have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The Truth About Bitcoin Treasury Companies

Will Clemente and Ben Harvey from Keyrock discuss the big report they just put together on bitcoin treasury companies, what is going on with their premiums, how to think about debt, how to think about bitcoin per share, inflation, interest rates, and where the market is headed.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

The stock market is evolving before our eyes, yet most people haven’t realized how important this evolution will be moving forward. We can start with the power law outcome of the Magnificent 7 stocks. This type of outperformance is just pure dominance of the other 493 stocks in the S&P 500.

These 7 stocks — Meta, Apple, Amazon, Alphabet, Microsoft, Nvidia, and Tesla — are probably 7 of the greatest companies ever created in human history. They are able to use technology and capital to continue compounding their advantage, which allows them to pull away from the competition in an accelerated way.

But it seems like traditional Wall Street investors are still in disbelief. They continue to wait for a big crash or some material change in the market. Retail investors have taken the complete opposite approach. Retail has been pouring capital into the market and significantly outperforming the traditional players.

Jim Bianco published this great chart showing the comparison between retail’s favorite stocks and the top equity holdings of a group of hedge funds. Whenever the ratio is increasing, the retail index is beating the guru index.

And as you can see from the graphic, retail is running circles around Wall Street for the last few months. Essentially, retail bought the dip and believed the market would come flying back, while Wall Street stayed on the sidelines and continued to play defense.

As if that wasn’t compelling enough, the fund managers are even telling the same story themselves. Ryan Detrick highlights a recent Bank of America survey where fund managers said they were not taking higher than normal risk.

Those same fund managers told Bank of America they are not overweight public equities right now either.

Now this fun doesn’t come without risk. Take BTIG’s Jonathan Krinsky who recently wrote “the Nasdaq 100 has now gone 60 trading days without closing below its 20 day moving average, the second-longest streak in its history (back to 1985). The longest was ended in early 1999."

So where do we go from here? No one knows. But Wall Street continues to believe this rally in stocks isn’t real. They hate to see the market ripping in the opposite direction. Most of them were offsides, hence the constant predictions of a big market crash being right around the corner.

Retail is in a whole different mental state. They are cool, calm and collected. They went long when it was unpopular and now they are reaping the benefits. My belief is that things in motion tend to stay in motion, so I would expect the stock market to do very well during the second half of the year.

Add in a rate cut or two, which should have already happened, and you have the ingredients you need for a crazy few months ahead.

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Bitcoin Just Became The Ultimate Safe Haven

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss what is going on with bitcoin, what went on during Crypto Week and legislation, how we should be thinking about inflation, AI arms race, and opportunities he is excited about.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

It has been Crypto Week in Washington DC and it looks like the week is going to end with a bang. Each piece of legislation received the necessary House votes yesterday to move forward in their respective processes.

First up we have the GENIUS Act. This creates the first federal regulatory framework for stablecoins, it sets standards for issuers, and it mandates consumer protections. The GENIUS Act is headed to the President’s desk to be signed later today.

Next we have the CLARITY Act. This creates a reliable framework for digital assets to be categorized as securities or commodities, while clarifying whether the CFTC or SEC has oversight. The House approval means the bill will head to the Senate for a vote.

Lastly, we have the anti-CBDC Surveillance State Act. This prohibits the Federal Reserve from launching a central bank digital currency (CBDC). The goal is to preserve financial privacy and prevent federal surveillance via digital dollars. This CBDC bill is headed to the Senate for a vote as well.

My general take is we are ending up exactly where most people thought we would — lots of drama, but ultimately the bills are going to get passed and signed into law. It is about time. The crypto industry, which has created $4 trillion of economic value, has been operating with a lack of clarity. It is hard to explain how difficult it can be to operate a company or build technology while you are also being pressured by your government.

Every entrepreneur I know wants to do the right thing. They want to follow the rules. The big question for years has been “what are the rules?” Now we are getting answers to that question.

And this clarity is coming at a very interesting time. Wall Street has been heavily embracing bitcoin and digital assets. There are ETFs, public companies, real estate funds, and much more. As this clarity settles in, I would not be surprised to see every financial institution start speed running into the crypto industry.

We know large banks are salivating over the opportunity to create, hold, and use stablecoins. This is the least risky way for them to participate. But we should also expect financial institutions to start lending, yield farming, tokenizing assets, and engaging in any activity that drives revenue, assets and clients. The only caveat is that most large financial institutions have a risk-mitigating posture, so I wouldn’t expect them to punt on altcoins or mimic the degens online.

From my perspective, 2025 is the year that bitcoin and crypto grew up. The government began to embrace it. And the banks across Wall Street realized they needed to play in the industry in a major way. There is still a ton of work to do, but this is what mass adoption feels like. We are about to enter an era of distribution — these financial organizations are going to take bitcoin and crypto assets, package them up in a million different ways, and shove them into every customer portfolio they possibly can.

And yesterday’s legislative wins created the environment for it to happen. The race has now started. Let’s see which financial firms will be the biggest winners going forward.

Hope you all have a great end to your week. I’ll talk to everyone on Monday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Wintermute CEO Explains Where Bitcoin & Crypto Demand Is Coming From

Evgeny Gaevoy is the Founder and CEO at Wintermute, and he is on the quest to be become the richest man in the world.

In this conversation we discuss who is buying bitcoin right now, data behind retail and institutions, why ethereum is so popular right now, derivative products, regulation, stablecoins, how Wintermute was started, and future plans for Evgeny.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

We got more data this morning that proves tariffs are not inflationary. The Producer Price Index (PPI) is a collection of different indexes that measure the average change over different timelines for selling prices received by domestic producers for the goods and services they produce. The PPI metrics came in lower on every single measurement this morning than economists’ expectations.

This important because PPI is seen as a leading indicator of CPI. And if PPI is falling, the market starts to price in lower inflation in the future. And the data is screaming at us that inflation is going to be lower than economists previously believed.

PPI month-over-month was 0%, PPI Core month-over-month was also 0%. Zero. Zilch. Nothing. Literally flat. Call it a narrative violation.

PPI and PPI Core came in under expectations for year-over-year numbers too. The reason? Tariffs are deflationary, not inflationary. That isn’t debatable anymore.

The tariffs have been in place for 6 months. We have a blanket 10% tariff on all US imports, yet inflation has not exploded higher as everyone predicted.

The shelves were never empty. The recession has been cancelled. And the doomsday predictors look insane in hindsight. But here is the more interesting conversation — what does a lower than expected PPI metric tell us about the future?

According to our handy economic analyst Chat-GPT, here are things to consider if PPI comes in cold:

1. Lower Producer Costs

2. Businesses are facing less inflationary pressure on raw materials, components, or production costs.

3. This could lead to lower prices for consumers down the line.

4. Disinflationary Signal

5. It suggests that inflation might be slowing in the economy.

6. This is generally seen as a positive signal for the Fed if they are trying to cool inflation.

7. Impact on Interest Rates

8. Markets may interpret it as less need for interest rate hikes (or a higher likelihood of rate cuts), which can boost stock prices and lower bond yields.

9. Corporate Margins

10. If consumer prices stay the same while input costs drop, profit margins for companies can improve.

11. Economic Growth Signal

12. It might also reflect slowing demand in the economy, especially if falling prices are due to weak purchasing activity rather than increased supply.

The most interesting part to me is about the Federal Reserve cutting interest rates. Lower PPI gives another data point to the Fed to get a cheaper cost of capital into the market. Will they listen? Probably not. But just because they won’t listen, doesn’t make them right.

The US economy is in much better shape than people want you to believe. Inflation is less of a problem than most people thought. And we are about to do our best impression of a growth economy to get ourselves out of this dire financial position we are in.

The unfortunate part is the growth is going to be stimulated by money printing and currency debasement. Which means stocks, bitcoin and gold are going MUCH higher through the second half of the year. Buckle up. The upwards volatility is just beginning.

Hope you have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Everyone Wants Bitcoin On Wall Street

Anthony Pompliano joins Squawk Box to talk about bitcoin hitting all-time high, what is driving the price higher, inflows into bitcoin ETFs, and why everyone wants bitcoin.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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Today’s Letter Is Brought To You By A Golden Visa for the Bitcoin-Forward Investor!

Bitizenship helps Bitcoiners secure EU residency and a path to Portuguese citizenship, without abandoning their long-term thesis.

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Lucky for you, there’s time to lock in the current law if you act now.

To investors,

The holy grail of investing is to find asymmetric assets that present a more attractive risk-reward trade-off than other opportunities. Anyone can grab a significant return from time-to-time if they are willing to take immense risk. It is much harder to drive outsized returns when you account for the risk you are taking.

This is why bitcoin has become such an incredible asset for investors to add to their portfolio. Take a look at this chart that was shared by Bitwise’s Matt Hougan:

Quite literally, bitcoin is in a class of its own. There is not another asset even in the same zip code as the world’s largest digital currency.

Bitcoin has appreciated 93% in the last year, 1,096% in the last 5 years, and 38,122% in the last decade. The compound annual growth rate for the last 5 years is 64%. These are video game numbers for traditional investors.

But the more impressive part is how Bitcoin’s sharpe ratio stacks up against other assets. According to Case Bitcoin, bitcoin’s 5-year sharpe ratio is 1.34. Compare this to gold (0.96), stocks (0.81), and treasuries (-0.56).

See here is the thing — most retail investors ask themselves how high an asset can go. That is obviously an important question, but the more sophisticated investor asks themselves “how much can I make given the risk I have to take?”

And there is no better answer to that question than bitcoin. Literally nothing else compares. Bitcoin is the story of our generation. A decentralized, digital asset has grown from nothing into a multi-trillion dollar asset. You have the likes of Larry Fink, Paul Tudor Jones, and Stanley Druckenmiller all sharing the same talking points as your crazy libertarian uncle.

Bitcoin won’t stop going up until they stop printing money and it seems obvious now that they are never, ever going to stop printing money.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Is Taking Over Wall Street

Anthony Pompliano and John Pompliano discuss everything that is happening with bitcoin, why bitcoin ETFs are making more money than S&P EFTs, US dollar collapse and what that means for asset prices, why Elon Musk wants to start a new political party, and how this all affects your portfolio.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

The bitcoin invasion of Wall Street has just begun. We have seen the bitcoin ETFs become the most successful ETF launch in history, bitcoin treasury companies are some of the best performing stocks in recent years, and now real estate funds are starting to marry bitcoin with one of the largest asset classes in the world.

This is happening at warp speed because Wall Street doesn’t feel like they are under attack. Instead, the traditional financial players are racing to embrace bitcoin. They realize this new asset brings them new clients, new assets under management, and new revenue. The asset also comes with volatility, which brings potential profits for those who can position themselves correctly.

The legacy players aren’t fighting off the attack — they are encouraging it. They have opened the doors to the largest pools of capital and bitcoin is being invited in. This may not sit well with the hardcore bitcoiners who were originally attracted to the asset because it was outside the system. Those libertarian ethos still exist to a degree, for example nothing about bitcoin’s system has changed, but it is important that everyone participates if you want true mass adoption, including Wall Street.

As I continue to say, bitcoin is the only asset I am aware of where it becomes less risky as it grows in size. There were few sophisticated capital allocators who could gain exposure when bitcoin was $100 - 200 billion market cap. Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on.

And this is where the Wall Street invasion becomes important. Wall Street is exceptional at creating wrappers for different assets. The ETF is a wrapper around spot bitcoin. The bitcoin treasury companies are wrappers around bitcoin accumulation machines. The real estate funds are wrappers around tax-advantaged, income-producing bitcoin exposure. And there will be many more wrappers.

These wrappers will appeal to different investors for different purposes. Some want as much asymmetric upside exposure as possible. Others want downside protection. Some may want yield, while another group could be attracted to the long-term compounding.

Regardless of why an investor is drawn to bitcoin, the increase in demand is impossible to ignore. I continue to believe that bitcoin has become the new hurdle rate for the younger generation. These young people will ascend to positions of power and influence inside of the most important financial institutions over time. That means bitcoin will eventually become the hurdle rate for the world.

And if bitcoin is beta exposure, you won’t be able to look in any corner of the financial system without seeing bitcoin there.

The bitcoin invasion has just begun. But this multi-decade trend will be much bigger, and more important, than majority of people realize.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Is Taking Over Wall Street

Anthony Pompliano and John Pompliano discuss everything that is happening with bitcoin, why bitcoin ETFs are making more money than S&P EFTs, US dollar collapse and what that means for asset prices, why Elon Musk wants to start a new political party, and how this all affects your portfolio.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

A few weeks ago, I announced that my bitcoin treasury company, ProCap BTC LLC, entered into a definitive agreement for a $1 billion business combination with Columbus Circle Capital Corp 1 (Nasdaq: CCCM). As part of the proposed business combination, ProCap BTC LLC raised more than $750 million.

My goal with this business is to continue acquiring as much bitcoin as possible. ProCap BTC, LLC has been able to use over $500 million from its initial capital raise to purchase bitcoin so far. The company now holds 4,950 bitcoin in total.

There are a number of other bitcoin treasury companies available in the market as well. I had our team pull together a comparison of some of the companies, including capital raised, bitcoin held, and the mNAV premium, based on or derived from publicly available information and incorporating certain assumptions about the identified companies, implied mNAVs and transactions (some of which have not yet closed).

Here is the analysis:

You can see from the graphic that ProCap BTC, LLC which, will merge with Columbus Circle Capital Corp 1 ($CCCM) to create ProCap Financial, Inc., the go-forward public company after the closing, has raised the second most amount of capital to buy bitcoin from this list. To our knowledge, we are also the second ranked company on the list behind Metaplanet when it comes to capital deployed to purchase bitcoin.

While those metrics are interesting, we believe the more important metric for most investors in the market is the mNAV premium. This number can assist investors in evaluating whether a company is cheap or expensive on a relative basis to peers.

The graphic shows that based on the companies and transactions included in our analysis, ProCap BTC LLC has the lowest implied mNAV at 1.3x. This is substantially lower than any other company on the list, making ProCap BTC LLC’s valuation the cheapest in the ranking based on the implied mNAV metric.

If that wasn’t good enough, a key aspect of ProCap BTC LLC’s deal is that investors in Columbus Circle Capital Corp 1 stock who buy and hold shares as of the record date for the CCCM special meeting to consider and approve the business combination will have the right to redeem their public shares for the pro rata value of the trust. The pro rata value of the trust is anticipated to be approximately $10.00 per share as of the closing of the CCCM initial public offering in May. It is also anticipated that the pro rata value of the trust could be higher on a per share basis at the closing of the transaction by following certain redemption procedures that will be outlined in a proxy statement to be filed with the SEC in connection with the transaction.

This means CCCM stock holders have approximately $0.55 per share of downside (based on the approximately $10.00 per share redemption price as of the closing of the CCCM initial public offering in May). But if CCCM’s mNAV were to expand to match the next cheapest stock, Cantor Equity Partners at 2.2x, then the stock would be trading at approximately $17.82 per share.

As our lawyers like to point out, there is no promise that ProCap BTC LLC and/or Columbus Circle Capital Corp 1 will see any mNAV expansion or that the deal or post-closing company will be successful. There is always risk associated with investing in companies, regardless of whether they are public or private. But it personally feels good to be involved in a deal that is presenting the cheapest mNAV entry price for public market investors.

There is a lot of hard work ahead to build a successful company. I am excited to tackle the challenge. Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Analyst Marko Papic Breaks Down Bitcoin, Gold, and Stocks Through Geopolitical and Macro Lens

Marko Papic is the Chief Strategist at BCA Research.

In this conversation we talk about what is happening in the market, why he is bullish, what is happening with the dollar, tariffs, bitcoin, gold, global conflict, and how all these different events impact your portfolio.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

Additional Information and Where to Find It

ProCap Financial, Inc., a Delaware corporation (“ProCap Financial”) and Columbus Circle Capital Corp I, a Cayman Islands exempt company (“CCCM”) intend to file with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with (i) a proposed business combination, to be effected subject to and in accordance with the terms of certain business combination agreement dated as of June 23, 2025 (as may be modified, amended or supplemented from time to time, the “Business Combination Agreement”), by and among ProCap Financial, CCCM, Crius SPAC Merger Sub, Inc., a Delaware corporation, Crius Merger Sub, LLC, a Delaware limited liability company, ProCap BTC, LLC, a Delaware limited liability company (“ProCap BTC”), and Inflection Points Inc, d/b/a Professional Capital Management, a Delaware corporation (collectively with all of the related actions and transactions contemplated by such agreement, the “Business Combination”), (ii) a private placement of non-voting preferred units (“ProCap BTC Preferred Units”) of ProCap BTC to certain “qualified institutional buyers” as defined in Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), or institutional “accredited investors” (as defined in Rule 506 of Regulation D)(such investors, “qualifying institutional investors”)(the “Preferred Equity Investment”) pursuant to preferred equity subscription agreements, and (iii) commitments by qualifying institutional investors to purchase convertible notes (“Convertible Notes”) issuable in connection with the Closing by ProCap Financial (the “Convertible Note Offering” and, together with the Preferred Equity Investment and the Business Combination, the “Proposed Transactions”) pursuant to convertible notes subscription agreements. The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. CCCM and/or ProCap Financial will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov, or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor, New York, NY 10019; e-mail: IR@ColumbusCircleCap.com, or upon written request to ProCap Financial Inc. at 600 Lexington Ave., Floor 2, New York, NY 10022, respectively.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE PROPOSED TRANSACTIONS OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

The offer and sale of the Convertible Notes to be issued by ProCap Financial pursuant to the Convertible Note Offering and the offer and sale of the ProCap BTC Preferred Units in the Preferred Equity Investment, in connection with the Proposed Transactions, has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

Participants in Solicitation

CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025 (the “IPO Prospectus”). Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

No Offer or Solicitation

This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM, ProCap BTC or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

Forward-Looking Statements

This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans , prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets that may be held by ProCap BTC and ProCap Financial and the value thereof, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock, par value $0.0001 per share, of ProCap Financial (“Pubco Common Stock”) to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks related to the ability of ProCap BTC and ProCap Financial to execute their business plans; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan, due to operational challenges, significant competition and regulation; risks associated with the possibility of ProCap Financial being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list Pubco Common Stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities, which could impact materially the time, cost and ability of ProCap Financial to raise capital after the closing; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others in connection with or following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC, including as will be set forth in the Registration Statement to be filed with the SEC in connection with the Proposed Transactions.

The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the IPO Prospectus, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

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To investors,

America was built on the idea of risk-taking. Whether it was citizens pushing west in search of freedom on the frontier or modern self-directed investors allocating capital in financial markets, the United States has always been unique compared to the rest of the world when it comes to our risk appetite.

You can clearly see this in recent public equity data. Goldman Sachs shows US investors have nearly 4x higher exposure to stocks as a share of household assets. Other countries like Japan, UK, and China are very far behind.

That risk-taking from US investors has been a great decision in hindsight. US equities are destroying other geographies. Charlie Bilello shows “over the last 17 years, US stocks have gained 592% vs. 140% for International stocks and 93% for Emerging Markets.”

That type of outperformance is pure dominance. And there will always be people scared of investing at new all-time high prices, yet the data suggests that may be one of the best times to invest when you look out over 6 moths, 1 year, 2 years, 3 years, and 5 years.

But now there is a new fear that has everyone spooked — the decline of the US dollar. We have discussed in recent weeks how the US dollar is down more than 10% to start the year, which is the worst first half of a year in decades.

And Barchart points out it is “now or never” for the dollar index. The metric is now hitting the lower end of a rising band the currency has traded in for the last 15 years.

Maybe this isn’t as bearish as everyone wants you to believe though? One macro strategist on X, known as End Game Macro, has a non-consensus view on the current moment in time. They write:

“This chart may appear to signal a breakdown in the dollar, but in reality, it may be the staging ground for one of the most violent reversals in recent history. DXY is testing the lower bound of a multi-decade ascending channel, a level that has repeatedly marked inflection points since 2008. Every time we’ve touched this range, the dollar has launched higher. Yet what makes this moment unique is the timing: the Fed is on the cusp of rate cuts. While conventional wisdom sees easing as dollar negative, the structure of global finance often flips that logic. When the Fed cuts into a disinflationary or risk off backdrop, capital floods into the deepest collateral pools and that still means U.S. dollars and Treasuries. The rate cut becomes the trigger for a flight to dollar safety, not a flight from it.

That’s where the geopolitical trap springs shut. Powell’s refusal to cut thus far, despite softening labor markets and collapsing consumer sentiment may not be driven solely by domestic macro data. It could be a strategic delay, engineered to lure BRICS and non-aligned nations deeper into dedollarization efforts just as liquidity begins to fracture. These countries have repositioned in local currencies, gold, and bilateral trade pacts. But they’ve also left themselves highly exposed to a dollar squeeze, especially if USD liabilities remain in their corporate or sovereign debt structures. Once the Fed cuts, the ensuing surge in dollar demand (for collateral, safety, and relative yield) could catch them completely offsides, forcing them to scramble back into the very system they tried to exit.

This wouldn’t be the first time such a trap has been sprung. The dollar surged after 2019’s Fed cuts. It exploded higher during the March 2020 crisis. And in the 1997–98 Asian Financial Crisis, nations that tried to assert monetary independence were crushed by sudden dollar strength. History shows us that when global actors overestimate their insulation from dollar liquidity cycles, they suffer. Powell holding the line on rate cuts may be less about the domestic economy and more about setting the stage for a strategic snapback, one that reasserts dollar dominance precisely when the rest of the world thinks it’s fading.”

That is a fascinating way to look at the current situation. It definitely is non-consensus. The important question is whether this view is correct or not? No one knows for sure. But it doesn’t seem crazy to be optimistic or bullish right when it seems everyone else is fearful.

So stock allocations are exploding higher for American households. The stock market continues to push higher and higher as it outperforms other regions. And the US dollar, which everyone thinks will continue weakening forever, may be ready to reverse course and remind the world why dollars are the global reserve currency.

Time will tell what happens. Just make sure you keep your mind flexible. Don’t become dogmatic about any scenario or outcome. The world is more dynamic than ever before. You will need your critical thinking skills as we continue accelerating faster and faster into the future.

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Analyst Marko Papic Breaks Down Bitcoin, Gold, and Stocks Through Geopolitical and Macro Lens

Marko Papic is the Chief Strategist at BCA Research.

In this conversation we talk about what is happening in the market, why he is bullish, what is happening with the dollar, tariffs, bitcoin, gold, global conflict, and how all these different events impact your portfolio.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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Today’s Letter Is Brought To You By A Golden Visa for the Bitcoin-Forward Investor!

Bitizenship helps Bitcoiners secure EU residency and a path to Portuguese citizenship, without abandoning their long-term thesis.

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To investors,

It is easy to get lost in the weeds of the day-to-day developments in finance. You have to keep track of individual stocks, different economic reports, geopolitical news, interest rate decisions, and much more. Information comes at you fast and furious.

If you are not careful, you will get sucked into the daily gyrations of markets and miss the most important things sitting right in front of your face. I recently forced myself to go through an exercise that created immense clarity for me.

I asked myself “if you could only pick one data point or trend that matters for the next decade, what would it be and what should you do in your portfolio to benefit?”

This thought exercise had many potential answers — artificial intelligence is obviously going to be big, humanoid robots will probably be more abundant than humans globally, and the innovations happening across space, biotech, drones, or self-driving cars can’t be ignored either.

But none of these themes struck me as the single most important thing.

The only answer I kept coming back to was “they are never, ever going to stop debasing the US dollar.” It is really that simple. The national debt is exploding higher and the United States will have to systematically debase the currency, which means all assets priced in dollars are going much higher.

And we are already seeing the effects of this mess.

Adam Kobeissi highlights “This has been one of the worst years in history for the US Dollar: The US Dollar index fell -10.8% in the first half of 2025, its worst first-half performance since the end of the gold-backed Bretton Woods System in 1973.

This also marks the weakest performance for any six-month period since 2009. Furthermore, the Bloomberg Dollar Spot Index has posted its 6th consecutive monthly decline, matching its longest losing streak in 8 years.”

And as if that was not bad enough, Adam goes on to show “the US M2 money supply jumped +4.5% year-over-year in May, to a record $21.94 trillion. This marks the 19th consecutive monthly increase. It has now surpassed the previous all-time high of $21.86 trillion, posted in March 2022. Furthermore, inflation-adjusted M2 money supply rose 2.1% year-over-year last month, the largest increase since early 2022. Since 2020, the US M2 money supply has risen nearly $7 trillion, or ~45%. The US Dollar's purchasing power is in an eternal bear market.”

Take a look at this visual from Barchart:

You don’t have to be Albert Einstein to see the long-term trend. Just open your eyes. So the question becomes — what the heck do you do if the government is going to destroy the purchasing power of the US dollar?

Simple, you buy as much bitcoin as you possibly can.

Why would you do that? Based on research from Sam Callahan and Lyn Alden, Bitcoin has become the global liquidity barometer. Their report points out “Bitcoin moves in the direction of global liquidity 83% of the time in any given 12-month period, which is higher than any other major asset class, making it a strong barometer of liquidity conditions.”

So stop getting caught up in the day-to-day noise of financial markets. Zoom out for a second. Ask yourself: what is the single most important trend for the next decade and what should I do about it?

For me, it is clearly the US dollar debasement that is going to continue happening. And bitcoin is the solution to the undisciplined monetary and fiscal policy.

It may sound crazy, but the bitcoiners are right. And they have meme’d the solution into a $2 trillion asset that Wall Street is now clamoring to get their hands on. What an incredible world we live in.

Hope you all have a great day. I’ll talk to everyone after the July 4th holiday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The King of Crypto: CZ’s Rapid Rise

CZ is the founder of Binance, and is one of the most successful entrepreneurs of our lifetime.

In this conversation we talk about when he first bought bitcoin in 2013, his childhood with no electricity or running water, career before finding bitcoin, starting Binance, managing bear and bull cycles, regulation, his time in prison, and what the future may hold for CZ and the crypto market.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

Ric Edelman is a legend. He was named the #1 financial advisor in the United States and Barron’s put him in the Financial Advisor Hall of Fame. Yes, that is a real thing. And Ric Edelman is sitting comfortably in the Hall of Fame.

So a lot of people were shocked to see Ric Edelman’s recent suggestion that investors should put 10% - 40% of their portfolio into crypto assets. These numbers dwarf any recommendation from financial advisors. Everyone is used to hearing 1-3% allocation recommendations. But to hear 10% - 40% is incredible.

Here are the five major arguments Ric made in a white paper he published:

• The traditional 60/40 stock-bond allocation model is dead. This is due to unprecedented rates of longevity brought about by remarkable advances in exponential technologies.

• After 39 years in the financial services field, I’m announcing for the first time the correct crypto allocation: Conservative investors should now have a 10% crypto allocation. Moderate clients should place 25% of their portfolios in crypto, and aggressive clients should allocate 40% of their investments to crypto.

• Owning crypto is no longer a speculative position; failing to do so is. A passive market-weighted index comprised of all asset classes would have 3% in crypto, so an investor who lacks crypto is now effectively shorting it.

• There’s no logic to omitting an asset class that’s outperformed all others for 15 consecutive years and is widely projected to continue doing so for the next decade or more. Historic performance data show that portfolios with bitcoin have generated higher returns with lower risks and produced superior Modern Portfolio Theory metrics — Sharpe and Sortino ratios, standard deviation and max drawdown — compared to portfolios that lacked bitcoin.

• The real question: Are you a fiduciary serving your clients’ best interests, or are you simply an order taker avoiding difficult conversations?

Now here is the thing — Ric Edelman is not saying anything different than what Bitcoiners have been saying for years. The 60/40 portfolio is dead. Having a concentrated investment in bitcoin will outperform over the long run. Ignoring bitcoin’s success is dumb. All of these points have been widely used talking points for awhile.

But Ric Edelman is a different messenger. Just like Larry Fink was able to shake Wall Street to its core by launching the Bitcoin ETF, Ric Edelman will likely shake the wealth management industry to wake up to bitcoin and crypto assets.

Sometimes the messenger is more important than the message. And there is no better messenger than Edelman to give cover fire to the RIA community on bitcoin. These RIAs have more than $144 TRILLION in assets under their purview. That is a heck of a lot of money.

Now the RIAs can invest their client portfolios into bitcoin and not be worried they will be fired. There is nothing to be scared of anymore. That is a big, big deal. We should all say “thank you” to Ric Edelman.

Hope you all have a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Bitcoin & Stocks Are At All-Time Highs with Jordi Visser

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss AI acceleration, why stocks, gold, bitcoin are hitting all-time highs, market outlook for second half of the year, how Salesforce is using AI, the government pressure on the fed to lower interest rates, the current financial mindset of the the younger generation, and more.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

It is hard to quantify the range of emotions felt in financial markets over the last few months. Thankfully, we have data that measures just how historic the market recovery has been. We have literally never seen such a strong rebound in the S&P 500 at any point in history.

Down 14% in the quarter. Now back to a positive 9% gain in the same time period. Volatility is an understatement.

Creative Planning’s Charlie Bilello shows if you zoom out further to the start of the year, you can see that “the S&P 500 has rallied 28% off of the April lows to hit its first all-time high since February 19.”

Ryan Detrick, the Chief Market Strategist at the Carson Group, highlights the new all-time high in the stock market comes with an interesting historical data point — “Stocks have never peaked in June.”

And if you are not convinced with historical data, you may be more interested to see the S&P is following the growth of M2 money supply.

David Marlin says “It’s all about liquidity. The SPX has been moving in sync with Global M2 on an 11 week lag. It’s signaling 6800+ for the SPX.”

So no matter how you look at it, the stock market has momentum. Money printing is driving stocks higher and higher. So this begs the question “which stocks will be the big winners?” Investment firm Coatue recently published their annual presentation on the state of markets and there are three slides worth paying attention to.

First, the firm points out the Mag 7’s reign may be ending. There is no guarantee, but the market is starting to see lower returns from these businesses.

If the Mag 7 is creating lower returns, then who is going to drive the returns of the future? Well, artificial intelligence is an obvious answer. Coatue says they believe a new class of AI winners will take center stage, including AI power companies, AI software, and AI semis.

And the investment firm believes we are in an AI super-cycle.

The super-cycle thesis would bring significant gains to the stock market through a different set of companies than what we have enjoyed over the last 5-10 years. That type of competition for investment dollars ultimately makes companies better, along with increasing the opportunity for returns for investors.

Stocks may have experienced a historic rebound in Q2. Just don’t mistake that rebound for the end of the momentum. These higher prices are likely to create even higher highs. And the pessimists will still be crying while it all happens.

Hope you have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Bitcoin & Stocks Are At All-Time Highs with Jordi Visser

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss AI acceleration, why stocks, gold, bitcoin are hitting all-time highs, market outlook for second half of the year, how Salesforce is using AI, the government pressure on the fed to lower interest rates, the current financial mindset of the the younger generation, and more.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

The best investors in the world have been thinking about volatility for decades. Charlie Munger once said “Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.” Peter Lynch said “The key to making money in stocks is not to get scared out of them.” And Peter Drucker said “The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic.”

Even Sun Tzu got in the game when he said “In the midst of chaos, there is also opportunity.”

It is volatility that ultimately separates investors into two buckets — those who seek volatility and those who try to hide from it. There is no greater filter to understand how someone invests, what their goals are, and ultimately what their portfolio looks like.

Bitcoin has been the epitome of volatility since inception in 2009. The digital currency has appreciated by approximately 1,000,000% over the last decade and a half. The compound annual growth rate is nearly 100% in the same time period. Doubling your money annually for 15 years is insane. But those returns were littered with multiple drops in price of at least 80%. Bitcoin has not been for the faint of heart.

But here is the thing — bitcoin’s volatility has been drastically reduced in the last year. Bloomberg’s Eric Balchunas shows “the ratio of IBIT's 60-Day volatility to SPX. It was 5.7x more volatile a year ago, now it's barely over 1 (meaning about same volatility as US stocks).”

The hardcore bitcoiners don’t like this. They want the volatility. Many of them would rather massive moves up followed by drastic moves down. The chaos is a feature, not a bug, in their mind. But Balchunas poses an interesting question:

“Here is a thought experiment for the Moon Bois: would you rather have God candles (both directions) to get the occasional adrenaline hit OR…a slow climb with decreasing volatility that attracts big fish money and gives bitcoin a fighting chance to be used as a mainstream currency one day?”

This question is worth thinking about, because we are watching the transformation of bitcoin. The asset is evolving from contrarian to consensus right before our eyes. It is the only asset I know of that becomes less risky as it grows in market cap. The largest pools of capital can now allocate to bitcoin, both because it has reached critical mass and the volatility has subsided to a level that doesn’t scare investors looking to protect their assets.

Remember, there are two types of investors — those who seek volatility and those who hide from it. Bitcoin has crossed into a middle ground that is attractive to both groups in a weird way. Just like Goldilocks, bitcoin is not too volatile, not too static, but it is just right. And that means we will see bitcoin continue to push higher and it sucks more capital into the digital blackhole it has created via the newest store of value on the block.

As much fun as the volatility of the past has been, bitcoin is growing up. The adults of finance are knocking on the door because the asset has achieved certain properties that fit their criteria. And the bitcoin holders who showed up for the volatility will just have to live with slightly lower returns moving forward. But before you start crying, remember that bitcoin’s lower volatility still outperforms the archaic assets of traditional Wall Street.

Hope you all have a great day. I’ll talk to everyone Monday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Geopolitics Are Making Bitcoin Stronger

Polina Pompliano and Anthony Pompliano discuss what is going on with bitcoin, bitcoin treasury companies, impact of geopolitical conflicts, stock market, and a little behind the scenes of announcing a bitcoin treasury company.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

Now that the recession has been cancelled, all eyes are on what will happen to asset prices through the end of the year. I previously predicted in April, at the depths of the fear-mongering, we would see new all-time highs across assets by the end of 2025.

We have seen bitcoin, gold, and the Nasdaq 100 each reclaim a new high since then. Next it will be the S&P 500’s turn.

Four different assets. All the same outcome. And the good news doesn’t stop there.

Carson Group’s Ryan Detrick highlights “July is the best month of the year in a post-election year and the past 20 years. It is the 2nd best the past decade.”

Not a bad thing to look forward to, right? Ryan goes on to point out there is a good chance stocks could actually post a double-digit return for 2025, which would surprise many of the doomsday predictors from earlier in the year.

Remember…study reflexivity. The faster something falls, the faster it can recover. We are living through volatile times. The speed of information, and therefore emotional reactions, has never been possible before now. Up, down. Up, down. And over a long enough timeline every asset is going up and to the right if it is priced in dollars.

Just take a look at the US dollar index for another data point. It has lost more than 10% in the first half of this year. Barchart points out this is the worst start to a year in four decades.

Nowhere is this more obvious than bitcoin. The 80 vol asset has appreciated hundreds of percent and then violently ripped down 80% or more multiple times. That volatility scares some people away, but it is the solution to another group of investors’ problems.

As many in the bitcoin world have pointed out, volatility is vitality. Take a look at the bitcoin price overlaid with the M2 money supply.

If bitcoin continues to follow money supply growth, we could see $150,000 per coin before year end. That would be volatility that would make bitcoiners very happy. But no coiners have no one to blame but their government.

Bitcoin will keep going up until the government stops printing money. If you want to bet on the national debt U-turning, be my guest. I am convinced that will never happen in our lifetime now. So you have to position yourself to benefit, rather than be punished, by the corresponding dollar debasement.

Stocks, gold, and bitcoin are all going higher. We will blow through new all-time highs. And pessimists will once again have sounded smart, but they will struggle to make money.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Geopolitics Are Making Bitcoin Stronger

Polina Pompliano and Anthony Pompliano discuss what is going on with bitcoin, bitcoin treasury companies, impact of geopolitical conflicts, stock market, and a little behind the scenes of announcing a bitcoin treasury company.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

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To investors,

Self-described socialist Zohran Mamdani beat out political royalty Andrew Cuomo in the Democrat primary for NYC mayor last night. I usually don’t care about politics, but there is a fascinating story about capitalism, financial markets, and wealth being told here.

Zach Ware writes “the Mamdani win is a Rob Henderson Luxury Beliefs blog post turned into real life. A bunch of rich people made themselves feel charitable by voting to give a bunch of poor people things that sound nice. And the (smarter) poor people voted against it because they know it’s bullsht.*”

Think about how crazy this situation is. A man who prides himself on being a socialist has a real shot at becoming the mayor of the heart of the global financial system. Irony doesn’t even start to describe the situation.

Just insane.

Capitalism is under attack by TikTokified brains that have no clue how the world actually works. If you don’t believe me, look at this data:

My friend Marty Bent put it perfectly when he wrote the following:

“I'm sure most of you are well aware of the Democratic Primary results of the New York City Mayoral election. Zohran Mamdani - an overt Socialist who ran on a campaign promising rent control and city-run grocery stores with price ceilings and, called for the defunding of the NYPD during the 2020 BLM riots - won the primary in a landslide. In large part due to NYC's asinine ranked voting system. His campaign and primary victory are a symptom of the intellectual rot that has taken over in the United States. Nothing makes this clearer than the data shared by Geiger Capital in the screenshot above.

Working class people with no college degree who have a better understanding of the value of hard work and what it means to live a life of integrity and dignity favored the less radical incumbent democrat and former Governor, Andrew Cuomo, while the college educated leaned heavily towards Mamdani. I feel very confident in saying this is an outgrowth of decades of university-level Marxist indoctrination via the universities that has been coupled with a never ending onslaught of mainstream propaganda that has convinced educated liberals (especially the white ones and, more specifically, the white women) that they should feel great shame, revolt against the principles of capitalism and degrade their lives by supporting socialist policies as a form of implicit reparations.

The damage that has been done to the minds of this demographic is incalculable and if the indoctrination and propaganda ultimately proves to be successful via the adoption of socialist policies in the United States, we will lose what was once a great nation.”

There are plenty of reasons to critique capitalism. It doesn’t get it right 100% of the time for every person. In fact, the promise of capitalism is equal opportunity, rather than equal outcome. That is the whole point of economic incentives and financial reward for those who take risks and are right.

People may not like that fact, but it doesn’t make it untrue.

So you have a choice to make now. You can bet your financial future on the rest of the country becoming more intelligent and rejecting socialist policies, or you can take your future into your own hands and opt out of the system with some of your capital.

Bitcoin was created to be a sovereign, decentralized asset that allowed anyone to benefit from the principles of sound money. It doesn’t matter who is the President, the governor, or the mayor. Regardless of how stupid the economic policies of our leadership is, bitcoin keeps winning. In a weird way, the crazier the economic policies of leaders, the more bitcoin will be a benefit to people.

If you lived in a violent neighborhood, you would move out or you would ensure you had the ability to protect yourself and your family. If you live in a time where the capitalist system is under threat, you must figure out how to protect your hard earned economic value.

I know how I want to do that for my family. Hopefully some of you have a plan as well.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Geopolitics Are Making Bitcoin Stronger

Polina Pompliano and Anthony Pompliano discuss what is going on with bitcoin, bitcoin treasury companies, impact of geopolitical conflicts, stock market, and a little behind the scenes of announcing a bitcoin treasury company.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadot - is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

I have watched the public company bitcoin treasury landscape develop over the last year and it became obvious to me there were ways to potentially improve on the model. Rather than sit around as a Monday morning quarterback, I decided to jump into the arena and build the solution that I envisioned.

Today I am announcing a $1 billion merger to create ProCap Financial, a bitcoin-native financial services firm. The company will be a publicly traded entity on Nasdaq at the conclusion of the proposed business combination between my private company ProCap BTC, LLC and Columbus Circle Capital Corp I, a publicly traded SPAC.

The ticker for the publicly traded entity right now is CCCM.

As part of this business combination, I have raised more than $750 million, which is the largest initial fundraise in history for a publicly-traded bitcoin treasury company. We are fortunate to have raised this capital from some of the leading institutional investors on Wall Street, along with many of the most well-known crypto investors globally.

ProCap Financial will focus on acquiring bitcoin for its balance sheet, while also developing products and services to produce revenue and profit from the bitcoin on our balance sheet over time. This is similar to the traditional financial service firms. However, we will use bitcoin as the foundation for our world, rather than US dollars.

The tagline for ProCap Financial is simple — Bitcoin is the new hurdle rate.

This idea is true for a generation of investors who understand bitcoin and are using it as the benchmark for their portfolio. As I have said for awhile, “If you can’t beat it, you have to buy it.” And that is exactly what ProCap Financial plans to do…buy bitcoin.

I didn’t take this decision lightly since I am becoming the CEO of a publicly traded company. But I think the idea of a bitcoin-native financial services firm is important and I want to be the person to help pioneer the intersection of bitcoin and traditional finance.

Wall Street institutions are invested. Bitcoin and crypto leaders are invested. Now it is time to get to work. Let’s see what we can do with ProCap Financial once the business combination is finalized (NASDAQ: CCCM).

You can read the press release below. Talk to everyone tomorrow.

- Anthony Pompliano

Anthony Pompliano Strikes $1 Billion Merger to Create ProCap Financial; Raises Over $750M in Largest Initial Fundraise in History for Public Bitcoin Treasury Company

• ProCap Financial to strategically acquire bitcoin and generate revenue and profits from its bitcoin holdings

• Equity investors have immediate exposure to bitcoin based on structure of financing transactions

• Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take ProCap Financial public

New York, NY, June 23, 2025 (GLOBE NEWSWIRE) -- American investor and entrepreneur Anthony Pompliano today announced that ProCap BTC, LLC, a bitcoin-native financial services firm, has entered into a definitive agreement for a business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a SPAC sponsored by a controlled subsidiary of Cohen & Company, Inc.

At the closing of the proposed business combination, the combined company will operate as ProCap Financial, Inc., with up to $1 billion in bitcoin on its balance sheet. Entities in the proposed transaction raised $516.5 million in equity and $235 million in convertible notes, the largest initial fundraise in history for a public bitcoin treasury company.

Leading institutional and bitcoin-native investors participating in the financing transactions include Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX. Industry veterans such as Mark Yusko, Jason Williams, Eric Semler, Tony Guoga, and Matteo Franceschetti participated as well.

ProCap Financial aims to become the leading financial services firm at the intersection of bitcoin and traditional finance. ProCap Financial plans to use its bitcoin balance sheet to generate revenue and profit through a variety of strategies.

ProCap Financial will be led by Anthony Pompliano, who has invested in more than 300 private companies and is one of the leading voices on bitcoin globally.

“The legacy financial system is being disrupted by bitcoin,” said Pompliano. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”

“From day one we sought to partner with a platform and a leader that could develop a transformative organization - and we found that in ProCap BTC and Anthony Pompliano,” said Gary Quin, CEO of CCCM. “Anthony’s track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.”

Terms of the Proposed Business Combination and Financing Transactions

The proposed business combination (the “Business Combination”) between ProCap BTC, LLC (“ProCap BTC”) and Columbus Circle Capital Corp. I (“CCCM”) will result in ProCap Financial, Inc. (“ProCap Financial”) being a publicly listed company. In connection with the Business Combination, ProCap BTC sold $516.5 million of non-voting preferred units to investors in a private placement (the “Preferred Equity Raise”) and ProCap Financial secured commitments for $235 million in senior secured convertible notes (the “Convertible Notes”) from investors in a private placement (the “Convertible Debt Raise”, together with the Business Combination and the Preferred Equity Raise, the “Proposed Transactions”). At the closing of the Business Combination (the “Closing”), any funds remaining in the CCCM trust account will be delivered to ProCap Financial. The full proceeds of the CCCM Trust Account, assuming no trust redemptions at or prior to Closing, is included in the up to $1 billion expected to be used to purchase bitcoin for ProCap Financial’s balance sheet.

The Preferred Equity Raise was funded contemporaneously with the execution of the definitive agreements. ProCap BTC agreed to purchase bitcoin (the “BTC Assets”) using the aggregate amount of funds raised in the Preferred Equity Raise within fifteen days of the date of signing the definitive agreements. The BTC Assets will be held in a custodial account until the completion of the Business Combination, providing future shareholders of ProCap Financial with immediate exposure to bitcoin rather than waiting until after the Closing.

The Convertible Notes will be funded at the close of the Business Combination and have a 130% conversation rate, zero interest rate, and maturity of up to 36 months. The Convertible Notes will be 2x collateralized by cash, cash equivalents or a portion of the bitcoin purchased with the proceeds from the Proposed Transactions. U.S. Bank National Trust, N.A. will serve as collateral agent and trustee with regard to the Convertible Notes and associated indenture and guarantee arrangements.

At the Closing, former security holders of CCCM and former unit holders of ProCap BTC (“ProCap Holders”) will receive, as consideration in the Business Combination, newly-issued securities of ProCap Financial. The number of ProCap Financial shares issuable to the ProCap Holders at Closing will depend on the value of the BTC Assets measured as of a date shortly before the Closing, subject to a cap, and provided, also, that the ProCap Holders that are investors in the Preferred Equity Raise (as defined herein) will, at a minimum, receive such number of ProCap Financial shares as represents 1.25 times the number of preferred units delivered to such investors upon consummation of the Preferred Equity Raise, based on the trade weighted average price of the BTC Assets, as further described in the definitive agreements for the Proposed Transactions (the “Transaction Agreements”).

Prior to entering into the definitive agreement, the proposed Business Combination has been approved by the board of directors of CCCM and by the board of managers of ProCap BTC. The terms of the Transaction Agreements, including covenants and conditions to Closing reasonably customary for similar transactions, including that the Proposed Transactions and their terms be approved by requisite CCCM shareholders and by the sole voting unit holder of ProCap BTC, an entity owned and controlled by Pompliano.

The parties expect to consummate the Proposed Transactions prior to the end of 2025, after the submission for review by the U.S. Securities & Exchange Commission (the “SEC”) of a registration statement on Form S-4 to register applicable securities issuable by ProCap Financial upon consummation of the proposed Business Combination. The parties intend to take actions necessary for the Convertible Notes, upon issuance in connection with the Closing, to have an associated 144A CUSIP number on the issue date to facilitate potential post-Closing trading amongst QUIBS, but are not expected to otherwise be registered or tradeable.

The terms of the Proposed Transactions described in this release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the Transaction Agreements and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to Closing. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

Additional Information and Where to Find It

ProCap Financial, Inc. (“ProCap Financial”) and Columbus Circle Capital Corp. I (“CCCM”) intend to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with the proposed business combination between ProCap BTC, LLC (“ProCap BTC”) and CCCM (the “Proposed Transactions”). The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. ProCap Financial and/or CCCM will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’s SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor New York, NY 10019, e-mail: IR@ColumbusCircleCap.com; or upon written request to ProCap Financial, Inc., 600 Lexington Ave., Floor 2, New York, NY 10022.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

The offer and sale of the convertible notes to be issued by ProCap Financial and the preferred units of ProCap BTC sold in connection with the Proposed Transactions has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

Participants in Solicitation

CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

No Offer or Solicitation

This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

Forward-Looking Statements

This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets held by ProCap BTC and ProCap Financial, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders, which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock of ProCap Financial to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the Proposed Transactions, ProCap Financial experiences difficulties managing its growth and expanding operations; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan, due to operational challenges, significant competition and regulation; being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list ProCap Financial’s common stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC.

The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the final prospectus of CCCM dated as of May 15, 2025 and filed by CCCM with the SEC on May 19, 2025, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC, or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

The terms of the Proposed Transactions described in this communication, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive business combination agreement and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to closing of the Proposed Transactions. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

Stablecoins are eating the world. It seems like every market participant is jumping head first into the game right now. Here are a few examples:

• The Senate recently passed the GENIUS Act in another step towards a federal framework for stablecoins.

• Stripe announced a deeper partnership with Shopify to help businesses in 34 countries immediately start accepting stablecoins via Shopify.

• Coinbase announced Coinbase Payments, which is a full-stack stablecoin payments product built for commerce platforms.

• Founders Fund invested in Ubyx, which is a clearing system for stablecoins built by a 20-year veteran at Citigroup.

• JPMorgan announced the launch of JPMD, the bank’s alternative to US dollar stablecoins.

• The Wall Street Journal reported that Walmart and Amazon are both exploring how to launch their own stablecoins.

This list is not exhaustive for even the last week, but it highlights just how quickly companies are embracing this new technology. Even Treasury Secretary Scott Bessent was pushing the stablecoin narrative in a recent interview when he said stablecoins could reinforce dollar supremacy. Here is the clip:

It doesn’t get more serious than the leader of the United States Treasury saying stablecoins are essential for the US dollar to continue winning on the global stage.

Castle Island’s Nic Carter recently reminded us about a speech he gave last year on stablecoins. Nic writes:

“Cryptodollarization has happened already, arguably in Venezuela, Argentina, and Nigeria. I believe it's much more aggressive than conventional dollarization, which is often limited by availability of physical banknotes. I believe that in a decade there will be many fewer sovereign currencies and most weak nations will be dollarized – not through USG intervention but by a spontaneous "bottom up" process.

In effect consumers engage in currency substitution and force the government's hand. Stablecoins eliminate the power of borders in currency choice and allow network effects to actually take hold. This is why we see the dollar representing >99% of stablecoins but only 40-60% of international reserves and financial flows. Stablecoins make currency substitution must faster and more aggressive, and they are also impossible to stop. In almost all cases where nation states have attempted to prohibit flows out of local FX into USD stablecoins, they have eventually relented.”

I completely agree with Nic. Bitcoin is going to win, but US dollars in stablecoin form are going to aggressively win as well. This means the weakest fiat currencies are going to fall at the feet of bitcoin and dollars.

It is crazy to watch this play out. Technologists built better payment rails for all currencies, so now the legacy players are having to bend the knee to adopt dollar stablecoins. Don’t expect this trend to slow down any time soon.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Patrick McHenry on Bitcoin, Stablecoins and Regulation

Patrick McHenry is the former chairman of the House Financial Services Committee, and the Vice Chairman at Ondo Finance.

In this conversation we talk about bitcoin, ETFs, bitcoin treasury companies, legislation around stablecoins, tokenization, and how Patrick sees the world evolving.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

• Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

The rise of self-directed investors has been widely discussed, but we just got new data that suggests the trend is even more pervasive than we previously thought.

As retail investors have entered the market, there has been a bifurcation in their behavior. One group is sophisticated and informed. They follow timeless investing principles, allocating their capital based on thorough analysis, and tend to perform well in their portfolio. The other group, who is less sophisticated and disciplined, is full of people essentially gambling on vibes, hopes, and dreams.

This second group is the cohort that gives retail investors a bad name. And for good reason — take this insane fact from Zerohedge: penny stocks just hit a record 47.4% of total market volume.

Think of how crazy that is. Nearly $1 out of every $2 in market volume is coming from stocks that are worth less than $1. It would be funny if it wasn’t so concerning.

Now here is the thing — we are seeing this rise of retail across different asset classes. For example, the bitcoin and crypto industry, which is just a different type of public market, sees hundreds of billions of dollars in trading volume per day. While the traditional finance folks complain that public companies have fallen from more than 8,000 listed companies to something closer to 4,000, they are missing the fact that an army of investors and traders have taken to crypto markets to get their fix of public, liquid assets with volume.

So the expansion of liquid tradable assets, plus the increased access thanks to infrastructure like Robinhood/Public/eToro, has drastically increased the number of people participating in the market. And these people are looking to financial assets for hope they can capture a slice of the American Dream, including the financial security that was enjoyed by their parents and grandparents.

When the system abandons you, some portion of the population is going to take things into their own hands and see if they can grow their financial wealth through risk taking. Of course, this increased demand is not only finding its way to the penny stocks though — we are also seeing tech stocks pushed to alarming levels as well.

Barchart highlights that tech stocks relative to M2 money supply is now higher than it was during the dot come bubble.

On one hand this is concerning because of the relative overvaluation, but on the other hand the tech industry has produced some of the best businesses humans have ever built. So where we go from here is anyone’s guess. I am a believer that capital flows and global liquidity will determine the direction of stocks and crypto much more than the underlying fundamentals of any one asset.

This means the Fed announcement tomorrow will have a large impact on the direction of asset prices through the end of the year. If we get the interest rate cut, assets will go up faster than we think. If we don’t get the interest rate cut, we should expect to continue going sideways or a slight grind up through the summer. Kalshi has the odds of a Fed rate cut tomorrow at only 3%, but I think the odds are higher.

I don’t know if they will do it — however, I know they should do it. Inflation is not a problem, the world is addicted to cheap money, and we need to incentivize investment and risk taking. Cut the rates and give people or businesses access to a lower cost of capital.

I wouldn’t bet on the Fed being ahead of the curve though. They have made a living being a few months late in recent history. Lets see what happens.

Hope everyone has a great day. I’ll talk to you all tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Patrick McHenry on Bitcoin, Stablecoins and Regulation

Patrick McHenry is the former chairman of the House Financial Services Committee, and the Vice Chairman at Ondo Finance.

In this conversation we talk about bitcoin, ETFs, bitcoin treasury companies, legislation around stablecoins, tokenization, and how Patrick sees the world evolving.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

• Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

You begin thinking you have seen nearly everything that is possible after being in the bitcoin and crypto industry for nearly a decade, but every once in awhile you see something new that surprises you. That is exactly what happened yesterday when I saw a video clip of Cardano founder Charles Hoskinson talking in a recent recording.

Here is Hoskinson talking about selling his altcoins from the Cardano treasury in order to buy bitcoin:

This clip is eye-opening for a number of reasons. First, Hoskinson is essentially admitting that his altcoin will not be able to hold water compared to bitcoin over time. The only way to create long-term economic value is to sell his altcoin treasury and purchase bitcoin. This seems to signal the altcoin founders understand bitcoin is never going away.

Second, Hoskinson seems to understand that the bitcoin treasury companies are conducting a speculative attack on bitcoin. They are selling shares to buy bitcoin, so the altcoin foundations have the ability to sell their altcoins to buy bitcoin. The speculative attack, which was popularized by Pierre Rochard in 2014, has become one of the most important ideas to further the adoption of bitcoin in recent years.

Third, and maybe most interestingly, the dominant performance of bitcoin treasury companies has become too breathtaking to ignore. Take Metaplanet as an example — Simon Gerovich, Dylan LeClair and the team have created one of the best performing stocks in the world. The company has grown their bitcoin balance sheet from 0 bitcoin to 10,000 bitcoin in a little over one year. Just incredible to watch.

So imagine you are sitting on hundreds of millions of dollars in altcoins and you are watching them continue to degrade in value against bitcoin. You naturally start thinking it could be economically accretive to sell the altcoins and buy bitcoin. This is no different than selling debased US dollars or public company equity. We are watching the speculative attack permeate every corner of the financial world.

Everyone wants bitcoin and they are willing to sell whatever value they own in order to get more bitcoin. This has long been the thesis of bitcoiners — hard money ultimately sucks capital into its black hole — it is cool to see the thesis playing out globally.

And if you think bitcoin is close to toping out for this cycle, remember we still have a long way to go for bitcoin to catch up to global M2 supply. Raoul Pal recently highlighted that “89% of all BTC's price action is explained by global liquidity.”

This suggests bitcoin should see $150,000 price point in the coming months, but no one has a crystal ball so lets see what happens. Bitcoin is infiltrating Wall Street in new ways every day. People want as much of the digital asset as they can get their hands on. And a speculative attack is not a bad way to do it, especially if you are sitting on a treasury of altcoins.

Hope everyone has a great start to their week. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Short Squeeze Incoming? Bitcoin, Iran, and the Global Power Crisis

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos. In this conversation we talk about Israel, Iran, what it means for the stock market, bitcoin, oil, gold, AI stories of the week, inflation coming in weaker, and what Jordi is excited about.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

• Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

Pessimists sound smart, optimists make money.

This old adage is proving to be more true every day. Adam Kobeissi is just as impressed with the market’s historic recovery as I am. He writes:

“The S&P 500 has rallied +20.4% over the last 41 trading sessions, its third-best run this century. During the same period, the Nasdaq 100 has risen +27.3%, its third-biggest rally since 2002. Only 2020 and 2008 haven seen such sharp recoveries over the last two decades. As a result, the S&P 500 and the Nasdaq 100 are now trading just 2.1% and 1.8% from their all-time highs. We have gone from a historically weak to a historically strong market in a matter of days.”

And this type of historic recovery usually suggests stocks will be significantly higher 1 year from now. Puru Saxena shows the average return is 20% in the next 12 months when the S&P rallies from -18% below a 52 week high up to -3% within 50 days.

This optimism in the stock market is not exclusively held by investors. EJ Antoni reminds us that “consumer confidence comes roaring back in May, reversing the April plunge; the level is still down significantly from November, but the stock market recovery has given it a considerable boost - it's interesting that the index has become increasingly tied to equity prices.”

So we have a historic rally in public equities, which is driving enthusiasm back into the market, and consumer confidence is finally recovery as well. But another area where we can clearly see the wide-eyed, bushy tail outlook is in the true global macro asset of bitcoin. Bitcoin Magazine writes “Bitcoin has stayed above $100,000 for 30 consecutive days for the first time ever.”

Not bad for an asset that started at fractions of a penny about 15 years ago. But don’t get too crazy in your price predictions for this bull market. Galaxy’s Alex Thorn writes “This is looking like a longer and more measured bitcoin cycle than priors.”

And it is not hard to see where bitcoin will likely go in the coming weeks and months when you take a look at the correlation to global M2 money supply.

So here is the thing — all the pessimists from April sounded smart, but most of them didn’t make much money as the market rallied in a historic recovery. Too many people think they can time markets, predict the future, and optimize short-term results. Obviously, the people who tend to do best though are those with the patience to stay focused on the long-term and simply hold great assets for as long as possible.

Simple strategy, hard to execute.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

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You can text, email, or call the CFO too which is really cool. The CFO, called Silvia, now has more than $4.6 billion in assets connected on the platform.

You can sign up for the product completely free here: https://www.cfosilvia.com

Bitcoin Rises Amid Debt, Chaos, and Riots

Polina Pompliano and Anthony Pompliano discuss Circle IPO, bitcoin, rise of crypto companies on Wall Street, what it means for your portfolio, what is going on with LA riots, how we could solve the problem, and why Invest America is pushing to give every newborn $1,000 to invest.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

• Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

The Federal Reserve cracked the market in 1971 when we went off the gold standard and America’s central bank finished the job by breaking the market in 2008-2009 with the undisciplined use of quantitative easing. Prolonged bear markets have been outlawed and anyone saving in dollars is punished annually with 5% or more debasement of their economic value.

Not exactly a rosy picture for millions of Americans.

But this trend of debasement has slowly convinced more citizens to allocate their hard earned money to public equities as a percentage of their portfolio. Mike Zaccardi highlights recent JPMorgan data that shows US household stock ownership as a percentage of total assets is now at an all-time high.

As we close in on 30% in that metric, it is important to remember only 62% of Americans own stocks, according to Perplexity. This includes ownership of individual stocks as well as stocks held indirectly through mutual funds, 401(k) plans, IRAs, and other retirement accounts. Here is a breakdown of who owns those stocks:

By Income:

• 87% of adults in households earning $100,000 or more own stocks.

• Only 28% of those in households earning less than $50,000 own stocks.

• Among those with less than $30,000 in annual income, ownership drops to 25%.

By Education:

• 84% of college graduates own stocks.

• 42% of those with a high school education or less own stocks.

By Race/Ethnicity:

• 70% of White adults own stocks.

• 53% of Black adults own stocks.

• 38% of Hispanic adults own stocks.

By Marital Status:

• 77% of married adults own stocks, compared to 49% of unmarried adults.

Now we know that stock ownership, and broadly asset ownership, is a major driver of wealth in this country. But more than 30% of Americans don’t have any stocks in their portfolio, so we are seeing a big push from the private sector to improve the situation and ensure more Americans have exposure to the US economy through the stock market.

The initiative is called Invest America and the idea is to have every newborn receive $1,000 in a special account that gives them exposure to the US stock market. The concept calls for the child to hold that money until they are at least 18 years old, which would let compounding work in their favor and deliver economic value to a young adult thanks to the US government setting them up in a good position at birth.

Here is Invest America founder Brad Gerstner talking about the program at the White House yesterday:

The idea of Invest America is very popular for obvious reasons. Comedian Andrew Schulz shared yesterday “I didn’t buy a stock until I was 35 bc I was financially illiterate (still am) and it seemed too risky. Let’s get as many Americans as we can invested in the success of American industry EARLY.”

Here is Andrew talking about Invest America a few months ago:

I would love to see Invest America become the law of the land. Give every newborn child $1,000 exposure to capitalism and lets ensure we have the system working for our people, rather than against them. The Federal Reserve and politicians are never going to stop printing money, so lets not operate in some charade.

Get the kids exposure to the 500 best American companies. They will be very thankful a few decades from now. Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Anthony Pompliano on CNBC’s Squawk Box Yesterday Morning

Anthony Pompliano joins CNBC and Squawk Box to talk about bitcoin, stablecoins, Gemini filing for IPO, traditional finance meeting crypto, retail continues to buy dip, and why the world wants bitcoin and US dollars.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

• Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

Fred Krueger had a great write-up yesterday about the importance of “8%” in modern finance. He started by pointing out since 2000, global money supply has been growing exactly at 8%.

But then Fred pointed out that US debt has also been growing at 8% — what a coincidence!

Next, if you look at the S&P 500 and add in dividends, then you see another result that looks pretty damn close to 8%. If you incorporate taxes, “you lose a minimum of 25%.”

Fred shows that housing is in a slightly different situation. He says “houses grow less. Even after rents, and without factoring in property tax and maintenance, the growth is more like 6.5%.”

So what does all this mean? Why should you care? Fred explains that “we have a "leaky bucket" that loses 8% of its value a year. Stocks almost make up for it. Not after taxes. Housing does not make up for it. At all.”

Which brings us to the big conclusion from Fred’s analysis — “Bitcoin doesn't leak and is growing 40% per year.” I actually disagree with Fred here. Bitcoin’s compound annual growth rate over the last 10 years is 85% and if you look over the last 5 years, bitcoin’s compound annual growth rate is 62%. These are video game numbers for a financial asset that is just now starting to hit its stride in terms of institutional adoption.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Darius Dale Explains Why Stocks, Bitcoin & Gold Are Great Assets To Hold During the 4th Turning

Darius Dale is the Founder & CEO of 42Macro.

In this conversation we talk about why bitcoin, gold, and stocks will continue to win, Elon Musk & DOGE, spending bill, and how markets across the world are reacting.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

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• Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

There has been a lot of talk about bitcoin coming to the bond market in the last few weeks. We have seen Strategy and other bitcoin treasury companies use unique structures to get capital leveraging anything from convertible debt to structured notes.

But the more interesting area is the idea of a BitBond.

Sam Lyman writes for Forbes:

“BitBonds are like regular bonds in the sense that Treasury would allocate 90% of the bond to fund the government. But it would then use the remaining 10% of funds to purchase bitcoin…Upon maturity, investors would receive 100% of the bitcoin upside up to 4.5% of the total compounded return. After this benchmark is reached, investors would receive 50% of all remaining bitcoin upside. Meanwhile, the government would keep the other 50% of remaining bitcoin upside to supply the strategic bitcoin reserve.”

This graphic from the Bitcoin Policy Institute shows how they work:

This obviously a clever idea and there are rumors that the US government could issue BitBonds to address the national debt. I recently spoke with Jordi Visser about BitBonds and here is how he described the situation, including New York City Mayor Eric Adams commitment to issue the first BitBond:

But bitcoin is not only going after sovereign, state, or city bond markets. We got news from Francisco Rodrigues at Coindesk yesterday that “Sberbank, Russia’s largest bank, has introduced a new structured bond that tracks the price of bitcoin and the dollar-to-ruble exchange rate. Initially available over the counter to a limited pool of qualified investors, the bonds let holders earn based on two variables: the future performance of BTC in U.S. dollars and any strengthening of the dollar relative to the ruble.”

Bitcoin is a magnet for capital. The bond market wants to play with the new shiny toy on Wall Street. There will be no stopping this asset from getting cozy with one of the largest pools of capital. BitBonds are interesting. Structured bonds are interesting. And there is going to be a plethora of new bonds related to bitcoin that we haven’t even thought about yet.

We are so fortunate to be living in this moment. I can’t wait to see what people come up with next. Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains The Link Between Bitcoin and Artificial Intelligence

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation what’s going on with bitcoin, bitcoin bonds, why countries are buying bitcoin, AI, what’s going on with tariffs, and how it all impacts your portfolio.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• BitcoinOS - The operating system for bitcoin applications powered by zero-knowledge technology. Check out @BTC_OS on twitter to learn more.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

We have been hearing for months about an incoming economic calamity. The doomsday predictors promised us recessions, depressions, and stock market crashes that would make Black Friday blush. Of course, these people look absolutely insane in hindsight.

We didn’t get any of that. In fact, we got the exact opposite. Ryan Detrick shows the S&P 500 just posted the best performance for the month of May in the last 35 years.

That is crazy considering the fear-mongering that has been spread in the media and online for the last 2 to 3 months. The best stock performance in May for the last three and a half decades!

Ryan wasn’t done delivering the bears bad news — he writes “when the S&P 500 gains more than 5% in May (like 2025) the next 12 months have never been lower and gained nearly 20% on average. No month has better future performance after a 5% gain.”

This is obviously great news for investors that kept, or increased, their exposure to stocks through the volatility. Remember this chart from Goldman Sachs back in February? It shows retail investors started pouring capital into the market at an accelerated pace.

And that trend never stopped. Adam Kobeissi wrote two weeks ago:

“Retail investors have been buying stocks at a historic pace: Retail investors’ equity ETF net inflows have reached ~$122 billion year-to-date. Since mid-March, individual investors' inflows have DOUBLED despite the market sell-off, according to Goldman Sachs. On the other hand, professional investors have withdrawn ~$25 billion so far this year. Since March 1st, retail investors have ben net sellers of stocks in just 6 trading session, per JP Morgan. While retail investors have tried to buy the dip, institutional investors are selling into strength. It's Wall Street versus Main Street.”

And before you think retail is dumb money, it is important to understand they are making a lot of money right now — Global Markets Investor writes:

“Retail investors have bought every dip this year. The S&P 500 has returned 0.36% on average following a down day, the most ever recorded. By comparison, last year it was just 0.02%. Retail investors purchased over $50 billion in US equities since the April low. Incredible.”

So we now have a market divergence that highlights the rise of self-directed investors. Institutions are either selling or sitting on the sidelines, while retail has a persistent bid in the market. These self-directed investors are able to profit because they are essentially working together in a decentralized manner. They all share the mentality of buying the dip, so their collective action drives market results to swing positive.

The market is the referee and it seems like retail is holding its own. This doesn’t mean the institutions are losing, but rather that everyone is making money. Add in the recent change in economic policy, including a focus on growth, government spending, and removing the debt ceiling, and it is not hard to see the bull case for liquid assets such as stocks and bitcoin.

The next few months should be fun. Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains The Link Between Bitcoin and Artificial Intelligence

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation what’s going on with bitcoin, bitcoin bonds, why countries are buying bitcoin, AI, what’s going on with tariffs, and how it all impacts your portfolio.

Enjoy!

Podcast Sponsors

• Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• BitcoinOS - The operating system for bitcoin applications powered by zero-knowledge technology. Check out @BTC_OS on twitter to learn more.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

We got news yesterday that a federal court has thrown a major wrench into President Trump’s economic plan. CNBC writes:

“The U.S. Court of International Trade on Wednesday blocked steep reciprocal tariffs unilaterally imposed by President Donald Trump on scores of countries in April to correct what he said were persistent trade imbalances.

The ruling deals a potentially serious blow to the Republican president’s economic agenda and ongoing efforts to negotiate trade deals with various nations.”

Bloomberg shows that not all tariffs are being struck down by this ruling, but a very large percentage of them will be negated.

The legality of the tariffs will be highly debated and I anticipate the case will eventually be heard by the Supreme Court. Regardless of the outcome over time, there are two repercussions of the court’s ruling. A large part of the market will see this decision as a removal of majority of the tariffs, which means we will see capital flood back into assets as investors gain confidence that the worst economic pain is behind us.

Another large part of the market will have a different read on the tariff court ruling. They won’t gain confidence, but rather they will see this development as a return to uncertainty because of the appeals process. This second group won’t allocate capital back into the market until there is finality in the court cases, which could take weeks if not months.

My guess is that self-directed retail investors will accelerate their investing pace, while institutional investors will continue to be cautious. This ultimately boils down to a key difference in how these two groups think about financial markets. Retail understands that the dollar is going to be debased, bear markets have been outlawed, and there will be a persistent bid for stocks for decades to come. Institutions not only question those three assumptions, but they are more focused on delivering their quarterly and annual return numbers.

Retail is investing for profits, institutions are investing to keep their AUM.

The crazy part about this situation is that both groups may be right. Stocks have become very expensive, according to Barchart, who points out the Warren Buffett Indicator has officially hit 193.5%, which surpassed November 2021 as the second most expensive time for stocks in history.

They also show that the 30-year Treasury yield has risen above 5% again, which is not what sophisticated investors want to see.

Retail investors are playing a different game though. Global Markets Investors writes “According to Bank of America, hedge funds sold ~$1.5 billion equities on net in 4 weeks, the most since the 2022 bear market. Institutional investors sold ~$2 billion. Retail investors bought nearly $2 billion, the most ever.”

So while retail and institutions battle it out in the markets, the new court ruling around tariffs will only further complicate the situation. But I don’t think anyone is going to change their mind. Retail will keep buying. Institutions will keep selling. And the world will keep spinning.

Only time will tell who is right and who is wrong. And the beauty of capitalism is that the market will be the ultimate referee.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: We launched a new product this weekend to help investors manage their financial lives. The product uses AI models to track your net worth, analyze your portfolio, answer any questions you have about your finances, and make suggestions on how you can improve. You can add public stocks, private investments, crypto assets, cars, houses, investment properties, collectibles, and any other assets you own.

You can text, email, or call the CFO too which is really cool. The CFO, called Silvia, now has more than $1.8 billion in assets connected on the platform.

You can sign up for the product completely free here:

https://www.cfosilvia.com

Is The Bitcoin Bull Run Back?

John Pompliano and Anthony Pompliano discuss bitcoin, bitcoin conference in Las Vegas, bitcoin treasury companies, macro environment, inflation, timeless investing principles, and how this all impacts your portfolio.

Enjoy!

Podcast Sponsors

• Figure Markets – Bitcoin backed loans so you can buy more Bitcoin with your Bitcoin or earn 8% lending cash to HELOC providers! Learn more about Figure Markets and their Crypto Backed Loans!

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• BitcoinOS - The operating system for bitcoin applications powered by zero-knowledge technology. Check out @BTC_OS on twitter to learn more.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

View Details

To investors,

The administration is making a significant pivot in their economic policy. We just watched them shift from a focus on cutting government spending to an obsession with growth at all costs.

This strategic change is coming at an interesting point in time. Creative Planning’s Charlie Bilello highlights “the US Money Supply hit an all-time high in April for the first time in three years. After a brief hiatus, money printing is back.”

Put money printing is not the only reason why timing really matters right now. Global Macro Investor’s Julien Bittel explains how there is a very high correlation to the late 1990s:

“The current equity correction is tracking almost perfectly with what we saw back in ‘98, when markets got hit by the Russian debt default and the LTCM hedge fund blow-up.

Currently, these two periods are 97% correlated...

When sentiment gets max bearish and positioning is extremely one-sided, just as liquidity conditions start to improve – which then feeds through into the economic data with a lag – the market scrambles to reprice. That’s often where V-shaped recoveries are born.

Since the April lows, the S&P 500 is up 12%, the Nasdaq 100 is up 16%, and Bitcoin is up 26%.”

While the market recovery from the late 1990s may give investors peace of mind, it is important to understand “U.S. stocks are now more expensive than nearly any time in modern history. But here’s the real problem: U.S. households are holding more stocks than ever before. This combo is rare and risky.”

The Nasdaq is trading at a P/E ratio of 26 and the S&P 500 is trading at a 21x P/E ratio. Not exactly cheap from a historical point of view. And investors are bullish to say the least. Mike Zaccardi shows that the Goldman Sachs Social Media Economic Sentiment Index is nearing the all-time high.

So if everyone is bullish and the money printer is getting turned back on, things could get very crazy from here. And that is just normal assets like the S&P or Nasdaq. Certain individual stocks are poised to accelerate higher as retail investors take larger positions, but bitcoin may be the granddaddy of them all.

We know bitcoin is the asset most sensitive to global liquidity thanks to the great analysis by Sam Callahan and Lyn Alden. But now Vivek4Real’s data is also showing us that bitcoin balances on exchanges is hitting a new all-time low.

But it is not just the exchanges. Quinten Francois sees a rapidly decreasing amount of bitcoin available on OTC desks as well.

So fewer and fewer bitcoin are available for sale at the same time that central banks are firing up their money printers. More fiat chasing fewer coins. That means we have to see bitcoin’s price rise to accommodate everyone. We have seen this a few times in bitcoin’s history but it never gets less exciting.

The next few months should be fun. Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: We launched a new product this weekend to help investors manage their financial lives. The product uses AI models to track your net worth, analyze your portfolio, answer any questions you have about your finances, and make suggestions on how you can improve. You can add public stocks, private investments, crypto assets, cars, houses, investment properties, collectibles, and any other assets you own.

You can text, email, or call the CFO too which is really cool. The CFO, called Silvia, now has more than $1.8 billion in assets connected on the platform.

You can sign up for the product completely free here: https://www.cfosilvia.com

Is The Bitcoin Bull Run Back?

John Pompliano and Anthony Pompliano discuss bitcoin, bitcoin conference in Las Vegas, bitcoin treasury companies, macro environment, inflation, timeless investing principles, and how this all impacts your portfolio.

Enjoy!

Podcast Sponsors

• Figure Markets – Bitcoin backed loans so you can buy more Bitcoin with your Bitcoin or earn 8% lending cash to HELOC providers! Learn more about Figure Markets and their Crypto Backed Loans!

• Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

• Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

• Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

• Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

• Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

• Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

• BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

• BitcoinOS - The operating system for bitcoin applications powered by zero-knowledge technology. Check out @BTC_OS on twitter to learn more.

• Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe