The Pomp Letter

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 PomplianoFounder & CEO, Professional Capital ManagementBitcoin Destroyed The 60/40 Portfolio with Ric EdelmanRic 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 Bitco

Today’s letter is brought to you by MoonPay!Join over 30 million users who trust MoonPay as their universal crypto account.We make it easy to buy and sell crypto in over 180 countries, with no-to-low fees and all your favourite payment methods like Venmo, PayPal, Apple Pay, card and more.MoonPay is the only account you need in the DeFi ecosystem. Trade, stake and build your portfolio all in one place.Start now and get zero MoonPay fees* on your first transaction.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 place

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 PomplianoFounder & CEO, Professional Capital ManagementWhy Bitcoin Will Hit $150,000 Sooner Than You ThinkJordi 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 h

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 PomplianoFounder & CEO, Professional Capital ManagementWhy Bitcoin Is Mispriced Right Now with Jeff ParkJeff 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 mor

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 PomplianoFounder & 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 th

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 bull

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 PomplianoFounder & CEO, Professional Capital ManagementWhy 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. 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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 analystsSo 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 PomplianoFounder & CEO, Professional Capital ManagementWhy 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 traditiona

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

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

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.Bitizenship Helps You:✔ Unlock visa-free travel across Europe✔ Secure residency with minimal physical presence✔ Maintain Bitcoin exposure through a regulated structure✔ Set up a future-proof Plan B for your family✔ Gain one of the world’s strongest passports in 5 yearsTime-Sensitive Update: Portugal may pass new citizenship rules within the near future, doubling the timeline to 10 years.Lucky for you, there’s time to lock in the current law if you act now.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 PomplianoFounder & 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.Let’s get your product or service in front of them.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 in

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-yearJust 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 PomplianoFounder & CEO, Professional Capital ManagementWhy Bitcoin & Stocks Are Going Up ForeverAnthony 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. 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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 PomplianoFounder & CEO, Professional Capital ManagementBreakdown of Tokenized StocksIan 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

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 PomplianoFounder & CEO, Professional Capital ManagementWhy Bitcoin Is Going Higher This Year with Jordi VisserJordi 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 bitize

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 PomplianoFounder & CEO, Professional Capital ManagementThe $9 Trillion 401(k) Bomb About To Hit Bitcoin with Jordi VisserJordi 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% cas

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 PomplianoFounder & CEO, Professional Capital ManagementThe Summer of Bitcoin & Crypto ExplainedPolina 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 HODL

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 PomplianoFounder & CEO, Professional Capital ManagementTether CEO Explains His Plan To Come To The United StatesTether 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-glov

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 PomplianoFounder & CEO, Professional Capital ManagementAnthony Pompliano Explains Why The Bitcoin Bull Run Is Far From OverPolina 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 a

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 PomplianoFounder & CEO, Professional Capital ManagementeToro CEO Yoni Assia Explains Where Bitcoin Is Going and How His Company Will Dominate In AmericaYoni 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

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 PomplianoFounder & CEO, Professional Capital ManagementJordi Visser on Bitcoin Going Higher and US Grid Capacity IssuesJordi 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

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 productsI 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 PomplianoFounder & CEO, Professional Capital ManagementJordi Visser on Bitcoin Going Higher and US Grid Capacity IssuesJordi 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 Fig

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 PomplianoFounder & CEO, Professional Capital ManagementEveryone Wants Bitcoin NowPolina 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. Innov

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 PomplianoFounder & CEO, Professional Capital ManagementEveryone Wants Bitcoin NowPolina 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

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 Putzier recently 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 PomplianoFounder & CEO, Professional Capital ManagementThe Truth About Bitcoin Treasury CompaniesWill 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 l

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 PomplianoFounder & CEO, Professional Capital ManagementWhy Bitcoin Just Became The Ultimate Safe HavenJordi 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 sig

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 PomplianoFounder & CEO, Professional Capital ManagementWintermute CEO Explains Where Bitcoin & Crypto Demand Is Coming FromEvgeny 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.

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* Businesses are facing less inflationary pressure on raw materials, components, or production costs.* This could lead to lower prices for consumers down the line.2. Disinflationary Signal* It suggests that inflation might be slowing in the economy.* This is generally seen as a positive signal for the Fed if they are trying to cool inflation.3. Impact on Interest Rates* 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.4. Corporate Margins* If consumer prices stay the same while input costs drop, profit margins for companies can improve.5. Economic Growth Signal* 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 PomplianoFounder & CEO, Professional Capital ManagementEveryone Wants Bitcoin On Wall StreetAnthony 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, makin

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.Bitizenship Helps You: ✔ Unlock visa-free travel across Europe ✔ Secure residency with minimal physical presence ✔ Maintain Bitcoin exposure through a regulated structure ✔ Set up a future-proof Plan B for your family ✔ Gain one of the world’s strongest passports in 5 yearsTime-Sensitive Update: Portugal may pass new citizenship rules within the near future, doubling the timeline to 10 years.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 PomplianoFounder & CEO, Professional Capital ManagementBitcoin Is Taking Over Wall StreetAnthony 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/s

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 PomplianoFounder & CEO, Professional Capital ManagementBitcoin Is Taking Over Wall StreetAnthony 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 be

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 PomplianoFounder & CEO, Professional Capital ManagementAnalyst Marko Papic Breaks Down Bitcoin, Gold, and Stocks Through Geopolitical and Macro LensMarko 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

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 PomplianoFounder & CEO, Professional Capital ManagementAnalyst Marko Papic Breaks Down Bitcoin, Gold, and Stocks Through Geopolitical and

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.Bitizenship Helps You: ✔ Unlock visa-free travel across Europe ✔ Secure residency with minimal physical presence ✔ Maintain Bitcoin exposure through a regulated structure ✔ Set up a future-proof Plan B for your family ✔ Gain one of the world’s strongest passports in 5 yearsTime-Sensitive Update: Portugal may pass new citizenship rules within the near future, doubling the timeline to 10 years.Lucky for you, there’s time to lock in the current law if you act now.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 PomplianoFounder & CEO, Professional Capital ManagementThe King of Crypto: CZ’s Rapid RiseCZ 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. Chec

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 PomplianoFounder & CEO, Professional Capital ManagementWhy Bitcoin & Stocks Are At All-Time Highs with Jordi VisserJordi 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, sel

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 PomplianoFounder & CEO, Professional Capital ManagementWhy Bitcoin & Stocks Are At All-Time Highs with Jordi VisserJordi 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 ad

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 PomplianoFounder & CEO, Professional Capital ManagementHow Geopolitics Are Making Bitcoin StrongerPolina 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

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 PomplianoFounder & CEO, Professional Capital ManagementHow Geopolitics Are Making Bitcoin StrongerPolina 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

Today 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.With Bitizenship, you can: ✔ Unlock visa-free travel across Europe ✔ Secure a second residency with minimal physical presence ✔ Maintain exposure to Bitcoin through a regulated structure ✔ Set up a future-proof Plan B for yourself and your family ✔ Gain access to one of the world’s most powerful passports in 5 yearsNo donation. No property headaches. Just a smarter path designed for high-conviction Bitcoiners.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 bullsh*t.”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 PomplianoFounder & CEO, Professional Capital ManagementHow Geopolitics Are Making Bitcoin StrongerPolina 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 bitcoi

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 PomplianoAnthony 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 publicNew 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 its

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 PomplianoFounder & CEO, Professional Capital ManagementPatrick McHenry on Bitcoin, Stablecoins and RegulationPatrick 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.* Polkadot is a scalable, se

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 PomplianoFounder & CEO, Professional Capital ManagementPatrick McHenry on Bitcoin, Stablecoins and RegulationPatrick 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: Fu

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 PomplianoFounder & CEO, Professional Capital ManagementShort Squeeze Incoming? Bitcoin, Iran, and the Global Power CrisisJordi 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.* Bi

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 PomplianoFounder & CEO, Professional Capital Management🚨 READER NOTE: We launched a new product recently 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 $4.6 billion in assets connected on the platform.You can sign up for the product completely free here: https://www.cfosilvia.comBitcoin Rises Amid Debt, Chaos, and RiotsPolina 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 th

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 PomplianoFounder & CEO, Professional Capital ManagementAnthony Pompliano on CNBC’s Squawk Box Yesterday MorningAnthony 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

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 PomplianoFounder & CEO, Professional Capital ManagementDarius Dale Explains Why Stocks, Bitcoin & Gold Are Great Assets To Hold During the 4th TurningDarius 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.* 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.* 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

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 PomplianoFounder & CEO, Professional Capital ManagementJordi Visser Explains The Link Between Bitcoin and Artificial IntelligenceJordi 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.* 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

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 PomplianoFounder & CEO, Professional Capital ManagementJordi Visser Explains The Link Between Bitcoin and Artificial IntelligenceJordi 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 application

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 PomplianoFounder & 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.comIs 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.* Simp

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 PomplianoFounder & 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.comIs 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

To investors,Traditional markets are full of misinformation right now. You know how stock investors always say they want to hold equities because of the cash-flow? Well Mike Zaccardi shows gold has destroyed the return of the S&P 500 by 2x since the year 2000.Public market investors must be in shambles seeing this. But the misinformation doesn’t stop there. You know how everyone always says to diversify your portfolio across various stocks or assets? Well X account Hidden Monopolies says the data proves that concentrated portfolios with long-time horizons drastically outperform those who choose to diversify.Of course, the misinformation doesn’t end there either. You know how everyone keeps yelling and screaming about the high mortgage rates at the moment? Well Creative Planning’s Peter Mallouk shows “the 30-Year Mortgage Rate today seems really high until you take a bigger picture view.”And then there are the people who keep saying tariffs won’t bring in additional revenue for the United States government. Well Felix Jauvin shows that tariff revenue is starting to accelerate at a pace we have not seen in the last decade. Moving along…maybe you have been told that we are living in a risk-on environment and capital was flying off the sidelines into risk assets? Well Barchart shows that total assets in money market funds has hit $7.2 trillion, which is a new all-time high.Investors are trying to milk the higher interest rates to earn that “risk-free yield.” But bonds are not as safe as everyone thought they were. Take TLT as the prime example — the fund is down almost 50% over the last 5 years. Imagine being long an asset that just goes down and to the right forever, while equity markets are on a historic run. Absolutely brutal.So this brings me to what is actually true right now — global liquidity is continuing to increase at an accelerated rate. Governments around the world are stuffing liquidity into every corner of financial markets. Even the US government is giving up on the idea of cutting government spending to balance the budget. Elon Musk and Scott Bessent are now both talking about growing our way out of the national debt problem, which is a noticeable change in economic policy. We are going to run the economy hot and there is an increased risk of inflation returning because of the new growth mandate. Bitcoin’s price is likely to follow global liquidity, so I would expect the digital currency to do very well through the rest of 2025. The money printer is returning. Digital sound money is going to be a big beneficiary. That is a new law of the universe and no one is going to change it any time soon.Hope you all have a great start to your week. I’ll talk to you tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital ManagementCould This Be The Year Bitcoin Goes Parabolic?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, a potential bitcoin upside collapse, global liquidity, national debt, bonds, AI, Nvidia, and is the US being quiet about bitcoin a strategic move?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!* 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.* Bitwise - America’s largest crypto index fund manager and the only Bitcoin ETF issuer that publishes its wallet address plus donates 10% of profits to open source developers. Learn more at BitwisePomp.com* 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.* 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 wi

To investors,I have spent the last 15 years of my career in the private markets. I started out building companies, then went to work at Facebook, and eventually became a full-time investor. I always joke that my generation watched The Social Network movie and everyone wanted to be the next Zuckerberg or they wanted to invest in him.My generation has over-rotated to private markets. It is impossible to ignore. But I think we are about to witness a rotation back to the public market. Undisciplined monetary and fiscal policy globally is creating a structural tailwind for liquid traded assets, including public stocks, gold, and bitcoin. If your entire financial life is invested in the private market, you are not benefitting as much from the structural advantage central banks have created.So my intention over the coming years is to expand what I do in the public markets. I won’t stop investing in the private market, nor will I stop building startups, but I am working diligently to add the public market to my purview as an entrepreneur and investor.I have been working on my first major public market deal for the last 6 months or so. Last night we priced the ProCap Acquisition Corporation ($PCAPU) and it will begin trading today. BTIG, the exclusive book runner on the deal, told us that the $PCAPU IPO had approximately $1.79 billion in demand from investors even though it was only supposed to be a $200 million SPAC. We have chosen to upsize the fundraise to a total of $250 million.So why did I raise $250 million? Why did I choose to do it in a publicly traded vehicle that anyone can buy the stock ticker?Simply, I want to acquire a profitable company and help them enter the public markets. Using the SPAC structure can be an efficient way to do this, along with allowing independent investors and institutions to participate alongside our investment firm. My big idea is to find a business that can benefit from large digital distribution. If you think of other people who have large online audiences, they have been able to build or buy companies, strip out a lot of the sales/marketing costs, and help increase revenue without increasing expenses. My goal is to do a similar thing with this vehicle.One of the main issues with SPACs over the last 5 years or so has been a lack of discipline. Many sponsors were conducting public venture capital. They would purchase a money-losing company at a high valuation and hope the business grew into the valuation. While some successfully grew into the valuation, many did not. Instead of doing public venture capital, I am interested in buying a cash-flow positive business at an attractive valuation. If I can successfully do that, plus leverage the digital distribution to continue building the company post-transaction, than I believe there is a chance of creating shareholder value for myself, our investment firm, and public shareholders.This body of work is going to be difficult. We have to find a good business, negotiate a fair price, and then help that company build value over time. I wanted to make sure I had help in doing this, so I asked my friend Brent Saunders, the current CEO of Bausch & Lomb, to join as a Special Advisor to the company. Brent has done more than $300 billion in M&A and served as a public company CEO for about 17 years. I am very thankful and fortunate to have Brent helping me.ProCap Acquisition Corp ($PCAPU) started trading publicly this morning on the Nasdaq. We are on the hunt for a good, profitable business that wants to get into the public markets at an attractive valuation. There is a lot of work ahead but I am energized and excited about this effort. Obviously there are many regulatory considerations on what I can and can not say throughout this process, but I will do my best to keep everyone informed on progress and my thoughts as we proceed. I appreciate everyone who has already reached out with support and look forward to talking to the founders and executives of many great companies in the coming weeks. Hope everyone has a great day. I’ll talk to everyone tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital ManagementREADER 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/Why Big Banks Are Embracing BitcoinPolina Pompliano, Author of ‘Hidden Genius’ and Founder of The Profile, and Anthony Pompliano, Author of ‘How To Live An Extraordinary Life’ and CEO of Profes