The Pomp Letter

To investors,

The rise of self-directed investors has been widely discussed, but we just got new data that suggests the trend is even more pervasive than we previously thought.

As retail investors have entered the market, there has been a bifurcation in their behavior. One group is sophisticated and informed. They follow timeless investing principles, allocating their capital based on thorough analysis, and tend to perform well in their portfolio. The other group, who is less sophisticated and disciplined, is full of people essentially gambling on vibes, hopes, and dreams.

This second group is the cohort that gives retail investors a bad name. And for good reason — take this insane fact from Zerohedge: penny stocks just hit a record 47.4% of total market volume.

Think of how crazy that is. Nearly $1 out of every $2 in market volume is coming from stocks that are worth less than $1. It would be funny if it wasn’t so concerning.

Now here is the thing — we are seeing this rise of retail across different asset classes. For example, the bitcoin and crypto industry, which is just a different type of public market, sees hundreds of billions of dollars in trading volume per day. While the traditional finance folks complain that public companies have fallen from more than 8,000 listed companies to something closer to 4,000, they are missing the fact that an army of investors and traders have taken to crypto markets to get their fix of public, liquid assets with volume.

So the expansion of liquid tradable assets, plus the increased access thanks to infrastructure like Robinhood/Public/eToro, has drastically increased the number of people participating in the market. And these people are looking to financial assets for hope they can capture a slice of the American Dream, including the financial security that was enjoyed by their parents and grandparents.

When the system abandons you, some portion of the population is going to take things into their own hands and see if they can grow their financial wealth through risk taking. Of course, this increased demand is not only finding its way to the penny stocks though — we are also seeing tech stocks pushed to alarming levels as well.

Barchart highlights that tech stocks relative to M2 money supply is now higher than it was during the dot come bubble.

On one hand this is concerning because of the relative overvaluation, but on the other hand the tech industry has produced some of the best businesses humans have ever built. So where we go from here is anyone’s guess. I am a believer that capital flows and global liquidity will determine the direction of stocks and crypto much more than the underlying fundamentals of any one asset.

This means the Fed announcement tomorrow will have a large impact on the direction of asset prices through the end of the year. If we get the interest rate cut, assets will go up faster than we think. If we don’t get the interest rate cut, we should expect to continue going sideways or a slight grind up through the summer. Kalshi has the odds of a Fed rate cut tomorrow at only 3%, but I think the odds are higher.

I don’t know if they will do it — however, I know they should do it. Inflation is not a problem, the world is addicted to cheap money, and we need to incentivize investment and risk taking. Cut the rates and give people or businesses access to a lower cost of capital.

I wouldn’t bet on the Fed being ahead of the curve though. They have made a living being a few months late in recent history. Lets see what happens.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Patrick McHenry on Bitcoin, Stablecoins and Regulation

Patrick McHenry is the former chairman of the House Financial Services Committee, and the Vice Chairman at Ondo Finance.

In this conversation we talk about bitcoin, ETFs, bitcoin treasury companies, legislation around stablecoins, tokenization, and how Patrick sees the world evolving.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

* Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

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

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

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

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

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

* 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,

You begin thinking you have seen nearly everything that is possible after being in the bitcoin and crypto industry for nearly a decade, but every once in awhile you see something new that surprises you. That is exactly what happened yesterday when I saw a video clip of Cardano founder Charles Hoskinson talking in a recent recording.

Here is Hoskinson talking about selling his altcoins from the Cardano treasury in order to buy bitcoin:

This clip is eye-opening for a number of reasons. First, Hoskinson is essentially admitting that his altcoin will not be able to hold water compared to bitcoin over time. The only way to create long-term economic value is to sell his altcoin treasury and purchase bitcoin. This seems to signal the altcoin founders understand bitcoin is never going away.

Second, Hoskinson seems to understand that the bitcoin treasury companies are conducting a speculative attack on bitcoin. They are selling shares to buy bitcoin, so the altcoin foundations have the ability to sell their altcoins to buy bitcoin. The speculative attack, which was popularized by Pierre Rochard in 2014, has become one of the most important ideas to further the adoption of bitcoin in recent years.

Third, and maybe most interestingly, the dominant performance of bitcoin treasury companies has become too breathtaking to ignore. Take Metaplanet as an example — Simon Gerovich, Dylan LeClair and the team have created one of the best performing stocks in the world. The company has grown their bitcoin balance sheet from 0 bitcoin to 10,000 bitcoin in a little over one year. Just incredible to watch.

So imagine you are sitting on hundreds of millions of dollars in altcoins and you are watching them continue to degrade in value against bitcoin. You naturally start thinking it could be economically accretive to sell the altcoins and buy bitcoin. This is no different than selling debased US dollars or public company equity. We are watching the speculative attack permeate every corner of the financial world.

Everyone wants bitcoin and they are willing to sell whatever value they own in order to get more bitcoin. This has long been the thesis of bitcoiners — hard money ultimately sucks capital into its black hole — it is cool to see the thesis playing out globally.

And if you think bitcoin is close to toping out for this cycle, remember we still have a long way to go for bitcoin to catch up to global M2 supply. Raoul Pal recently highlighted that “89% of all BTC's price action is explained by global liquidity.”

This suggests bitcoin should see $150,000 price point in the coming months, but no one has a crystal ball so lets see what happens. Bitcoin is infiltrating Wall Street in new ways every day. People want as much of the digital asset as they can get their hands on. And a speculative attack is not a bad way to do it, especially if you are sitting on a treasury of altcoins.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Short Squeeze Incoming? Bitcoin, Iran, and the Global Power Crisis

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos. In this conversation we talk about Israel, Iran, what it means for the stock market, bitcoin, oil, gold, AI stories of the week, inflation coming in weaker, and what Jordi is excited about.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

* Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

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

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

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

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

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

* 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,

Pessimists sound smart, optimists make money.

This old adage is proving to be more true every day. Adam Kobeissi is just as impressed with the market’s historic recovery as I am. He writes:

“The S&P 500 has rallied +20.4% over the last 41 trading sessions, its third-best run this century. During the same period, the Nasdaq 100 has risen +27.3%, its third-biggest rally since 2002. Only 2020 and 2008 haven seen such sharp recoveries over the last two decades. As a result, the S&P 500 and the Nasdaq 100 are now trading just 2.1% and 1.8% from their all-time highs. We have gone from a historically weak to a historically strong market in a matter of days.”

And this type of historic recovery usually suggests stocks will be significantly higher 1 year from now. Puru Saxena shows the average return is 20% in the next 12 months when the S&P rallies from -18% below a 52 week high up to -3% within 50 days.

This optimism in the stock market is not exclusively held by investors. EJ Antoni reminds us that “consumer confidence comes roaring back in May, reversing the April plunge; the level is still down significantly from November, but the stock market recovery has given it a considerable boost - it's interesting that the index has become increasingly tied to equity prices.”

So we have a historic rally in public equities, which is driving enthusiasm back into the market, and consumer confidence is finally recovery as well. But another area where we can clearly see the wide-eyed, bushy tail outlook is in the true global macro asset of bitcoin. Bitcoin Magazine writes “Bitcoin has stayed above $100,000 for 30 consecutive days for the first time ever.”

Not bad for an asset that started at fractions of a penny about 15 years ago. But don’t get too crazy in your price predictions for this bull market. Galaxy’s Alex Thorn writes “This is looking like a longer and more measured bitcoin cycle than priors.”

And it is not hard to see where bitcoin will likely go in the coming weeks and months when you take a look at the correlation to global M2 money supply.

So here is the thing — all the pessimists from April sounded smart, but most of them didn’t make much money as the market rallied in a historic recovery. Too many people think they can time markets, predict the future, and optimize short-term results. Obviously, the people who tend to do best though are those with the patience to stay focused on the long-term and simply hold great assets for as long as possible.

Simple strategy, hard to execute.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

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Bitcoin Rises Amid Debt, Chaos, and Riots

Polina Pompliano and Anthony Pompliano discuss Circle IPO, bitcoin, rise of crypto companies on Wall Street, what it means for your portfolio, what is going on with LA riots, how we could solve the problem, and why Invest America is pushing to give every newborn $1,000 to invest.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

* Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

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

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

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

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

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

* 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,

The Federal Reserve cracked the market in 1971 when we went off the gold standard and America’s central bank finished the job by breaking the market in 2008-2009 with the undisciplined use of quantitative easing. Prolonged bear markets have been outlawed and anyone saving in dollars is punished annually with 5% or more debasement of their economic value.

Not exactly a rosy picture for millions of Americans.

But this trend of debasement has slowly convinced more citizens to allocate their hard earned money to public equities as a percentage of their portfolio. Mike Zaccardi highlights recent JPMorgan data that shows US household stock ownership as a percentage of total assets is now at an all-time high.

As we close in on 30% in that metric, it is important to remember only 62% of Americans own stocks, according to Perplexity. This includes ownership of individual stocks as well as stocks held indirectly through mutual funds, 401(k) plans, IRAs, and other retirement accounts. Here is a breakdown of who owns those stocks:

By Income:

* 87% of adults in households earning $100,000 or more own stocks.

* Only 28% of those in households earning less than $50,000 own stocks.

* Among those with less than $30,000 in annual income, ownership drops to 25%.

By Education:

* 84% of college graduates own stocks.

* 42% of those with a high school education or less own stocks.

By Race/Ethnicity:

* 70% of White adults own stocks.

* 53% of Black adults own stocks.

* 38% of Hispanic adults own stocks.

By Marital Status:

* 77% of married adults own stocks, compared to 49% of unmarried adults.

Now we know that stock ownership, and broadly asset ownership, is a major driver of wealth in this country. But more than 30% of Americans don’t have any stocks in their portfolio, so we are seeing a big push from the private sector to improve the situation and ensure more Americans have exposure to the US economy through the stock market.

The initiative is called Invest America and the idea is to have every newborn receive $1,000 in a special account that gives them exposure to the US stock market. The concept calls for the child to hold that money until they are at least 18 years old, which would let compounding work in their favor and deliver economic value to a young adult thanks to the US government setting them up in a good position at birth.

Here is Invest America founder Brad Gerstner talking about the program at the White House yesterday:

The idea of Invest America is very popular for obvious reasons. Comedian Andrew Schulz shared yesterday “I didn’t buy a stock until I was 35 bc I was financially illiterate (still am) and it seemed too risky. Let’s get as many Americans as we can invested in the success of American industry EARLY.”

Here is Andrew talking about Invest America a few months ago:

I would love to see Invest America become the law of the land. Give every newborn child $1,000 exposure to capitalism and lets ensure we have the system working for our people, rather than against them. The Federal Reserve and politicians are never going to stop printing money, so lets not operate in some charade.

Get the kids exposure to the 500 best American companies. They will be very thankful a few decades from now. Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Anthony Pompliano on CNBC’s Squawk Box Yesterday Morning

Anthony Pompliano joins CNBC and Squawk Box to talk about bitcoin, stablecoins, Gemini filing for IPO, traditional finance meeting crypto, retail continues to buy dip, and why the world wants bitcoin and US dollars.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

* Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

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

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

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

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

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

* 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,

Fred Krueger had a great write-up yesterday about the importance of “8%” in modern finance. He started by pointing out since 2000, global money supply has been growing exactly at 8%.

But then Fred pointed out that US debt has also been growing at 8% — what a coincidence!

Next, if you look at the S&P 500 and add in dividends, then you see another result that looks pretty damn close to 8%. If you incorporate taxes, “you lose a minimum of 25%.”

Fred shows that housing is in a slightly different situation. He says “houses grow less. Even after rents, and without factoring in property tax and maintenance, the growth is more like 6.5%.”

So what does all this mean? Why should you care? Fred explains that “we have a "leaky bucket" that loses 8% of its value a year. Stocks almost make up for it. Not after taxes. Housing does not make up for it. At all.”

Which brings us to the big conclusion from Fred’s analysis — “Bitcoin doesn't leak and is growing 40% per year.” I actually disagree with Fred here. Bitcoin’s compound annual growth rate over the last 10 years is 85% and if you look over the last 5 years, bitcoin’s compound annual growth rate is 62%. These are video game numbers for a financial asset that is just now starting to hit its stride in terms of institutional adoption.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Darius Dale Explains Why Stocks, Bitcoin & Gold Are Great Assets To Hold During the 4th Turning

Darius Dale is the Founder & CEO of 42Macro.

In this conversation we talk about why bitcoin, gold, and stocks will continue to win, Elon Musk & DOGE, spending bill, and how markets across the world are reacting.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* 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 Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains The Link Between Bitcoin and Artificial Intelligence

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

In this conversation what’s going on with bitcoin, bitcoin bonds, why countries are buying bitcoin, AI, what’s going on with tariffs, and how it all impacts your portfolio.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

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

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

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

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

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

* BitcoinOS - The operating system for bitcoin applications powered by zero-knowledge technology. Check out @BTC_OS on twitter to learn more.

* 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 Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains The Link Between Bitcoin and Artificial Intelligence

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

In this conversation what’s going on with bitcoin, bitcoin bonds, why countries are buying bitcoin, AI, what’s going on with tariffs, and how it all impacts your portfolio.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

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

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

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

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

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

* BitcoinOS - The operating system for bitcoin applications powered by zero-knowledge technology. Check out @BTC_OS on twitter to learn more.

* 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 got news yesterday that a federal court has thrown a major wrench into President Trump’s economic plan. CNBC writes:

“The U.S. Court of International Trade on Wednesday blocked steep reciprocal tariffs unilaterally imposed by President Donald Trump on scores of countries in April to correct what he said were persistent trade imbalances.

The ruling deals a potentially serious blow to the Republican president’s economic agenda and ongoing efforts to negotiate trade deals with various nations.”

Bloomberg shows that not all tariffs are being struck down by this ruling, but a very large percentage of them will be negated.

The legality of the tariffs will be highly debated and I anticipate the case will eventually be heard by the Supreme Court. Regardless of the outcome over time, there are two repercussions of the court’s ruling. A large part of the market will see this decision as a removal of majority of the tariffs, which means we will see capital flood back into assets as investors gain confidence that the worst economic pain is behind us.

Another large part of the market will have a different read on the tariff court ruling. They won’t gain confidence, but rather they will see this development as a return to uncertainty because of the appeals process. This second group won’t allocate capital back into the market until there is finality in the court cases, which could take weeks if not months.

My guess is that self-directed retail investors will accelerate their investing pace, while institutional investors will continue to be cautious. This ultimately boils down to a key difference in how these two groups think about financial markets. Retail understands that the dollar is going to be debased, bear markets have been outlawed, and there will be a persistent bid for stocks for decades to come. Institutions not only question those three assumptions, but they are more focused on delivering their quarterly and annual return numbers.

Retail is investing for profits, institutions are investing to keep their AUM.

The crazy part about this situation is that both groups may be right. Stocks have become very expensive, according to Barchart, who points out the Warren Buffett Indicator has officially hit 193.5%, which surpassed November 2021 as the second most expensive time for stocks in history.

They also show that the 30-year Treasury yield has risen above 5% again, which is not what sophisticated investors want to see.

Retail investors are playing a different game though. Global Markets Investors writes “According to Bank of America, hedge funds sold ~$1.5 billion equities on net in 4 weeks, the most since the 2022 bear market. Institutional investors sold ~$2 billion. Retail investors bought nearly $2 billion, the most ever.”

So while retail and institutions battle it out in the markets, the new court ruling around tariffs will only further complicate the situation. But I don’t think anyone is going to change their mind. Retail will keep buying. Institutions will keep selling. And the world will keep spinning.

Only time will tell who is right and who is wrong. And the beauty of capitalism is that the market will be the ultimate referee.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: We launched a new product this weekend to help investors manage their financial lives. The product uses AI models to track your net worth, analyze your portfolio, answer any questions you have about your finances, and make suggestions on how you can improve. You can add public stocks, private investments, crypto assets, cars, houses, investment properties, collectibles, and any other assets you own.

You can text, email, or call the CFO too which is really cool. The CFO, called Silvia, now has more than $1.8 billion in assets connected on the platform.

You can sign up for the product completely free here:

https://www.cfosilvia.com

Is The Bitcoin Bull Run Back?

John Pompliano and Anthony Pompliano discuss bitcoin, bitcoin conference in Las Vegas, bitcoin treasury companies, macro environment, inflation, timeless investing principles, and how this all impacts your portfolio.

Enjoy!

Podcast Sponsors

* Figure Markets – Bitcoin backed loans so you can buy more Bitcoin with your Bitcoin or earn 8% lending cash to HELOC providers! Learn more about Figure Markets and their Crypto Backed Loans!

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

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

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

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

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

* BitcoinOS - The operating system for bitcoin applications powered by zero-knowledge technology. Check out @BTC_OS on twitter to learn more.

* 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,

The administration is making a significant pivot in their economic policy. We just watched them shift from a focus on cutting government spending to an obsession with growth at all costs.

This strategic change is coming at an interesting point in time. Creative Planning’s Charlie Bilello highlights “the US Money Supply hit an all-time high in April for the first time in three years. After a brief hiatus, money printing is back.”

Put money printing is not the only reason why timing really matters right now. Global Macro Investor’s Julien Bittel explains how there is a very high correlation to the late 1990s:

“The current equity correction is tracking almost perfectly with what we saw back in ‘98, when markets got hit by the Russian debt default and the LTCM hedge fund blow-up.

Currently, these two periods are 97% correlated...

When sentiment gets max bearish and positioning is extremely one-sided, just as liquidity conditions start to improve – which then feeds through into the economic data with a lag – the market scrambles to reprice. That’s often where V-shaped recoveries are born.

Since the April lows, the S&P 500 is up 12%, the Nasdaq 100 is up 16%, and Bitcoin is up 26%.”

While the market recovery from the late 1990s may give investors peace of mind, it is important to understand “U.S. stocks are now more expensive than nearly any time in modern history. But here’s the real problem: U.S. households are holding more stocks than ever before. This combo is rare and risky.”

The Nasdaq is trading at a P/E ratio of 26 and the S&P 500 is trading at a 21x P/E ratio. Not exactly cheap from a historical point of view. And investors are bullish to say the least. Mike Zaccardi shows that the Goldman Sachs Social Media Economic Sentiment Index is nearing the all-time high.

So if everyone is bullish and the money printer is getting turned back on, things could get very crazy from here. And that is just normal assets like the S&P or Nasdaq. Certain individual stocks are poised to accelerate higher as retail investors take larger positions, but bitcoin may be the granddaddy of them all.

We know bitcoin is the asset most sensitive to global liquidity thanks to the great analysis by Sam Callahan and Lyn Alden. But now Vivek4Real’s data is also showing us that bitcoin balances on exchanges is hitting a new all-time low.

But it is not just the exchanges. Quinten Francois sees a rapidly decreasing amount of bitcoin available on OTC desks as well.

So fewer and fewer bitcoin are available for sale at the same time that central banks are firing up their money printers. More fiat chasing fewer coins. That means we have to see bitcoin’s price rise to accommodate everyone. We have seen this a few times in bitcoin’s history but it never gets less exciting.

The next few months should be fun. Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: We launched a new product this weekend to help investors manage their financial lives. The product uses AI models to track your net worth, analyze your portfolio, answer any questions you have about your finances, and make suggestions on how you can improve. You can add public stocks, private investments, crypto assets, cars, houses, investment properties, collectibles, and any other assets you own.

You can text, email, or call the CFO too which is really cool. The CFO, called Silvia, now has more than $1.8 billion in assets connected on the platform.

You can sign up for the product completely free here: https://www.cfosilvia.com

Is The Bitcoin Bull Run Back?

John Pompliano and Anthony Pompliano discuss bitcoin, bitcoin conference in Las Vegas, bitcoin treasury companies, macro environment, inflation, timeless investing principles, and how this all impacts your portfolio.

Enjoy!

Podcast Sponsors

* Figure Markets – Bitcoin backed loans so you can buy more Bitcoin with your Bitcoin or earn 8% lending cash to HELOC providers! Learn more about Figure Markets and their Crypto Backed Loans!

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

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

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

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

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

* BitcoinOS - The operating system for bitcoin applications powered by zero-knowledge technology. Check out @BTC_OS on twitter to learn more.

* 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,

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 Pompliano

Founder & CEO, Professional Capital Management

Could 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 with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe