The Pomp Letter

To investors,

Liberation Day was about one month ago. It feels like years ago at this point. But the Declaration of Economic Independence brought market uncertainty, chaos, fear, and a hell of a lot of screeching from the cheap seats about how the economy was going to be destroyed.

All that noise ended up being just that — noise.

The S&P 500 is essentially flat for the month of April and the Nasdaq 100 is up more than 1% in the same timeframe. And to think there are still people talking about the Great Depression. Ridiculous! It is insane how disconnected the conversation has gotten from reality.

As I have continued to say, the fear-mongering and doomsday predicting is going to look ridiculous in hindsight. You may ask why I am confident in that prediction and the answer is really simple — markets are forward-looking.

Investors understand the uncertainty around tariffs. There is no secret here. Everyone is talking about it. Investors know consumers are slowing their spending, while companies are making business decisions that will contribute to slower growth in the short-term. That is normal and well understood at this point.

But investors also realize there is more clarity around tariffs today than there was a month ago. These capital allocators understand trade deals are on the way, along with hearing the administration promise lower tariff rates than originally announced.

That clarity, and a more rational approach to the tariff rates, is giving investors confidence to put capital into the market. They know the ride could still be a little bumpy, but they have now line-of-sight to the other side of the volatility.

Add in the fact that the Fed will likely cut interest rates in the coming months and it is hard to be bearish over the medium-to-long term. And if you are a bull over the medium-to-long term, than you want to buy assets when they are down year-to-date.

But not every asset is down year-to-date. Both gold and bitcoin are up since January 1st, which is largely attributed to investor desire to find safety from uncertainty in sound money principles. The S&P 500 is up 12% in the last year and the Nasdaq is up 14% in those 12 months as well.

So every capital allocator has a choice moving forward — you can buy into the insane predictions of a depression or you can remember that the United States of America is the greatest economy ever constructed, and our economy is built on the shoulders of the most technologically advanced, innovative companies in the history of the world.

I don’t know how it became cool to be a pessimist. That strategy has never worked out over the long-run, so be a student of history and remember that reflexivity still rules the day. The faster stocks fall, the faster they can recover. And I still believe it is more likely than not that bitcoin, gold, and US stocks hit new all-time highs by the end of the year.

Plenty of people disagree with that assessment, and that disagreement is important, because that is how markets are created. One side will win and one side will lose. Risk is the name of the game. So if you have an opinion on what is going to happen, put your money where your mouth is. Take a side and win or lose in the market.

There is nothing better than capitalism.

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

- 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

Today’s letter is brought to you by Consensus!

Consensus is Crypto’s Most Influential Event

20,000 of the world’s most ambitious builders and boldest investors are coming to Consensus to make connections and shape the future of the digital economy in Toronto this May 14-16, 2025.

Here’s a glimpse at what’s ahead:

* New! Bitcoin & Mining Summit: Discover Bitcoin’s potential with insights on energy, hardware, L2s, ETFs, and more

* World-Class Content: Gain and grow with firsthand advice from 400 expert speakers on Web3, Crypto, and AI

* Business & Dealmaking: Shake hands and set meetings onsite with high-caliber VCs, institutions, startups, and enterprises

With over ten years of seeing tens of thousands of attendees, Consensus remains your best bet for market-moving intel, meaningful connections, and career-defining deals. You can’t afford to miss it.

To investors,

Treasury Secretary Scott Bessent went on a heater this weekend. First, he called out the media for their lopsided coverage of recent volatility in financial markets. Bessent said in an interview with ABC:

"There was a story ten days ago that said this is the worst April for the stock market since the Great Depression. Ten days later, the Nasdaq is now up on the month of April, and I haven't seen a story that says 'stock market has biggest bounce back ever.'"

Regardless of whether you like the current administration or not, you have to acknowledge the coverage has been biased to say the least. Most investors are not looking to inject their politics into their portfolio. They want to understand the facts of the current situation, combined with the probability of what is going to happen in the future, so they can correctly position themselves to profit.

Bessent wasn’t done there though.

He went on to explain the barbell economy that makes of up the United States of America:

“The U.S. has a barbell economy. We have a financial system and tech sector that's the envy of the world. On the other side, we're a natural resource economy led by energy. In between is where working class Americans have lost out — and we want to fix that.”

By reiterating his commitment to the working class, Bessent is clearly articulating exactly what the goal of this administration’s economic policies are. Frankly, the people who are critiquing the policies tend to agree on the admirable goal, yet they disagree on the path to achieve these goals.

Take Andrew Ross Sorkin of CNBC and NY Times — he was on the All-In podcast recently and most people were surprised to hear Sorkin and David Sacks agree on the high-level strategic goals. Take a listen:

It is obvious that we need more conversations like this in America — smart, successful people having open dialogue about current events. Some of the people agree some of the time. Other people disagree some of the time. But we are all more similar than different, so it is powerful for these types of podcast episodes to be recorded and published — kudos to everyone involved in this one.

Let’s go back to something David Sacks said in that clip though:

“The fact that you’re saying that you don’t disagree with where Trump is trying to get to, but it’s mostly just tactical, is a huge shift in the conversation.”

So what exactly is the goal? Well, we got more clarity on that this weekend — President Trump said multiple times he wants to cut taxes for a large portion of American citizens. He started the weekend by posting it on Truth Social:

Then he followed that up with an interview yesterday where he said “We're gonna cut taxes for the people of this country. It'll take a little while... it's possible we'll do a complete tax cut. I think the tariffs will be enough to cut all of the income tax.”

As expected, the supporters of the administration think massive tax cuts are right around the corner. The critics believe Trump is blowing smoke and won’t be able to cut taxes at all. The truth is somewhere in-between in my opinion. Tax cuts will probably happen, but they will take longer than expected and they won’t be complete elimination of federal income tax.

It won’t matter though — millions of Americans who make $200,000 or less would welcome a lower tax rate. I don’t blame them. And lower taxes means more money in people’s pocket, which leads to more consumption and economic growth. Again, there is plenty of disagreement on the tactical decisions, but almost every person I know thinks it would be powerful to cut taxes for majority of Americans without losing government revenue.

If you remember, the state of Mississippi announced back in March they would be eliminating the state income tax. That is just one example in recent history. The Governor said at the time “our people should be awarded for hard work, not punished.”

You are not going to find many people who disagree with that sentiment.

So this brings me to the market reaction from the administration’s economic policies — everyone thinks financial assets have been suffering, but the exact opposite is true. Since the close of the stock market on Liberation Day, the S&P 500 is up. Gold is up. Bitcoin is up. Inflation is down. And job creation is up.

Now we are only talking about a little more than three weeks, so no one should be taking victory laps just yet, but these positive results highlight how the market is seeing the current state of economic policy. Add in one or two interest rate cuts by the summer, combined with a few announcements of trade deals with foreign countries, and I anticipate we will see asset prices right back to all-time high levels.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

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Will Institutions Drive The Next Bitcoin Surge?

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 with bitcoin, Wall Street participation, why the global monetary order is shifting, heading to the bitcoin standard, robots, tariffs, and how Jordi sees the future unfolding

Enjoy!

Podcast Sponsors

* Figure Markets — Trade, borrow, and earn on your crypto with full transparency. The future of finance isn’t TradFi or DeFi—it’s both. Learn more about Figure Markets!

* 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.

* Reed Smith - Smart legal solutions for complex disputes, transactions, and regulations. Learn more at www.reedsmith.com.

* 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

Today’s letter is brought to you by Consensus!

Consensus is Crypto’s Most Influential Event

20,000 of the world’s most ambitious builders and boldest investors are coming to Consensus to make connections and shape the future of the digital economy in Toronto this May 14-16, 2025.

Here’s a glimpse at what’s ahead:

* New! Bitcoin & Mining Summit: Discover Bitcoin’s potential with insights on energy, hardware, L2s, ETFs, and more

* World-Class Content: Gain and grow with firsthand advice from 400 expert speakers on Web3, Crypto, and AI

* Business & Dealmaking: Shake hands and set meetings onsite with high-caliber VCs, institutions, startups, and enterprises

With over ten years of seeing tens of thousands of attendees, Consensus remains your best bet for market-moving intel, meaningful connections, and career-defining deals. You can’t afford to miss it.

To investors,

I sat down with Chris Camillo yesterday to discuss his big investment idea for the next decade. Chris is famous from the Unknown Market Wizards book as one of the best traders you have never heard of. His famous strategy is now coined “social arbitrage” and it is defined as an investment strategy that involves analyzing social media trends and sentiment to identify and capitalize on market inefficiencies.

But Chris is making a much bigger bet these days — humanoid robots.

He believes this is the largest total addressable market opportunity in his lifetime. He sees a future where tens of billions of humanoids are roaming the earth helping humans do a variety of tasks. This technology revolution could add more than $10 trillion to Tesla’s market cap, along with create multi-trillion dollar winners in Figure AI, Apptronik, and others.

This conversation was fascinating. I have been going deep down the humanoid rabbit hole in the last few weeks. It seems to be the largest investment opportunity since bitcoin. I would argue that humanoids will probably be an even bigger market cap than bitcoin.

You can watch my interview with Chris on YouTube or watch the interview on X by clicking here.

I will share more as I learn about the market, the players, and the opportunity. Hope you all have a great day.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Hamilton Lane CEO Explains Why They Are Tokenizing Many Of Their Funds

Erik Hirsch is the Co-Chief Executive Officer at Hamilton Lane.

In this conversation we talk about global uncertainty, bitcoin, gold, investing strategies, tokenization, and why they are putting so much effort and time into it.

Enjoy!

Podcast Sponsors

* Figure Markets — Trade, borrow, and earn on your crypto with full transparency. The future of finance isn’t TradFi or DeFi—it’s both. Learn more about Figure Markets!

* 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.

* Reed Smith - Smart legal solutions for complex disputes, transactions, and regulations. Learn more at www.reedsmith.com.

* 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,

The last few weeks in financial markets have been a roller coaster. Fear is running wild and investors are worried there is no end in sight to the recent market drawdown. I come bearing good news though.

Fidelity’s Jurrien Timmer writes “Statistically speaking the further the market falls the more likely it is to recover. Yes, some 20% declines become 50% “super bears,” but more often than not the market has historically started to find its footing at -20%, as it appears to have done last week.”

This doesn’t mean the market is done declining, but the historical data suggests the odds are in our favor. That is better than nothing.

Raoul Pal shared the bitcoin price overlaid with M2 global liquidity at the end of last week. You don’t have to be Albert Einstein to realize we are likely close to, or have already seen, the bottom of this drawdown.

If we have already bottomed, the question becomes “how will stocks, gold, and bitcoin perform going forward?” Sam Callahan created an updated chart on various asset’s performance after recent economic events.

As you can see in the chart, bitcoin has almost always outperformed stocks and gold coming out of the major economic events over the last 5 years, including the US-Iran escalation in 2020, the pandemic, Russia invading Ukraine, and the regional banking crisis in 2023. Again, there is no guarantee bitcoin will outperform this time, but the odds are in our favor.

Don’t take my word for it though. Cole Walmsley reminds us that bitcoin remains one of the most attractive financial assets in the world to anyone who can avoid worry in the short-term. Cole writes “This is the most significant chart in financial markets. It's Bitcoin - measured with a 200 week moving average (aka 4 years at a time). Zoom out, and the truth becomes crystal clear: Bitcoin has never lost purchasing power. What does this hint at? Bitcoin is the most reliable savings technology on Earth.”

So what is going to happen in the short-term? I have no idea. It appears the odds are in our favor that financial markets have bottomed and bitcoin will likely outperform other assets coming out of the recovery. But that may not be right. No one can predict the future.

But you can find great comfort in bitcoin’s 200 week moving average — it continues to aggressively appreciate at an attractive rate. As I have discussed many times before, bitcoin is the new benchmark rate for young people. If you can’t beat it, you have to buy it.

I don’t make the rules. And if you think you are smarter than bitcoin, I wish you the best of luck out there.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains Whether He Thinks Bitcoin Will Hit All-Time High In 2025

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 market, world reserve currency outlook, how tariffs could impact markets, AI, machine learning, stock market, small businesses, and what a bitcoin future could look like.

Enjoy!

Podcast Sponsors

* Figure Markets — Trade, borrow, and earn on your crypto with full transparency. The future of finance isn’t TradFi or DeFi—it’s both. Learn more about Figure Markets!

* 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.

* Reed Smith - Smart legal solutions for complex disputes, transactions, and regulations. Learn more at www.reedsmith.com.

* 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,

The Financial Times reported this morning that Binance, the world’s largest crypto exchange, has been advising numerous countries and sovereign wealth funds on crypto policy and establishing a strategic bitcoin reserve.

It makes sense that countries would reach out to industry players to ensure they have informed views on policy. This happens in every industry and in most countries. But the part of today’s article that caught my attention is that so many nation states are considering a strategic bitcoin reserve.

This is the game theory that bitcoiners have been talking about for decades. Once one large nation starts to acquire bitcoin, all countries are incentivized to compete to acquire bitcoin. This graphic perfectly explains the dilemma countries face now:

A strategic bitcoin reserve was a cute idea when El Salvador or Bhutan were doing it. Those countries could be easily ignored by the mainstream media and larger countries (although I wouldn’t be so fast to discount them!). But it is not possible to ignore the United States of America — the greatest economy ever constructed in human history.

If America says bitcoin is strategically important, then other countries will start seeing the asset that way as well. And it sounds like the Financial Times is reporting this theory is being supported by action right now across the globe.

This week we also saw another interesting development out of Panama City. Mayer Mizrachi Matalon shared with me that the “Panama City council has just voted in favor of becoming the first public institution of government to accept payments in Crypto. Citizens will now be able to pay taxes, fees, tickets and permits entirely in crypto starting with BTC, ETH, USDC, USDT.”

This is noteworthy because we are watching countries embrace bitcoin and cryptocurrencies in a multitude of ways — some are buying and holding, some are allowing crypto payments, some are mining, and others are probably doing things that they haven’t revealed yet.

While it may be tempting for bitcoiners to yell “I told you so!,” I think it is much more important that we collectively keep our foot on the gas. There is more educating that needs to be done. There is more progress that needs to be made. Stay focused on the inputs to the process. The price will take care of itself.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

DC Power Broker Explains What Government Is Doing With Bitcoin

David McIntosh is the President of “The Club For Growth” and the Co-Founder of The Federalist Society.

In this conversation we talk about bitcoin, stablecoins, what is going on inside the US government, taxes DOGE, tariffs, and much more.

Enjoy!

Podcast Sponsors

* Figure Markets — Trade, borrow, and earn on your crypto with full transparency.. The future of finance isn’t TradFi or DeFi—it’s both. Learn more about Figure Markets or click here to claim your $50!

* 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.

* Reed Smith - Smart legal solutions for complex disputes, transactions, and regulations. Learn more at www.reedsmith.com.

* 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,

There are more than 37 million crypto tokens in existence today. That number blew my mind when I saw it recently. Most of these tokens are obviously inactive or not viable, but the fact that so many tokens have been created over the last 15 years tells a broader story — there is intense competition for attention and capital in the crypto industry.

This increasing competition makes it even more impressive that bitcoin, the first cryptocurrency asset created, has continued to be the largest and most liquid asset in the market. Bitcoin Magazine pointed out this morning that bitcoin’s market cap dominance recently hit a new 4-year high.

Pretty incredible, right? The story is even crazier when you look at bitcoin compared to Ethereum, the second largest cryptocurrency. Benjamin Cowen shows the bitcoin/ethereum pair has been down only for years.

Parker Lewis points out that ethereum is down 61% against bitcoin in the last year.

There are many theories as to why bitcoin continues to hold this dominance. One argument is a tech argument — bitcoin has perfect product-market fit, which is very hard to reverse once the right product has momentum. Another argument is a financial one — things in motion tend to stay in motion. Some will argue from a psychology perspective — bitcoin’s brand is the most well-known, which means that mindshare turns into capital flows.

But my favorite argument, mainly because I think it is the most true, comes from a common sense perspective. Fred Kruger tweeted this morning a great articulation of this idea:

“The rich need a place to store their wealth. In the 80s that was US Bonds. In the 90s, it was US Stocks. In the 00s, it was US and London Real Estate. In the 2010s, it was US Tech Stocks. Since 2020, Bitcoin has massively outperformed.

And now we have trade wars. Bad for stocks. Bad for real estate. Bad for bonds. Good for gold. and ultimately great for Bitcoin.”

Bitcoin is dominant because it provides the right solution to one of the biggest problems in modern society. Governments continue to debase their currencies, so the people run and hide in sound money assets. The 37 million other crypto assets have different focuses, but none of them are as big of an idea as bitcoin.

I don’t see bitcoin’s dominance disappearing. It may fluctuate from year-to-year, but ultimately — bitcoin is the idea whose time has come. I can’t believe we are so fortunate to be able to live through this historic development in human history.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin And Gold Are Winning Together?

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, crypto, gold, tariffs, Anthony recaps his trip to the White House, and he explains why he thinks bitcoin will skyrocket past gold.

Enjoy!

Podcast Sponsors

* Figure Markets — Trade, borrow, and earn on your crypto with full transparency.. The future of finance isn’t TradFi or DeFi—it’s both. Learn more about Figure Markets or click here to claim your $50!

* 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.

* Reed Smith - Smart legal solutions for complex disputes, transactions, and regulations. Learn more at www.reedsmith.com.

* 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,

I went to the White House last week to interview Bo Hines, the Executive Director of the Presidential Council of Advisors on Digital Assets. He is responsible for shaping our national policy on bitcoin, stablecoins, and crypto assets.

You can watch the full episode by clicking here.

Here are some of my personal takeaways from my conversation with Bo:

* Crypto has become a bi-partisan effort. There are Republicans and Democrats who understand the importance of the technology and see the industry as politically important.

* People from every major government agency are involved in shaping our national crypto policy. The industry touches everything from economics to geopolitics and energy to law enforcement. We are better off having a well-rounded perspective in the room.

* The administration understands that bitcoin is unique. They see the digital currency as digital gold and believe it is strategically important for the United States. There is a large appetite within leadership to acquire as much bitcoin as possible. I now believe a good framework to use is “what would happen if bitcoiners infiltrated the White House?” because that is what seems to have happened.

* Stablecoins are a big focus at the moment. The administration understands these digital dollars are driving greater global adoption of US dollars, which is ultimately good for the US in the long-run.

* Bo Hines and the administration see bitcoin and a strong dollar co-existing in the future. They believe bitcoin is good for the dollar and a strong dollar is good for bitcoin.

* Large players, whether we are talking big financial institutions or foreign governments, are all interested in figuring out their strategy for crypto. The White House is fielding calls from all of these groups.

* Recent changes at various regulatory organizations should signal a tailwind for the crypto industry. The SEC, CFTC, OCC and other regulators are changing their tune, which can be seen in the personnel changes and some early rule changes.

* The administration knows they have to rebuild trust with the industry and with the American people. This is difficult to measure, but they want to work with industry players rather than work against them.

* We should expect to see Wall Street and legacy financial firms embrace blockchain technology in various ways, including tokenization.

* There is a persistent optimism in the administration about technology in general. Bitcoin and crypto are a key part of their strategy.

Overall, not only was I impressed by Bo Hines, but I also found the administration’s approach refreshing. I did not expect to hear comments like “bitcoin is unique” and “we want to acquire as much as we can.”

With that said, talk is cheap. The administration followed through on an important campaign promise of the Strategic Bitcoin Reserve, but it would be disappointing if they stopped there. The tens of millions of Americans who own these assets are looking for a material improvement in the United States’ position.

Hopefully that is exactly what we will get. Have a great day and I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

America Is Going All-In On Bitcoin with Bo Hines

Bo Hines is the Executive Director of the Presidential Council of Advisers on Digital Assets. This conversation was recorded at the White House.

In this conversation we talk about the US bitcoin strategic reserve, stablecoins, regulation, how decisions are being made, gold, tariffs, law enforcement side, motivational aspect inside Trump admin, biggest surprises so far, and what Bo is looking forward to.

Enjoy!

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* 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 and gold are brothers from a different mother. They both embody the sound money principles that allow an asset to benefit from the debasement of a currency. Those principles include being outside the traditional financial system and the inability for anyone to create more of the asset.

Simply, sound money can’t be messed with.

And both assets have had an epic run over the last 15 years, while the US dollar continued to see its purchasing power erased by undisciplined fiscal and monetary policy.

But given that bitcoin has significantly outperformed gold over the last 15 years, many people have been wondering why gold is outperforming bitcoin over the last 12 months? If both assets benefit from the same thing, shouldn’t they be moving together? And if bitcoin is the smaller, more volatile asset, then shouldn’t bitcoin be outperforming gold during that timeframe?

Bitcoin is down ~ 10% since the start of 2025. Gold is up about 20% in the same period. That isn’t supposed to happen, right?!

The reason for this big outperformance is that central banks and large pools of capital are aggressively buying gold right now. There is economic uncertainty, so people want a store of value. These very large pools of capital are not used to buying bitcoin yet. In fact, many of them are not approved to buy digital gold, so they have to stick to analog gold.

You can see this chart from Goldman about the PBOC buying way more gold than they have previously been disclosing:

If you are a bitcoin investor though, you don’t need to worry.

David Foley and Lawrence Lepard published a chart showing gold tends to lead in rallies, but bitcoin follows shortly after.

David writes:

“Gold vs BTC chart…running each on separate price axis, you can see Gold typically leads by a few weeks/months, and then Bitcoin follows. Nice gap setting up right now for Bitcoin. BTC probably back to somewhere in the $108K area within a few months.”

Is David right? I don’t know. We are going to find out.

But we know Goldman Sachs recently raised their year-end gold forecast from $3,300 to $3,700 per ounce.

So if Goldman is raising their gold forecast and bitcoin historically does a great job of catching up, then it could be an explosive second half of the year for digital gold.

It is not fun for bitcoin investors to watch gold gaining, while bitcoin is falling, but just remember that both assets are likely to do well over time.

The government can’t stop printing money. And sound money is undefeated, regardless of whether it is analog or digital.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains The Decentralization Of Global Monetary Order

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 how the market broke, what is going to happen, what that means for your portfolio, how US gets out of this situation, how China will react, and how bitcoin plays into all of it.

Enjoy!

Podcast Sponsors

* Figure Markets — Trade, borrow, and earn on your crypto with full transparency.. The future of finance isn’t TradFi or DeFi—it’s both. Learn more about Figure Markets or click here to claim your $50!

* 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.

* Reed Smith - Smart legal solutions for complex disputes, transactions, and regulations. Learn more at www.reedsmith.com.

* 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,

Everyone is prepared for a volatile week as the reality of US tariff policy sets in. There have been plenty of negative reactions from investors and market participants, but it is important to stay focused on the signal, rather than the noise.

We can start with Stanley Druckenmiller, one of the best-performing and well-respected investors in the world. He explained in a recent interview that tariffs are the lesser of two evils. Take a listen:

Druckenmiller mentions that 10% tariffs would be the ideal level and we obviously have much higher tariffs announced at the moment, so I would expect intense negotiations between countries before the April 9th deadline for implementation.

Regarding those negotiations, we learned that more than 50 countries have reached out to the White House to begin discussing potential solutions.

And these countries are not showing up empty-handed to the negotiations. Take Taiwan as an example. The country is offering to remove all trade barriers with the US and commit to zero tariffs moving forward. Taiwan will also increase their investment in the United States, including purchases of agricultural products, industrial products, energy, and weaponry from America.

No tariffs. No trade barriers. And more capital headed to the US. That seems like the ideal outcome, right?

Speaking of ideal outcomes, Treasury Secretary Scott Bessent has been saying for weeks that the administration wants to get oil prices and the 10-year yield lower. Adam Kobeissi points out both of those have been happening in recent weeks. Adam writes:

“The real plan all along was to lower interest rates and lower oil prices as soon as possible. The 10-year note yield is down -90 bps and oil prices are down -25%. The tariffs are "working" as planned.”

But oil prices and the 10-year yield are not the only things falling. We are also seeing inflation continue to crash lower over the last few weeks. Truflation shows inflation has gone from over 3% in December to 1.22% as of Sdun. This is the lowest level for inflation since November 2020.

This inflation number is important to keep an eye on for two reasons. First, this is a good reminder that tariffs are not inflationary, they are deflationary. Remember the timeline of what has transpired. Perplexity, my favorite AI search engine, shows the initial 10% blanket tariff on China was put in place on February 4th and an additional 10% increase to the tariff was implemented on March 4th.

The 25% tariffs were put in place on March 4th as well. So although the US implemented tariffs of at least 20% on three of our largest trading partners, inflation has been going down for months. The falling oil prices are helping drive inflation down, but ultimately tariffs are deflationary, not inflationary.

Second, if inflation keeps falling this aggressively, the Federal Reserve may be forced to make an emergency interest rate cut. I am not predicting they are going to do that, but rather the odds increase as inflation falls further below their 2% target. The biggest issue the economy faces right now is economic slowdown.

Odds of a recession are spiking, the Atlanta Fed’s GDPNow is falling, and investors are nervous — this all points to the importance of the Fed encouraging economic activity and employment by lowering interest rates. Maybe they do it in an emergency fashion, or maybe they do it in their next two meetings, but I expect interest rates to be lower by the end of the summer.

Which brings me to the future — what do I think will happen over the coming weeks and months?

Overall, I think we will look back at the fear in the market right now and realize it was an overreaction. Look at the fear and greed gauge sent out by BTIG. This is exactly what blood in the streets looks like when on a graphic.

I believe we will see the tariff rates negotiated down closer to 10% globally. Some countries will be higher, some will be lower, and some countries will end up with zero tariffs against them. Most of these countries will have to remove all tariffs and trade barriers against the US in order to have tariff rates reduced. We will also see many countries commit to spending a large amount of money in the United States as well.

Asset prices will bottom out in the coming month. We will likely see new all-time highs in stock prices and bitcoin before the end of the year. There will be no high inflation and we will not experience a crushing recession.

Instead, this economic and global trade reset will lay the foundation for an economic boom. All Americans, both the wealthy and the working class, will get to participate. And the golden age of innovation and growth will be an incredible sight to see.

It may be dark in the tunnel right now. But if you squint you can see the light at the end. Be patient and the light will get bigger in the coming days and weeks. Eventually we will be out of the tunnel and all will be good in the world.

Study reflexivity. The faster we go down, the faster we go back up. It happened in 2020 during the pandemic and it is going to happen again this year.

And before I let you go, you are going to hear lots of debate about free trade in the coming days.

I believe the ideal situation is to have unfettered global trade between countries, which means no tariffs from either country in bilateral trade. The United States has been pretending for decades that free trade still exists. Other countries were more sober in their analysis and realized they could levy tariffs, subsidize their producers, manipulate their currencies, and gain an advantage over America.

This means the US had two choices — (1) keep pretending the new game didn’t exist and let other countries take advantage of us or (2) learn to play the game better than anyone in the world.

We are rightfully choosing the second option. Free trade doesn’t exist anymore. We can only hope that America can become so good at playing this new game that it allows us to dictate a reset of the rules back towards true free trade where our trading partners participate on a level playing field.

Throughout history America has proven we can dominate any game we play. This may be the most important one yet.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Breaks Down Stocks, Bitcoin, and Tariffs

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 all the chaos going on in the the market right now, tariffs, stock market, recession, what we expect other countries to do, interest rates, bitcoin, gold, and how to navigate uncertainty in this volatile market.

Enjoy!

Podcast Sponsors

* Figure Markets let’s you access cash without selling your crypto offers Bitcoin and Ethereum backed loans. Learn more at FigureMarkets.com

* 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 https://www.simplemining.io/

* Reed Smith - Smart legal solutions for complex disputes, transactions, and regulations. Learn more at www.reedsmith.com.

* 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,

President Trump stood in the Rose Garden yesterday and fulfilled his promise of Liberation Day with historic words: “This is our Declaration of Economic Independence.”

That sentence kicked off a firestorm of opinions online as Trump announced sweeping tariffs on almost every country in the world. Perplexity, my favorite AI search engine, summarizes the top three points of the announcement as:

* Baseline 10% tariffs on all imported goods to the United States.

* Reciprocal tariffs targeting approximately 60 countries deemed “worst offenders,” with rates ranging from 20% to 50%. Notable examples include 34% on Chinese goods and 20% on EU imports.

* A 25% tariff on foreign-made vehicles and the closure of duty-free loopholes for Chinese goods under $800.

The reaction to these announcements have been exactly what you would think — his supporters cheer them on and his critics loudly condemn them. Such is the world of politics.

But if you can ignore the partisan noise, there is something profound happening via these policies.

First, Trump is transitioning the United States from a punitive tariff system to a tariff incentive system. We have historically used tariffs to punish select countries as a response to actions they take. Now we are moving to a system where the default tariff on all imports is a minimum of 10% and we will reduce tariffs to incentivize certain products to come to the United States.

This is very smart. It will raise substantial revenue for the government, while providing a persistent incentive for companies to manufacture their products in America.

The second thing happening here is President Trump is leveling the playing field for American companies and workers. He had a great line yesterday where he said “they do it to us, we do it to them.” Seems fair, right?

The idea is that foreign countries have been taking advantage of the United States for far too long. They have been setting tariffs against us, subsidizing their producers, manipulating their currencies, and generally trying to gain an unfair advantage in bilateral trade.

It makes sense for them to do it. I would consider it rational for national leaders to try to do what is best for their citizens and their economy.

But enough is enough.

Mexico’s economic policies are Mexico First. Canada’s economic policies are Canada First. China’s economic policies are China First. India’s economic policies are India First. Why shouldn’t America’s economic policies be America First?

See this is the thing — people may hate change, but the United States is now following the playbook of every other country in the world. We are taking steps to protect our companies and our workers.

The critics claim consumer prices will increase under this model, but I don’t think that is right. Tariffs are actually a deflationary force, not inflationary. As I previously explained, the prices of every tariffed good from the 2018 tariffs was lower than pre-tariff levels within 18 months.

There are many reasons why prices end up going down. Tariffs don’t operate in a silo. For example, Walmart is already telling suppliers they have to eat the cost of tariffs and the large retailer says they are not going to pay higher prices for those goods. This shows that American companies have the leverage to squeeze the foreign companies, rather than be forced to pass higher prices on to customers.

But remember, there is one big loophole in this whole tariff kerfuffle — you don’t have to deal with tariffs if you make products in America and you don’t have to deal with tariffs if you buy products made in America. That is the whole point of this exercise. Protect American industries. Create American jobs. And raise revenue for the government.

Now some people are very worried about the stock market and their investment portfolio right now. I thought Treasury Secretary Scott Bessent had a great line in his interview with CNN’s Kaitlan Collins yesterday:

“I think what's going to be important are the underlying economic fundamentals, because at the end of the day, as Warren Buffett says, in the short run, the market is a voting machine. In the long run, it's a weighing machine.”

Ain’t that the truth. Rather than judge economic policies based on a few hours of stock market performance, we should wait to judge the efficacy over the first 6-12 months. The weighing machine is what ultimately matters. My guess is we will see stock prices of American companies rally later this year as they start to see the benefits of tariffs.

Stock portfolios don’t ultimately matter though. These economic policies aren’t aimed at helping the wealthy. They are fully focused on creating wealth and opportunity for the working class.

The US failed a large portion of the American population over the last few decades by exporting jobs, devaluing the dollar, and prioritizing other nations over our own. The mandate in November was to reverse globalization and create a strong domestic policy. That is exactly what voters are getting now.

Stephen Miller, the Homeland Security Advisor, explained the current administration’s approach to economic policy. He called it “the great reversal of the great betrayal.”

Some of you may agree with him, some of you may not. But it is clear the United States is going to run this experiment. If it works, a large portion of the country will be very happy. If it doesn’t work, a large portion of the country will be screaming “I told you so!”

I am an independent. Some of Trump’s policies I agree with and others I do not. In regard to tariffs, I think this is a great idea. My guess is they are going to work and the American economy will be stronger because of it. But if I am wrong, I’ll be the first to admit it publicly. Just don’t hold your breath — It looks like I won’t have to do that :)

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Overview of Tax Optimizations For Bitcoin Holders

Chris Kline is the Founder & COO at Bitcoin IRA. In this conversation we talk about bitcoin capital gains tax, what rich people do, different retirement accounts, how BitcoinIRA operates, and what you can do to save money.

Enjoy!

Podcast Sponsors

* Figure Markets let’s you access cash without selling your crypto offers Bitcoin and Ethereum backed loans. Learn more at FigureMarkets.com

* 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 https://www.simplemining.io/

* Reed Smith - Smart legal solutions for complex disputes, transactions, and regulations. Learn more at www.reedsmith.com.

* 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.

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

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

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