The Pomp Letter

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 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/

Why Big Banks Are Embracing Bitcoin

Polina Pompliano, Author of ‘Hidden Genius’ and Founder of The Profile, and Anthony Pompliano, Author of ‘How To Live An Extraordinary Life’ and CEO of Professional Capital Management, discuss bitcoin, Jamie Dimon & JP Morgan, inflation, Genius Act, and a mind-blowing story Anthony had with a financial institution.

Enjoy!

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* 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.

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* 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.

BTIG, LLC is acting as sole book-running manager for the offering. Reed Smith LLP is serving as legal counsel to the Company and Walkers (Cayman) LLP is serving as Cayman Island counsel to the Company. Kirkland & Ellis LLP is serving as legal counsel to the underwriter.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from BTIG, LLC, 65 East 55th Street, New York, New York 10022, or by email at [email protected] or by accessing the SEC's website, www.sec.gov.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (the "SEC") and became effective on May 20, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This letter contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds will be used as indicated.

Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's registration statement and prospectus for the Company's initial public offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View original press release: https://www.prnewswire.com/news-releases/procap-acquisition-corp-announces-the-pricing-of-upsized-220-000-000-initial-public-offering-302461285.html

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,

Retail investors have long been thought of as the “dumb money” in financial markets. The hedge funds and large institutions were the sophisticated money. They had the Ivy League degrees, lots of technology at their fingertips, and they were paid millions of dollars per year to find the edge to create massive profits.

But multiple data points in recent years suggest individuals on the internet are catching up to the institutions in terms of intelligence and sophistication.

Here are some examples — individuals beat institutions to understanding and buying bitcoin, the best performing asset in the last 15 years. Individuals understood the structural imbalance in Game Stop a few years ago and exploited it, while bringing one of the largest hedge funds to their knees. Individuals bought the dip in 2020 from the pandemic and they bought the dip in April of this year thanks to the tariff uncertainty. And individuals bought Tesla and Palantir stock early when most institutions didn’t believe the companies could thrive.

Just because retail is getting smarter and driving better results doesn’t mean the institutions are dumb. In fact, the opposite is true. Wall Street is full of incredibly intelligent, hard-working people who are obsessed with finding an edge when allocating capital. But what is also true is that independent investors now have access to more information than ever before. The playing field is becoming more level, which disproportionately helps the little guy.

Due to this increased success of independent investors, it has become increasingly important to pay attention to what retail capital flows look like. Yesterday we saw this group of investors trade $4.1 billion in the first 3 hours of trading. This is the largest capital inflow from retail in history.

Amit is Investing shows JPMorgan data that reports the two biggest stocks during that time period? Palantir and Tesla. Palantir saw more than $430 million of inflows, while Tesla saw $675 million. Even more interestingly, single stocks were $2.5 billion of the purchases while ETFs comprised $1.5 billion.

Simply, retail investors are optimistic and they are deploying capital into the market like their financial lives depend on it. This coincides perfectly with social sentiment exploding higher. Mike Zaccardi shows the Goldman Sachs Social Media Sentiment Index hit its highest level since July 2019.

Mike also points out that while retail investors are going long, the P/E ratio of US stocks has returned near the highs of 21.7x. Does that spell danger? Maybe. No one actually knows yet, but the data is overwhelming that retail investors are jumping headfirst into the market.

So what is the “smart money” doing during this time? They are caught offsides on this recovery rally. Institutions and hedge funds have the lowest allocation to US equities since May 2023 right now. Stocks have been going up, yet the big pools of capital are not participating at the same rate that independent investors are. Why could that be?

An account on X called The Short Bear had an interesting take:

“The institutional world relies on a “never be the outlier” model. The name of the game isn’t to outperform but to never underperform the peer group. As long as you are as bad as your neighbor your AUM is safe.

As the market recovers and exposure is low, fund managers risk their AUM by not chasing. Also keep in mind they have to create the perception of “managing” so investors feel like they are paying for their management fee.”

This is ultimately one of the big differences in how institutions and retail will diverge in their allocation decisions for the coming years. Institutions are managing capital with a focus on not being fired by their clients. Retail is managing capital with a focus on making as much money as possible. Neither strategy is right or wrong — they can both work. But it is important to remember the different motivations from each group.

And if you are ignoring retail’s rise, I think that will be a mistake in hindsight. As I shared yesterday, retail investors saw their share of the market hit 36% in April. That is more than 1 out of every 3 dollars coming from independent investor already, which probably will continue to accelerate in the future as well.

You love to see the independent little guy getting a seat at the table. Let’s just hope they continue to do well in their investments over the coming years.

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/

Jordi Visser Talks Bitcoin, Tariffs, Bull Markets, 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 we evaluate economic data, bitcoin, stocks, inflation, acceleration of AI, and the global economy.

Enjoy!

Podcast Sponsors

* 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.

* 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!

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

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

* 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.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

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

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

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To investors,

Volatility is the name of the game in financial markets for the foreseeable future. You will likely struggle if you don’t know how to invest in uncertain and chaotic times.

Take the last few weeks as a perfect example.

Creative Planning’s Charlie Bilello highlights “the S&P 500 is up over 19% in the last 27 trading days, one of the greatest comebacks in market history.”

It hasn’t just been the S&P though. Zerohedge shows the Nasdaq 100 went from oversold to overbought in a single month — insane!

Up, down. Up, down. Welcome to the new normal. We live in a world where information can spread like a digital virus infecting the minds of millions within minutes. Fear is contagious, but so is enthusiasm. Once an emotion starts to take over it can be spread on social media in a way financial markets have never seen before.

And don’t forget that retail investors are increasingly taking market share in public markets. Adam Kobeissi writes “retail investors’ stock market share hit a record 36% in late April, according to JPMorgan. This is more than TRIPLE the 10-year average of 12%…Retail investors have bought a record $50 billion in equities since April 8th. Retail is stronger than ever.”

These retail investors are allocating to markets at the same time they are under attack in other parts of their life. Look at the 30-year mortgage as a good example — the 30-year mortgage rate hit 7.4% this week, which according to Barchart is near its highest level since 2000.

The same team shows that “Serious Credit Card Delinquencies (unpaid balances for at least 90 days) just hit their highest level in 14 years.”

But it is not just credit card delinquencies that Americans need to worry about. We also see Mortgages, Home Equity Credit Lines, Auto Loans, Credit Cards, and Student Loan delinquencies rising as well.

So on one hand we have the average American under pressure in their financial life, but an increasing number of them are looking to financial markets for relief. They are literally trying to use stocks, gold, and bitcoin to increase their net worth so they can keep up with inflation and the ever-expanding wealth inequality gap.

Which speaking of bitcoin, the digital currency is up 13% year-to-date, 58% over the last 12 months, and the asset has appreciated more than 10x in the last 5 years. Not bad, right? Well, before you get too excited, remember that bitcoin’s compound annual growth rate has been dropping aggressively. This is not something to worry about, but it is worth paying attention to — Willy Woo said it best when he wrote:

“People think BTC is like a magical unicorn that climbs to infinity on moonbeams. Here's the actual CAGR chart. We are well past the 2017 year where we'd see many 100s of percent growth.

Now look at 2020, that was the year BTC got institutionalised, corporations and sovereigns started accumulating. Note there was a drop from >100% CAGR to 30-40% CAGR. And it's trending downwards as the network continues to store more capital.

BTC is now traded as the newest macro asset in 150 years, it'll continue to absorb capital until it reaches its equilibrium. Given long term monetary expansion is around 5% growth and GDP is 3% growth, I'd say 8% is where BTC CAGR will settle at.

Until then, maybe 15-20 years away, enjoy the ride because almost no publicly investable product can match BTC performance long term, even as BTC's CAGR continues to erode.”

Volatility will rule the day. Stocks, bitcoin, gold or any other asset can not hide. Investors must get comfortable dealing with uncertainty and chaos, because neither of those are going away. But the real secret of investing is that the best investors seek out volatility. They know this is where opportunity lies. And it looks like we are going to get the opportunity of a lifetime in the coming years — just make sure you don’t miss it because you got nervous with rapid change.

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 Talks Bitcoin, Tariffs, Bull Markets, 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 we evaluate economic data, bitcoin, stocks, inflation, acceleration of AI, and the global economy.

Enjoy!

Podcast Sponsors

* 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.

* 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!

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

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

* 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.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* 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,

Humans are full of fear and greed. They get over-excited in the good times and they run in fear during the bad times. This is a story as old as time. You can’t change human nature, therefore you can’t change markets. So the only thing you can do is study history to be prepared for the future.

That is why I posted on X on April 6th two words: Study reflexivity.

Reflexivity is one of the core concepts embraced by every great investor I know.

“Reflexivity can lead to self-reinforcing cycles where positive market sentiment or expectations cause prices to rise, attracting more buyers and further driving up prices. Conversely, negative sentiment or pessimism can lead to price declines, further discouraging buyers and intensifying the downward trend.”

This is exactly what we just lived through. Investors became fearful, so they started selling assets. As they sold assets, the fear became contagious and more people started predicting doom and gloom, which led to more selling of assets. But nothing was fundamentally changed about the market or the underlying financial assets. As soon as people perceived good news in the market, the exact opposite played out. Optimism and enthusiasm returned, which led to significant buying, which drove stock and crypto prices higher.

What a beautiful thing to watch as a student of investing.

Creative Planning’s Charlie Bilello writes “After a 22% rally from the April 7 lows, the S&P 500 is now up on the year. One of the biggest short-term comebacks in market history.”

This is interesting to see because it essentially proves the old adage of buy when everyone is scared and sell when everyone is excited. Following the crowd can be a very dangerous strategy. Charlie points this out further by reminding everyone that the probability of a recession hit the highest in history back in 2023, yet we never got the recession that everyone believed was coming.

Investing is hard. You are trying to predict what will happen in a complex system that changes dynamically day-to-day. The difficulty involved, plus the objective scoreboard, is what attracts so many smart, hard-working people. They want to capture the economic incentive for figuring out the puzzle.

But obviously most people are not good at a difficult game.

So be very careful listening to the consensus view. I explained yesterday how I knew the crowd was wrong earlier this year, along what gave me confidence to predict stocks would recover in a breathtaking fashion.

The simple idea is that economists were all in agreement about economic pain coming. I have a simple framework — every time economists 100% agree on something, I take the other side. The reason is that economists almost never agree on things, so when they do it generally means that dissent has been outlawed. If dissent is outlawed, then you know the thing being outlawed is probably true.

You shouldn’t be a contrarian for the sake of being contrarian. But it does help to have healthy skepticism of academics when discussing markets. They don’t have true skin-in-the-game, so their feedback loop is less than ideal. Market participants on the other hand have a punishment for being wrong. Plenty of people lost money so far this year, but many people were making money as well. Winners and losers in a meritocracy. There is nothing better than capitalism.

And now we have stocks in a bull market and bitcoin inching closer to the previous all-time high. I would expect asset prices to continue to do very well through the end of 2025. Sit back and enjoy the positives of reflexivity. We will visit fear and doomsday predicting again at some point in the future, but thankfully that is behind us for awhile.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Is Wall Street Surrendering To Bitcoin?

Polina Pompliano, Author of ‘Hidden Genius’ and Founder of The Profile, and Anthony Pompliano, Author of ‘How To Live An Extraordinary Life’ and CEO of Professional Capital Management, discuss bitcoin, the economy, why everyone screaming about tariffs was wrong, what the signals were, China, UK, trade deals, stock market, and future outlook.

Enjoy!

Podcast Sponsors

* 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.

* 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!

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

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

* 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.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* 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 wave of publicly-listed crypto companies in Canada trying to crossover into the United States. The idea is that America has the strongest, most liquid capital markets in the world. If you can get listed on the Nasdaq or the New York Stock Exchange then you appeal to a wider investor base.

The problem for the last few years was the prior administration’s SEC was not willing to approve these companies to cross into the US market. That is all about to change though. Galaxy Digital has previously announced they will start trading on the Nasdaq on May 16th, so everyone has been excited about the inflow of these crypto companies to America.

But Galaxy is not going to be the first to crossover. DeFi Technologies, a company that I wrote to this group about in April 2024 and has since increased in share price by almost 800%, has been approved by the SEC and is going to start trading on the Nasdaq today.

DeFi Technologies ($DEFT) is a crypto holding company that owns Valour (ETP asset manager with ~ 60 ETPs) and a number of other interesting assets, along with a balance sheet that was valued at $44.7M across cash, stablecoins, and digital assets as of April 30th.

This is a VERY BIG milestone for a company that was trading at $0.02 per share in January 2020 and saw its stock decline from $3.17 back down to $0.06 in 2022 and 2023.

The only way to survive those types of drawdowns, and be fortunate enough to come roaring back, is to execute relentlessly and build an attractive business. That is exactly what the DeFi Technologies team has done over the last few years. Here are the 2024 full year financials published by the company (link to announcement):

* Adjusted revenues: $144.8 million US

* Adjusted net income: $84 million US

* Adjusted EBITDA: $80.3 million US

Based on Friday’s closing share price, DeFi is now valued at just over $1.3 billion. This means the business is trading at less than 10x their 2024 adjusted revenues. Given the growth they have experienced, there is a strong argument the company is still undervalued.

It seems like many other investors agree. According to the CBOE Canada website, DeFi Technologies was the most popular stock on the entire exchange by volume as of Friday.

Now, to be clear, I am biased here — I have been an advisor to the company for awhile and I sold a company I started (Reflexivity Research) to DeFi Technologies in January 2024. As part of that deal, my partners and I took 100% of the purchase price in stock because we believed the company was significantly mispriced in the market. Zero cash, all stock. You only do that as an entrepreneur if you have strong conviction on something. I love seeing this progress for the company as a shareholder.

So today should be an interesting development in the lifecycle of this business. DeFi Technologies ($DEFT) is graduating from the Canadian exchange into the US capital markets. The US-China trade deal progress has markets exuberant. There seems to be a persistent tailwind to bitcoin and crypto right now. And DeFi is going to break the seal on Canadian companies crossing over. There will be many more, but DeFi being the first to my knowledge under this administration signals a sea change underway.

US capital markets are now open to crypto companies from around the world. That incentive will be too strong for companies to resist, so expect these crossovers to be a recurring theme in the coming months. Good luck to the DeFi Technologies ($DEFT) team today.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Note: I have been fairly public about my lessons learned during the 2021 bull market and the subsequent 2022 bear market. No one likes to hold assets through a big drawdown, so I am planning to sell many of my liquid investments outside of bitcoin at some point in 2025 (first rule of bitcoin: never sell your bitcoin!). I don’t know when, how, or why at the moment, but I want to give everyone fair warning about my current thought process.

Jordi Visser Says Bitcoin’s Price May Be Setting Up For A Short Squeeze

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

In this conversation we discuss a potential bitcoin short squeeze, current macro environment, public vs private markets, trade deals, inflation, AI, and where he sees opportunity.

Enjoy!

Podcast Sponsors

* 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.

* 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!

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

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

* 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.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* 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.

DISCLAIMER: The author of this letter is not a securities dealer or broker, investment adviser or financial adviser, and you should not rely on the information herein as investment advice. The author is a paid advisor to DeFi Technologies. If you are seeking personal investment advice, please contact a qualified and registered broker, investment adviser or financial adviser. You should not make any investment decisions based on this communication. Examples that the author provides of share price increases pertaining to a particular Issuer from one referenced date to another represent an arbitrarily chosen time period and are no indication whatsoever of future stock prices for that Issuer and are of no predictive value. Stock profiles contained herein are intended to highlight certain companies for your further investigation; they are not stock recommendations or constitute an offer or sale of the referenced securities. The securities issued by the companies profiled should be considered high risk; if you do invest despite these warnings, you may lose your entire investment. Please do your own research before investing, including reading the available public filings, press releases, and risk disclosures. It is our policy that information contained in this profile was provided by the company, extracted from regulatory filings, company websites, and other publicly available sources. The author believes the sources and information are accurate and reliable but cannot guarantee it.

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 fear and maximum negativity dominating financial markets in the last few months. All the pessimists are wrong though. I believe things are about to get very crazy in markets.

The sell-off in stocks, bitcoin, and other assets earlier this year was based on uncertainty. As we get clarity on the economic policies of this administration, we should expect asset prices to aggressively recover. But the thing is that asset prices have already recovered without total clarity — the S&P 500 is only down 4% year-to-date, while bitcoin and gold are both positive.

Given this recovery has happened without a single trade deal announced or the Fed cutting interest rates suggests we should see new all-time highs in various asset prices before the end of 2025. Why? Because the trade deals and rate cuts are coming.

The President announced this morning that his administration will be revealing a comprehensive trade deal with the UK later today. Although it is only the first deal, the market will likely be excited about progress and momentum. They want to know that the President and his team are going to be able to execute these trade deals. Announced deals brings certainty and certainty brings higher asset prices.

You can see this clearly in the bitcoin price today — the digital currency is knocking on the door of $100,000 per coin again. This is after the asset traded down to about $76,000 just a month ago. The rapid recovery in bitcoin and other assets have also brought enthusiasm back into the market.

Green candles have a way of putting everyone in a good mood. So my expectation is there will be more trade deals announced throughout the summer. How many? I don’t know. How robust or comprehensive will they be? I don’t know that either. But I don’t think it matters much. The market doesn’t care about the specifics of the deals nearly as much as it cares about the deals signifying the disappearance of uncertainty.

Which brings me to my next point — the Federal Reserve will have to cut interest rates in the coming months. Inflation remains at depressed levels according to alternative, real-time inflation metrics. These alternative readings usually show up in the government’s data a few months later, so we should see the falling inflation numbers continue through the summer as well.

As inflation continues to prove less of a problem, the Federal Reserve will be pushed to lower the interest rate to ensure that cheaper capital can come into the market. If the central bank doesn’t do it, there is a risk of an economic slowdown. No one wants an economic slowdown.

In fact, the President will likely go hard at tax cuts and deregulation to spur economic growth. The Fed will cut rates to pursue the same goal. And, of course, whether we like it or not, many politicians are going to do their best to print money and stuff it in every corner of the economy. Thankfully, this administration seems to be more focused on budget issues than previous administrations, but that doesn’t mean the national debt won’t continue to go higher.

So if you think about where we are — we have asset prices in a neutral to positive position. This all happened without policy clarity, announced trade deals, or interest rate cuts. If we get those three things in the coming months, asset prices will push higher and investors will have amnesia about their ridiculous freak-out just a few weeks ago.

The market is a voting machine in the short-term and a weighing machine in the long-term. Nothing has structurally changed about the US economy. It was all media-induced fear that pervasively spread like a mental virus through the investment community. Some people were immune to the distraction, while others fell ill when they came in contact with it.

You can’t change the past. However, you can position yourself to benefit from what is coming on the horizon. The good times are going to roll again. We may party like it is 2021 again. Just make sure you apply whatever lessons you learned last time, so you don’t make any mistake twice. That is what learning is about. That is why most of us are drawn to the intellectual challenge of investing. And we should thank the market gods for giving us another chance at such an attractive setup.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: Polina Pompliano published an in-depth profile of Ryan Serhant, the entrepreneur using his social media following to build a multi-billion dollar real estate juggernaut. She followed him around for a day, spoke to more than 20 people in his orbit, and got his competitors to go on the record with their true feelings about Ryan. Lastly, my favorite part is when Ryan tells Polina that he is driven by revenge against the gatekeepers who tried to keep him out of the industry. You can read the full piece here.

Anthony Scaramucci Explains Bitcoin In Light Of The Current Administration

Anthony Scaramucci is the Founder and Managing Partner of SkyBridge Capital.

In this conversation we talk about bitcoin, tariffs, economy, Trump, and his brand new bitcoin book.

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!

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

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

* 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.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* 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,

Gold has been dominating Bitcoin’s performance this year. The precious metal is up 27%, while bitcoin is only up 4% year-to-date.

But there is something fascinating happening — investors are pouring capital into the bitcoin ETFs at an unprecedented rate. Split Capital points out that inflows for BlackRock’s bitcoin ETF have now surpassed inflows this year for GLD, the most popular gold ETF.

Bitwise’s Hunter Horsely said it well when he tweeted “I don’t know if people appreciate how significant this is. Gold is having its moment. And despite that, investors are buying more Bitcoin than gold. Now imagine when it’s flipped.”

Think of how crazy this situation is. Investors are not chasing the better performing store of value in 2025, but rather they are looking forward to position themselves to benefit from what is about to happen.

So what do these investors see?

Global liquidity is just ramping up. Take China as one example — ZeroHedge writes “China's central bank cuts key rates [and] injects 1 trillion yuan 3 hours after agreeing to trade talks to prop up economy and give communist party ammo for negotiations.”

Remember, Treasury Secretary Scott Bessent is meeting with China this weekend in Switzerland to start trade negotiations.

Wait, what?! China is throwing every monetary stimulus tool they have at their economy. Maybe those 145% tariffs are extracting more pain than the media wants you to believe. But if China is stimulating, you can bet that most central banks will start doing the same over the coming 6-12 months.

Charles Edwards asks “Are we entering the next big wave of global fiat expansion?”

No one can predict the future, Charles, but it sure looks like we are about to get a rush of cheap capital into the market. And asset prices, especially stocks, bitcoin, and gold, have never seen cheap capital they didn’t like.

This brings me to the Federal Reserve. The market believes the Fed will hold rates constant right now. I think this is a major policy mistake. The central bank has been behind the curve for years and right now is no different. We are seeing an economic slowdown because of the tariffs, which can be easily seen by inflation crashing, so the stimulus from a rate cut would help spur economic growth.

Regardless of whether the Fed decides to make the move today or over the summer, the setup is obvious — the Fed and other central banks around the world have to return to lower interest rates.

Bitcoin is the single biggest beneficiary from global liquidity and cheap capital. As we enter another round of quantitative easing, bitcoin should push much higher. Which makes sense when you remember investors are pouring more capital into Blackrock’s bitcoin ETF than the largest gold ETF.

Investors are forward-looking. They are positioning themselves for what is going to happen. And capital flows are telling us to brace for asymmetry to the upside.

Let’s see what happens. Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Isn’t Bitcoin At $150,000 If Everyone Is Buying?

Polina Pompliano, Author of ‘Hidden Genius’ and Founder of The Profile, and Anthony Pompliano, Author of ‘How To Live An Extraordinary Life’ and CEO of Professional Capital Management, discuss bitcoin, what you need to know about the economy, jobs, Warren Buffet, Berkshire Hathaway, and future market outlook.

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!

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

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

* 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.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* 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,

Growing up most of us were taught to never talk about politics at work, but that is no longer possible — politics and investing is so intertwined that you have to evaluate the totality of the situation. If you ignore one or the other, you will end up uninformed.

Let me give you a few examples.

First, we can look at tariffs. There is new data out suggesting a massive shift in the attitude of Americans towards free trade. It appears that liberals and moderates significantly changed their position as President Trump and his administration spoke more about tariffs and related economic policies.

It is not every day that you see a chart where one side of the political aisle doubles the percentage of people who believe in an idea right after an election. But we are not living through some random time. We are living through a re-ordering of the global monetary order and that calls for significant changes in various parts of our lives.

Another area where you can see the data telling us a story worth paying attention to is around who supports the economic policies of this administration. Our friends at Geiger Capital say this is the most important thing to understand about American politics today:

Every category of men or women, except for single women, are neutral to positive on the President. Single women are vehemently opposed to him and have a negative 26% approval of him.

Now why is this political talk important for investors? Most of us don’t want to sit around thinking about politics all day, so why should we care about this data?

Simply, the politics of the conversation lead to a public narrative that is highly detached from reality. Take the S&P 500 as a great example — the index is down less than 4% to start the year.

And the same index is up more than 11% in the last month. So all you had to do was buy the dip earlier this year and you are doing great. It ain’t rocket science, folks.

Of course, the story is even better when you look at gold or bitcoin. Bitcoin is positive on the year and up nearly 50% over the last 12 months. Gold is up 26% year-to-date and up 45% in the last year.

These are not numbers you see from financial assets in Great Depressions or massive recessions. Instead, these are numbers you see from assets when we are in the normal ebb-and-flow of financial markets. They go up and down in the short term, but long term asset prices go up and to the right. Don’t take my word for it though — Treasury Secretary Scott Bessent recently said “the entirety of our economic history can be distilled in just five words: Up and to the right.”

Compare that to the mainstream media this morning — Bloomberg’s top 5 headlines on their website are all some version of fear porn.

US stock futures drop, The cost of Trump’s Trade War, Wreaking Havoc on Holiday Shopping. This is all insane. The economy is creating jobs. People are spending money. Stocks are going back up aggressively. And significant business transactions are being done, including Bill Ackman’s Pershing Square investing $900 million in Howard Hughes Holdings, OpenAI buying Windsurf for $3 billion, and Google buying Wiz for tens of billions of dollars.

This brings me back to where we started. Financial markets are based on math. Prices go up when there are more buyers than sellers. Prices go down when there are more sellers than buyers. But the conversation around financial markets is no longer based on logic and reality, instead it is rooted in politics. If you like the current administration you see a bright future ahead. If you don’t like the administration, you see pain and destruction on the horizon.

The truth is probably somewhere in-between. These economic policies will lead to some positive impact and other things will be negatively affected. The world is not binary, especially with the complex economic machine operating globally.

So make sure you are paying attention to what is happening. Everyone was talking about the world becoming financialized in the last decade, but I would argue the world also became politicized. And now politics and finance are married for the long-run, so I don’t see us going back to the world we once knew.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Darius Dale Explains Why Bitcoin & Stocks Look Better Than You Think

Darius Dale is the founder & CEO of 42Macro.

In this conversation we discuss why the economy is more resilient than most think, stock market, gold, bitcoin, DOGE, government spending, tax cuts, and his future outlook.

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!

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

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

* 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.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* 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,

Warren Buffett held his annual conference this year and it did not disappoint. The event has become the Woodstock of Capitalism. More than 40,000 Buffett disciplines make the trip to Omaha as if they are visiting Mecca to hear from their prophet. There are parties, there are side events, and there is a lot of worshiping of one of the greatest investors of our lifetime.

And this year was extra special because Warren Buffett announced his retirement as CEO of Berkshire Hathaway, which should happen later this year. He will become Chairman of the company and promises he will still go to the office every day. The reason there is so much attention on Buffett’s annual meeting is because of his stellar performance over the years. Adam Kobeissi points out:

“Since 1964, Berkshire Hathaway has returned over 5,500,000%. That's 5.5 million percent. A $10,000 investment in 1964 would be worth $550 million today. This compares to a ~39,000% return in the S&P 500. Buffett has outperformed the S&P 500 by over 140 times.”

Berkshire Hathaway’s compound annual growth rate is approximately 20% since 1965 when Buffett took over — this is ridiculous performance compared to the S&P’s compound annual growth rate of about 10% during the same timeframe.

Maybe the most impressive part of this performance is that Berkshire Hathaway has achieved this track record while holding an insane amount of cash on their balance sheet. As of March 31st, the cash pile now stands at $347 billion.

It is hard enough to drive outperformance in the market. But imagine doing it while holding hundreds of billions of dollars in cash — this makes the track record even more impressive.

So what did Buffett have to say during this year’s meeting? What does the GOAT of investing have on his mind?

First, Buffett and I agree that the recent market volatility is a nothing burger. All the fear-mongers and doomsday predictors look ridiculous. Buffett said “What has happened in the last 45 days, 100 days, whatever you want to pick up, whatever this period has been, it's really nothing.”

Then Warren Buffett went on a heater and laid out the perfect argument for bitcoin:

Buffett says he is worried about fiscal policy. He says governments devalue currencies at rates that are breathtaking. Buffett even calls out the printing of money as a major cause for concern.

Now everyone knows that he doesn’t like bitcoin. He even called it rat poison. But at least we have confirmation that the Oracle of Omaha understands the value proposition better than people thought.

So what do I think of Warren Buffett, one of the greatest investors of our generation, stepping down? I think people underestimate how impactful the passing of Charlie Munger likely was to this decision. If you work with someone for over 50 years, they become a friend and confidant.

I can’t imagine it is the same to go to work every day without that person there. It isn’t as fun anymore. I doubt Buffett is stepping down exclusively because Munger passed, but it is hard to argue that the absence of Munger had no effect.

Additionally, there is one more argument that no one wants to say — maybe Buffett is stepping down because he wants to claim victory while he can. The more than $300 billion on the balance sheet suggests Warren can’t find good enough deals, or large enough deals, to do anymore.

You can’t buy companies worth $1 billion - $10 billion because it will have no impact. I won’t be inflammatory and argue that Buffett has lost his touch, especially given Berkshire hit a new all-time high last week, but I don’t think it is crazy to argue Buffett could be stepping down because he doesn’t know what else to do with the money.

So regardless of whether you like Warren Buffett or not, the man has an incredible investing track record. He is stepping away as one of the best to ever do it. There will be plenty of people vying to replace him on the Mount Rushmore of current investors, but my bet is the next Warren Buffett will look nothing like the current one.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser on Why Bitcoin Could Double In Price This Year

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

In this conversation we discuss what is happening in the economy, monetary global policy, bitcoin, gold, financial assets, and handicapping the odds that bitcoin will win.

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!

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

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

* 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.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* 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,

Bitcoin is up over the last 5 days, while gold has been falling. This outperformance is a departure from the trend year-to-date where gold has been significantly outperforming bitcoin.

Gold is up more than 20% since January 1st and bitcoin is only up 3%. As I continue to say, both assets embody the sound money principles that investors are seeking during times of uncertainty.

But there is one key data point to understand to get an idea of what happens next — bitcoin usually lags moves in gold by about 100 days. Jack Green put together this great chart to show how the relationship worked in the last two years.

The trend holds if you go back for the last decade as well. David Foley shows that with this graphic.

This is important because gold has been appreciating aggressively while bitcoin lagged behind. This is actually normal and not something to be concerned about. Instead, you should think of bitcoin as a coiled spring.

The harder that gold runs without bitcoin, the more violent the move in bitcoin should be 3-4 months later. A big reason for this is that bitcoin is much more sensitive to global liquidity than gold. The digital version of sound money is always going to be the better performer because of the smaller market cap and larger addressable investor base that has yet to allocate to the asset.

So gold has had a great run, but I believe it is bitcoin’s turn to join the party. The world is adopting a new monetary asset at a time the global monetary order is being restructured. You couldn’t draw up a better script for the rise of bitcoin.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The CIA Deputy Director Talks China, Technology, Bitcoin, and Cartels

Michael Ellis is the Deputy Director of the CIA.

In this conversation we talk about the relationship between US and China, Taiwan, how they evaluate technology and AI, bitcoin, cartels, and what Micheal pays attention to on a daily basis.

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!

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

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

* 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.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* 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