The Pomp Letter

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To investors,

The tariffs are working. Most people just haven’t realized it yet. And you definitely would not know it by reading the mainstream media headlines. They are telling everyone the world is ending, the economy is on the verge of the next global financial crisis, inflation will come raging back, and your portfolio is poised to lose big in the coming weeks.

None of that is true though.

In fact, the exact opposite has been happening. Inflation went from over 3% in December to under 1.4% this week, according to real-time alternative inflation measurement Truflation.

We have seen gasoline prices drop to a 4-year low. Egg prices have fallen off a cliff. If someone is worried about inflation right now, they should question whether they understand how the economy works. Our biggest issue at the moment is a potential economic slowdown, not an economic acceleration.

On top of that, we are now seeing foreign countries, such as Israel and Vietnam, drop their tariffs against the United States in anticipation of the Trump administration’s reciprocal tariff program that will be announced later today. This is the whole point of a reciprocal tariff — you are free to tariff us however you would like, but we are going to match you. If you don’t want us to tariff you, than make sure you aren’t hitting us with tariffs.

It is pretty simple.

The benefits don’t stop there either. The 10-year treasury yield, which the administration has explicitly said was a key metric for them, has been falling over the last few weeks. The 10-year yield has not broken below 4% yet, but I believe we are well on our way to that milestone.

The government needs to refinance trillions of dollars this year. Home buyers want lower mortgage rates. And businesses want cheaper capital available to them. We are going to get a lower 10-year treasury yield one way or another and tariffs are definitely helping the situation.

So to recap — what happened when the initial tariffs got announced? Prices went down, inflation went down, yields went down, and some countries took down their tariffs. This is what winning looks like.

And before people accuse me of being some partisan hack, it is important that I remind you I am not pro any political party. I am a registered independent. I take my allegiance to independence very seriously.

Each administration has pros and cons. There were good things done by the Biden administration and there were very bad things done by them too. Same will be true of the Trump administration. No administration can be perfect.

The current administration has strong economic policies that are good for American citizens in my opinion, but there will be plenty of things to disagree with them on for other issues. The world is not black and white, but rather gray.

With that said, you are going to hear lots of yelling and screaming from critics in the media about these tariffs. But that doesn’t change the facts. Tariffs are already working.

They are making America stronger and protecting the working class. They are creating an even playing field for international trade. And tariffs are a big reason why the United States has a potential path to refinancing our government debt at a lower interest rate this year.

Personally, I'll give up some short-term gains in my portfolio if it means that tens of millions of Americans have a better chance of finding stable work so they can feed their families, afford a home, and benefit from lower consumer prices.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

BlackRock’s Insanely Bullish Bitcoin Take Will Surprise You

John Pompliano and Anthony Pompliano discuss Larry Fink being a big bitcoin bull, tariffs, stock market, recessions, crypto assets, and is a recession coming?

Enjoy!

Podcast Sponsors

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

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

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* 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.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* 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 - 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 Wall Street Journal broke the news yesterday that the Trump family was jumping into the bitcoin mining game. Vicky Ge Huang writes:

“The president’s two oldest sons are investing in a bitcoin-mining company, adding to the Trump family’s expanding portfolio of cryptocurrency businesses.

Eric Trump and Donald Trump Jr.’s American Data Centers will merge with and take a 20% stake in American Bitcoin, a mining operation majority-owned by Hut 8, the publicly traded crypto-infrastructure company. Together, they aim to create the world’s largest miner of the digital currency, with designs on building its own “bitcoin reserve.””

Given the President’s fascination with bitcoin and cryptocurrencies, I am surprised it took this long for his family to get involved with the infrastructure side of the industry. There is nothing more American than using energy to produce profits.

It is smart for Eric and Don Jr to partner with an existing bitcoin miner, rather than trying to build a dominant mining company from scratch. These businesses are capital intensive and the boom/bust price cycles make it a very difficult environment to operate in.

Hut 8, a company where I am an advisor and shareholder, has an unique strategy of owning energy infrastructure focused on powering modern energy consumption use cases. The two most popular consumption clients are bitcoin miners and AI data centers right now — you can read my original thesis for the company in my letter from October 30, 2024 titled “My plan to become an energy dealer.”

If things are going well, why would Hut 8 take their bitcoin mining business and spin it out into a majority owned subsidiary? The answer is simple — they want the market to have clarity on their business.

Bitcoin mining businesses usually trade at a 6-7x revenue multiple. Advanced computing companies providing data centers to artificial intelligence use cases trade at 19-22x revenue multiples. If you have a business that does both bitcoin mining and AI data centers, the market doesn’t know how to value you.

So Hut 8 is breaking the businesses out into separate entities. Investors can now allocate capital to a pure play bitcoin miner if that is what they want. Or they can allocate their capital to a pure play AI data center and energy infrastructure provider.

This is an interesting approach because the business world is one big cycle of bundling and unbundling. We saw the bundling of bitcoin mining and AI data centers over the last 5 years. Hut 8 is one of the first companies I am aware of to unbundle the two from each other.

In addition to the unbundling, the legacy Hut 8 business is able to lower their cost of capital as well. The company becomes more financeable having its high volatility, high capex business (bitcoin mining) spun out and thus makes it easier to finance data center development projects down the road.

This all makes sense if you are trying to create shareholder value. Existing Hut 8 shareholders will own 80% of the new American Bitcoin business. Eric Trump will become Chief Strategy Officer and the shareholders of American Data Centers will own the remaining 20% of the business.

So now Hut 8 shareholders have a two way option — they benefit from the bitcoin mining and they benefit from the AI infrastructure. As I wrote in my original letter about Hut 8 last year, “Public market investors usually underestimate the importance of creative dealmaking when evaluating companies because it requires qualitative analysis that doesn’t fit into a spreadsheet.”

This deal to create American Bitcoin is a perfect example of what I was talking about. When you have a dealmaker at the helm of a company, you don’t know when or how they will strike — but it is almost guaranteed they will strike. And that is exactly what Asher Genoot and the Hut 8 team just did.

Dealmakers make deals.

And this deal is probably one of the most interesting ones I have seen in recent months. Keep an eye out on the impact to the stock price of both entities. If there is a positive impact in the coming weeks, I would expect other companies with bitcoin mining and AI data centers bundled to follow in similar footsteps.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Reposting what I shared yesterday: Speaking of learning, 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. I would love to hear from all of you about how you are thinking about the 4-year cycles and holding, selling or buying the dip.

Overview of Bitcoin & AI Data Centers with Hut 8 CEO Asher Genoot

Asher Genoot is the CEO of Hut 8 Corp, one of the leading companies when it comes to bitcoin mining and AI data centers.

In this conversation he breaks down what the business is, why it’s important, how they are thinking about deploying capital, how they are selecting the sites, and the difference between bitcoin mining and data centers.

Enjoy!

Podcast Sponsors

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

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

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* 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.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* 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 - 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 Hut 8. 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 are very few crypto-related publicly traded companies available to investors. If you remove energy companies like bitcoin miners and bitcoin treasury companies, such as MicroStrategy or Metaplanet, the available pool of companies gets even smaller.

One company that I have talked about a few times over the last year is DeFi Technologies (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF). They trade in Canada and describe themselves as “a financial technology company focused on the convergence of traditional capital markets with the world of decentralized finance.”

I wrote to this group in April, in May, and in August about why I thought DeFi Technologies was undervalued. During that timeframe, the company saw its stock price rise from ~$0.51 to $2.51 at the close on Friday.

A big part of the increase in stock price was because the business has been performing incredibly well. The numbers for full year 2024 were released this morning and it was a record year of growth and results.

Here are the key financial takeaways from the press release:

* Adjusted Revenue: Adjusted Revenues of $31.1 million USD (Q4) and $144.8 million USD (annual) for the three and twelve months period ended December 31, 2024

* Adjusted Net Income: Adjusted Net Income of $13.9 million USD and $84 million USD for three and twelve months ended December 31, 2024, reflecting robust operational performance.

* Adjusted EBITDA: Adjusted EBITDA of $14.7 million USD and $80.4 million USD for the three and twelve months ended December 31, 2024.

Remember, DeFi Technologies did ~$10 million in revenue for all of 2023, so these are monster improvements. The company did approximately 8x more in Adjusted Net Income and EBITDA in 2024 than it did in revenue the year prior.

Not bad, right?

But here is the thing — even though the stock has appreciated ~400% in 12 months, the company is probably still undervalued.

We can see in the earnings press release that the total value of DeFi Technologies’ Cash, Treasury, and Venture Portfolio is $93.8 million USD as of December 31, 2024. This means the company is valued at approximately $700 million after taking those balance sheet assets out.

If the business did ~$80 million in adjusted EBITDA/net income then the company is currently trading at a 8.75x multiple to the last 12 months EBITDA/net income. That is insane.

Galaxy is trading at 10.7x trailing 12-month net income. Coinbase is trading at just under 17x trailing 12-month net income. And Blackrock is trading at 22.9x trailing 12-month net income.

Now I am not claiming that DeFi Technologies should trade at the same multiples as Coinbase and Blackrock, but I am arguing that having a net income multiple that is 50% lower or more is probably the wrong answer too. Add in the fact that growth is measured in hundreds of percent for DeFi and it only bolsters the argument that the company is undervalued.

So where do we go from here?

A big part of how DeFi Technologies, and many other crypto-related public equities, will be valued depends on how the underlying liquid crypto assets perform through the rest of 2024. A good amount of DeFi’s revenue comes from their crypto ETPs, which see their nominal management fee amount fluctuate with the AUM of the funds. That AUM changes substantially as the price of crypto assets goes up or down.

So if you think crypto prices have not peaked for this cycle, then crypto-related equities are probably a place you will spend time looking for opportunities. If you think the cycle peaked and we are headed towards a bear market, then you are likely running for cash and perceived safety.

In my humble opinion, I don’t think the market has peaked. It is hard to be bearish when the US government and other countries are embracing bitcoin. But I am wrong all the time, so who the hell knows what will happen.

Additionally, the thoughts I have shared with you today are biased. I hold shares in DeFi Technologies personally as an investor and advisor, along with indirectly through my investment firm Professional Capital Management after we sold Reflexivity Research in January 2024. I do my best to share my thoughts transparently in these letters, but if you disagree with something that I have written today please reach out with your rebuttal.

I am always trying to learn. Many of you are smarter and more experienced than me. Don’t cheat me out of an education!

Speaking of learning, 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.

I am a believer that the 4-year cycles may look slightly different, yet they have not ended. But for now, companies like DeFi Technologies (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF) still look undervalued to me. We will see what happens in the coming weeks and months.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Bitcoin & AI Will Change The World with Jordi Visser

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

In this conversation we talk about bitcoin, AI, what is going on in the stock market, and what areas Jordi thinks are undervalued.

Enjoy!

Podcast Sponsors

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

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

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* 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.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* 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 - 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

Today’s letter is brought to you by Consensus

Consensus is Crypto’s Most Influential Event

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

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To investors,

Technologists are assaulting Wall Street and it looks like the technologists are winning. Nowhere is this more obvious than Robinhood, the commission-free investing platform started in 2013.

The $40 billion market cap business is using software to attack every corner of the legacy financial system. But the ride hasn’t been completely smooth since they went public in 2021. The stock debuted at $35, ran up and peaked at $55 in August 2021, and then fell to $7 by the summer of 2022.

Not exactly the start to your public market life that company CEOs dream of.

But the good news is that Robinhood has been shipping products, driving solid financial performance, and they have risen from the dead.

So what exactly is driving this financial performance?

In my opinion, Robinhood has perfected the Costco model for finance. They are offering every financial service you could imagine for the lowest cost possible. We already know they have no commissions on trading. The finance app also launched a $5 per month subscription service called Robinhood Gold that gives members up to 4% on their uninvested cash, extended trading hours, and interest-free margin borrowing.

All that for only $5 a month is basically a no brainer. Like I said, Costco of Finance.

Prediction market Kalshi is showing 95% odds that Robinhood reports more than 3 million Robinhood Gold subscribers this quarter.

Yesterday the company took it a step further — Reuters writes the company launched “'Robinhood Strategies' — a wealth management service with a 0.25% annual fee, capped at $250, for its premium 'Gold' subscribers.

Users with as little as $50 in investments can access portfolios of exchange-traded funds managed by Robinhood's investment experts.”

And if that wasn’t good enough, the fintech also launched a new feature where you can have physical cash hand-delivered to your front door. It is going to be hard for legacy banks to compete if software companies are able to pull off intricate services like that.

So this brings me to the question of whether Robinhood is a good stock or not. Rather than pontificate on the question myself, I asked Perplexity AI to become a professional stock market analyst and then evaluate $HOOD stock.

Here is what Perplexity told me:

Robinhood Markets (HOOD) has shown resilience and strategic evolution in 2025, but its stock carries distinct advantages and risks. Here’s a balanced analysis of its pros and cons:

Pros

1. Expanding Product Ecosystem

* Launched Robinhood Legend, a new web-based platform with advanced tools like Level II market data and upgraded charting for active traders.

* Plans to introduce index options and futures trading on mobile, broadening its asset offerings beyond stocks, ETFs, crypto, and event contracts (e.g., presidential election derivatives).

* Growing focus on cryptocurrency and prediction markets, aligning with fintech innovation trends.

2. User Growth and Retention Incentives

* Robinhood Gold ($5/month) offers a 3% IRA contribution match (vs. 1% for basic users), high-yield cash sweeps (4% APY), and interest-free margin borrowing up to $1,000.

* Presidential election event contracts and crypto trading attract retail investors seeking speculative opportunities.

3. Financial Resilience and Analyst Confidence

* Rebounding as Yahoo Finance’s “Comeback Stock of the Year” after a 90% post-IPO decline, with revenue at $1.87B and gross margins of 71.2%.

* Major banks like Deutsche Bank and Barclays raised price targets (up to $54–$60), citing strong Q4 2024 trading volumes and crypto activity.

4. Retail-Friendly Features

* Zero-commission trading, fractional shares, and an intuitive interface remain core strengths.

* Free stock rewards and recurring investment tools enhance accessibility for new investors.

Cons

1. Limited Sophistication for Advanced Traders

* Research tools and screening capabilities lag behind competitors like Charles Schwab, despite recent upgrades.

* No mutual funds or bonds, restricting portfolio diversification4.

2. Revenue Dependency on Volatile Streams

* Heavy reliance on payment for order flow (PFOF) and crypto trading fees, which are sensitive to market volatility and regulatory scrutiny.

* Meme-stock trading restrictions in 2021 eroded trust; transparency around outages and order routing remains a concern.

3. Profitability Challenges

* Pretax profit margin at -59.5% (despite a 21.8% net margin), signaling unresolved operational costs.

* Stock price volatility: Forecasts suggest a potential drop to ~$42 by April 2025 before recovering, reflecting market skepticism.

4. Regulatory and Competitive Risks

* Event contracts and crypto offerings face regulatory uncertainty, particularly under shifting political administrations.

* Competitors like Public and J.P. Morgan now offer similar zero-commission models, diluting Robinhood’s first-mover advantage.

Summary

Robinhood’s 2025 strategy emphasizes innovation (e.g., Legend platform, crypto expansion) and user retention (Gold perks), buoyed by analyst optimism. However, its reliance on speculative trading, uneven profitability, and regulatory headwinds pose risks. While the stock could capitalize on retail trading resurgences, investors should weigh its high volatility against long-term scalability challenges.

Not bad for an artificial intelligence stock analyst, right? As I mentioned in the open, technologists are assaulting Wall Street. Robinhood is doing a great job creating products to serve their customers. Other platforms like eToro, Public.com, and Webull are doing their best to do the same thing. The real winner in this cutthroat competition is the user.

They get better services at cheaper prices.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Nik Bhatia on Bitcoin Making Everything Cheaper With Bitcoin

Nik Bhatia is the Founder of the Bitcoin Layer, and the author of a brand new book called “Bitcoin Age.”

In this conversation we talk about bitcoin, it’s relationship between the dollar and other traditional assets, why self-custody is protected under the first amendment, what the US government should be doing with bitcoin, how they plan on helping the middle class, and what Nik thinks the future looks like.

Enjoy!

Podcast Sponsors

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

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

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* 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.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* 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 - 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 is a global race under way to see who can acquire the most amount of bitcoin. We have seen Microstrategy buy more than $33 billion worth (506,000+ bitcoin) since August 2020. Companies like Metaplanet, Semler Scientific, Tesla, and Block have all followed suit in recent years.

We have various large financial institutions pounding the pavement to help their clients get exposure to bitcoin via the newly approved ETFs — Blackrock, Fidelity, Grayscale, Ark Invest, Bitwise, and many others. There is no denying that Wall Street has arrived.

And the nation states aren’t going to be left behind, so El Salvador, Bhutan, Abu Dhabi, and Russia all started buying and mining bitcoin. This was quickly followed by the leader of the free world, the United States government, who decided it was time to establish the Strategic Bitcoin Reserve a few weeks ago.

That is a lot of large capital pools competing to purchase as much bitcoin as possible.

As if that wasn’t enough, we found out there will be a new entrant to the race yesterday — Gamestop. The former meme stock announced unanimous board approval of an update to its investment policy allowing bitcoin to become a treasury reserve asset.

This isn’t just another random company announcing the desire to buy bitcoin though. Gamestop has a legion of retail investors that want to see them put their nearly $5 billion of balance sheet cash into the digital currency. I spoke with two different Gamestop shareholders after the announcement yesterday and both could only be described as giddy.

It is not clear how much of that $5 billion will be put into bitcoin, but my guess is it won’t be 1-2%. Instead, Chairman Ryan Cohen is likely to take a big bet on bitcoin as a balance sheet asset.

Why do I think that?

First, you don’t go through the bureaucratic board approval process for a small 1-2% allocation. You only put the time and energy to get the change to your investment policy if you are looking to put a material amount of your cash into bitcoin.

Second, Ryan Cohen only follows three accounts on X. They are Gamestop’s corporate account, along with the @Bitcoin handle and Bitcoin Magazine.

That is behavior of a hardcore bitcoiner that is looking to buy more bitcoin.

Because here is the thing — we are going to see many more corporate executives fall victim to the same feeling that retail investors have felt for nearly 15 years. You hear about bitcoin. You buy a little. You start learning more about the asset. Eventually you realize you don’t have enough bitcoin. And now you are scrambling around looking for more money so you can buy as much bitcoin as possible.

Corporate executives will start with their personal money, but eventually they will be tempted to use balance sheet cash. If it is good enough for the US government’s reserve, then it should be good enough for a corporation’s balance sheet, right?

I think so. And the companies that have pursued this strategy in public markets have been rewarded financially. So we should expect more companies and governments to buy as much bitcoin as they can.

Young bitcoiners are rising into positions of power and influence. That should continue for the next few decades. And they all believe they are underexposed to the best performing asset of the last 15 years. They’ll do whatever they can to get more bitcoin, including the use of balance sheet cash to make monster bets on their best idea.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Rises As Trump Rebuilds The American Dream

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, US economy, stock market, tax rates, tariffs, and how we can improve the future for millions of Americans.

Enjoy!

Podcast Sponsors

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

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

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* 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.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* 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 - 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,

Home affordability is the worst it has been in decades. The problem is so bad that I decided to do something about it just over a year ago — I cofounded ResiClub, the leading residential real estate analytics and content platform, with Lance Lambert, who I believe is the best residential real estate reporter in the country.

Our thesis is simple — you can’t solve a problem if you don’t understand it well. Below is a guest post from Lance where he explains just how bad home affordability has become in the United States. You can subscribe to ResiClub and receive a free daily email about the housing market here: Subscribe to ResiClub

Strained housing affordability isn’t just squeezing household budgets—it’s holding back the entire U.S. economy. Some of the nation’s most talented workers are unable to move to the top job markets where they could contribute the most. That loss of mobility means less innovation, fewer startups, and slower economic growth.

At the same time, high housing costs are forcing many Americans to delay starting families—or have fewer children than they otherwise would—reshaping the country’s demographic future. And with more household income tied up in housing payments, consumer spending in other areas suffers, further dampening economic momentum. America’s housing affordability pinch isn’t just a personal problem—it’s a national one.

Here’s the annual U.S. household income needed to purchase a typically valued $356,776 U.S. home:

* Jan. 2020 -> $51,646

* Jan. 2021 -> $51,740

* Jan. 2022 -> $62,669

* Jan. 2023 -> $86,184

* Jan. 2024 -> $92,006

* Jan. 2025 -> $92,538

That’s a +79% shift in just 5 years.

And here’s the thing: This is a very conservative methodology. Zillow calculation assumes a 20% down payment and the homebuyer spends less than 30.0% of their monthly income on the total monthly payment. This is a financed purchase, of course. For typical home value, Zillow economists used the latest Zillow Home Value Index reading.

Click here to view a searchable version of the chart below displaying the analysis in 400 metro area housing markets [best done on a desktop]

How did we get here?

During the Pandemic Housing Boom, housing demand surged rapidly amid ultralow interest rates, stimulus, and the remote work boom. Federal Reserve researchers estimate “new construction would have had to increase by roughly 300% to absorb the pandemic-era surge in demand.” Unlike housing demand, housing supply isn’t as elastic and can't quickly ramp up like that. As a result, the heightened pandemic-era demand drained the market of active inventory and sent national home prices soaring. The typical U.S. home value measured by the Zillow Home Value Index in January 2025 ($356,776) is still a staggering +44% greater than in January 2019 ($247,106).

That overheated home price growth, coupled with the ensuing mortgage rate shock, with the average 30-year fixed mortgage rate jumping up from under 3.0% to over 7.0%, has created the fastest ever deterioration in housing affordability.

This affordability squeeze has been broad-based.

Click here to view an interactive version of the January 2020 map below.

Click here to view an interactive version of the January 2025 map below.

The problem, of course, is that incomes haven’t kept up.

While the annual U.S. household income needed to purchase a typical U.S. home has increased by +79% between January 2020 and January 2025, average weekly earnings of U.S. workers have risen by +25%, and overall U.S. consumer inflation has grown by +23% during the same period.

What’s the impact of this housing affordability deterioration on the housing industry?

The biggest immediate impact of this affordability deterioration is that across the country existing home sales have been constrained since mortgage rates spiked in 2022. Some of that’s the result of suppressed housing demand, but a lot of it is due to the fact that many homeowners who’d like to sell their home and buy something else simply can’t afford to do so or don’t want to part with their lower monthly payment/mortgage rate.

I hope you enjoyed this guest post from Lance Lambert, cofounder and Editor-in-Chief of ResiClub, your gateway to the US housing market. You can subscribe to ResiClub below to receive a free daily email about the residential housing market.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The Best Performing Stock Of Last Year Embraced Bitcoin

Simon Greovich is the President & CEO of Metaplanet. This conversation was recorded at Bitcoin Investor Week in New York.

In this conversation we discuss Metaplanet buying bitcoin and becoming the best stock of the year, the best tools are for acquiring bitcoin, economic conditions in Japan, getting exposure to global markets, growth expectations, educating Wall Street, and how people can help.

Enjoy!

Podcast Sponsors

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

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

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* 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.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* 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 - 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,

Ray Dalio said the famous phrase “cash is trash” on national television in 2020. He was warning market participants that inflation was coming and anyone sitting in US dollars would be destroyed by the currency debasement. Take a listen:

Ray Dalio was right in hindsight. The Federal Reserve kept interest rates artificially suppressed at 0% for too long, while the government continued to print trillions of dollars in an effort to stimulate the economy. Inflation spiked to over 9% and the cumulative inflation since January 2020 has now topped 26%, meaning that $1 from 2020 can only buy $0.74 of goods today.

This is the hidden tax that has destroyed the financial lives of many American families. According to Perplexity, approximately “40% of Americans have no investable assets, meaning they do not own stocks, bonds, mutual funds, or other financial instruments outside of cash or retirement accounts.”

This 40% of Americans are the ones who got hurt the most when the dollar devalued by more than 25% over the last few years. They were sitting in cash and took the inflation on the chin. Brutal.

This brings us to the other side of the story — Mike Zaccardi highlights that investor allocations to public equities is at an all-time high.

So in a weird way, investors—both individuals and institutions—were listening to Ray Dalio and the other famed asset managers who were issuing warnings back in 2020. Capital has relentlessly poured into the public equity market and now more than 50% of aggregate financial assets are allocated to the stock market.

This is good for the people holding stocks because they benefitted from the out of control inflation over the last half decade. But while asset owners were winning, those sitting in cash have been falling further behind — this is why the income inequality gap continues to widen.

Rich get richer, poor get poorer.

Things may be changing quickly though for these stock investors. Owen Tucker-Smith wrote an article in the Wall Street Journal over the weekend titled “Investors Who Were All In on U.S. Stocks Are Starting to Look Elsewhere.” He points out that non-US markets have been outperforming the S&P 500 year-to-date.

Investors are going to chase performance. Momentum is a hell of a drug. And Tucker-Smith shows the recent inflows to US-based ETFs that invest in European public equities — investors are shoveling capital into these funds like their financial lives depend on it.

So one of the big questions right now is whether investors should be allocated to US stocks or international equities. Depending on who you talk with, you will get a very different answer.

Which brings me to the current conversation about stock valuations, tariffs, and the economic policies of the new administration. Could the stock market be overvalued right now? Maybe. Could a recession come? Maybe. Could the stock market recover and take-off to new highs like it did in 2020? Maybe.

No one knows the future.

It is all noise in my opinion. There will always be short-term gyrations in the market, but stocks are structured in a way where they have to keep going up over the long run. Don’t get distracted by the fear-mongering or the doomsday predictors.

A broken clock is right twice a day.

The dollar will lose purchasing power over decades. Assets like stocks, bitcoin, and real estate will keep pushing to new all-time high after all-time high. I like the K.I.S.S. method — keep it simple, stupid.

Wall Street and finance like to make things confusing and complex. Don’t be one of the victims to complexity. Your portfolio will thank you in the future.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Is A Recession Coming Soon? with Jordi Visser

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

In this conversation we discuss the Fed’s interest rate decision, stock market outlook, Tesla, AI, Nvidia, and how investors are approaching April 2.

Enjoy!

Podcast Sponsors

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

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

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* 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.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

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

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

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

To investors,

The Federal Reserve decided not to cut interest rates yesterday. I believe this is a mistake on their part and is another data point proving the Fed is continuously behind the curve when it comes to monetary policy in the modern age.

If you remember, the central bank didn’t raise interest rates until inflation was already out of control during the pandemic. We eventually saw inflation officially hit 9% according to the government data. Inflation was not transitory as they predicted and the American consumer suffered dearly.

A big reason for the Fed’s persistent lag is they have a data problem. Not only is the data backwards looking and lacks real-time accuracy, but the economic data is no longer trustworthy. The Bureau of Labor Statistics was forced earlier this year to revise down the number of jobs created in the last year by nearly 600,000 jobs.

It is insane how inaccurate the jobs number has become.

But that is not the only issue with economic data. I have been convinced that you can not trust most of the reported data. Do you believe the official inflation metrics? I don’t. A good question to ask yourself is whether you think more than 50% of the data is accurate or inaccurate? I am in the camp of majority of the data being inaccurate when it is reported.

You may not care what I think, so what if I told you that new Treasury Secretary Scott Bessent agrees with me. Here is Scott explaining the problem with current economic data on the All-In podcast:

I don’t think it gets much clearer than the Treasury Secretary being asked point blank whether he trusts the data and he says “no.” So this is not some big conspiracy theory, but rather a rational understanding of how the data is collected, analyzed, and reported.

The problem with inaccurate economic data is that it makes the job harder for policymakers and investors alike. How do you decide what to do if you can’t trust the data? And how do investors allocate capital in the market if they can’t trust the data?

This has been a major problem for awhile. It is good to see the current administration acknowledging the problem. That is the first step to fixing it.

This brings us back the Federal Reserve’s decision yesterday to hold rates at the current level. That would be prudent if you were looking at the last CPI report of 2.8% year-over-year inflation growth. The issue is you can’t trust that number and real-time alternative inflation measurements like Truflation are telling you the government data is off substantially.

Truflation is reporting CPI at 1.7% right now, which is below the Fed’s target rate of 2%.

If Truflation is right, which I tend to think is the case, then the Federal Reserve should be cutting interest rates right now because inflation is not a concern. We need to refinance trillions of dollars in federal debt this year, homes for the average American family have become unaffordable, and businesses desperately want to access cheaper capital — all of this is positively affected by lower interest rates.

Rates are too high. The Fed should cut. But they are hiding behind the government inflation data as reason to stay at current interest rate levels. When inflation data shows up lower in the next few months, we will all once again have proof that the Fed is behind the curve.

A story as old as time.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Senator Reveals US Bitcoin Plan

Cynthia Lummis is a U.S. Senator from Wyoming, and is the first-ever chair of the new Senate panel devoted to digital assets.

In this conversation we discuss stablecoin regulation, what the bitcoin strategic reserve could look like, what the US should do to embrace crypto, how bitcoiners are working with politicians, and what the bitcoin community can do to help.

Enjoy!

Podcast Sponsors

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

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

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* 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.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* 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 - 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 US government established the Strategic Bitcoin Reserve recently and many in the crypto community were upset because no new purchases of bitcoin were announced.

If America finds it valuable to hold the bitcoin we already have in our possession, we should also find it valuable to buy more. Anything worth doing is worth overdoing.

Thankfully, the President’s Executive Order was well written and included an important sentence granting the Treasury and Commerce the opportunity to acquire more bitcoin in a budget neutral way. The sentence specifically reads “the Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies impose no incremental costs on American taxpayers.”

Most people realize this is significant yet they don’t understand what the government is going to do next.

Well, we just got our answer yesterday. Bo Hines, the Executive Director of Digital Assets, said the US government wanted “as much as we can get” in reference to how much bitcoin would acquired over time.

That is a big statement coming from someone focused on acquiring more bitcoin for the United States. This brings us to the most important question — how can the US acquire more bitcoin in a budget neutral way?

VanEck’s Matthew Sigel shared 6 ideas on how this could happen. Coinpedia did a good job summarizing the ideas here:

1. Revaluing Gold to Unlock Funds

The U.S. holds vast gold reserves, but they are valued at a much lower official price than their current market worth. VanEck suggests that Congress could update this valuation, instantly increasing the paper value of these reserves. The extra capital generated could then be used to buy Bitcoin—without printing new money or raising taxes.

2. Issuing Bitcoin-Backed Bonds

Another option is for the government to create and sell “Bitcoin-backed bonds.” Investors would buy these bonds, and a portion of the money raised would go toward purchasing BTC. When the bonds mature, the government could repay investors either in Bitcoin or U.S. dollars, offering a flexible investment opportunity.

3. Using Federal Reserve Surplus

Before 2015, the Federal Reserve was allowed to keep a larger surplus of funds. VanEck suggests bringing back this policy so that the Fed can build up extra reserves and use them to buy Bitcoin. This would provide a direct way for the government to acquire BTC without needing new congressional spending approvals.

4. Adding Bitcoin to IMF’s Special Drawing Rights

Special Drawing Rights (SDRs) are international reserve assets issued by the International Monetary Fund (IMF). VanEck proposes convincing the IMF to include Bitcoin in SDRs, making it a recognized global reserve asset. If approved, this would further cement Bitcoin’s role in international finance.

5. Selling Surplus Cheese for Bitcoin

The U.S. government holds large stockpiles of surplus cheese. VanEck suggests selling off these reserves and using the proceeds to buy Bitcoin. Since this involves selling existing assets rather than increasing spending, it wouldn’t impact the federal budget deficit. At the same time, it would help the government manage its excess inventory more efficiently.

6. Using the Treasury’s Exchange Stabilization Fund

The Exchange Stabilization Fund (ESF), controlled by the U.S. Treasury, is used to manage foreign exchange reserves and stabilize the dollar. VanEck’s final proposal is for the Treasury to use this fund to buy and hold Bitcoin. Since the ESF operates outside the normal budget process, this method would offer a more flexible approach to BTC accumulation.

No one knows exactly how the government is going to acquire more bitcoin, but it is obvious that multiple government agencies are working to get more bitcoin into the Strategic Bitcoin Reserve.

I liked Bitwise’s Hunter Horsley’s comment about Bo Hines interview yesterday: “When Bitcoin is at $200k — We will look back on March 2025 and say, how was everyone not buying. It was so obvious.”

I could not agree more. The United States of America, the greatest economy ever constructed, is openly telling you they want to acquire as much bitcoin as possible. It is incredibly obvious what happens when a nation state pours billions of dollars into a finite supply asset. Just hope you weren’t late to the party.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Is Taking Over Wall Street with Jan Van Eck

Jan van Eck is the CEO at VanEck. This conversation was recorded at Bitcoin Investor Week in New York.

In this conversation we talk about the relationship between bitcoin and gold, how bitcoin will disrupt Wall Street, the impact Trump will have on financial markets, and what crypto milestones Jan is looking forward to in 2025.

Enjoy!

Podcast Sponsors

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

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

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* 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.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* 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 - 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,

Government spending is out of control. We already knew that, but now we have data that suggests the problem is getting worse and at an alarming pace.

Our friends at Geiger Capital were rightfully outraged at the February spending deficit:

“In the month of February, the US Government collected $297 Billion. Just one problem… They spent $605 Billion.

A $308 BILLION deficit. In one month.”

But the problem is not confined to only February. The first five months of the fiscal year have been disastrous at best. Geiger Capital says:

“The train is out of control… The first five months of FY 2025 produced a deficit of $1.15 TRILLION. That’s $319 Billion more than the deficit recorded in the same period last fiscal year.

We’re running a $2.75 TRILLION annual deficit.”

As if it wasn’t bad enough to see a widening deficit, Heritage’s EJ Antoni explains that “51 cents out of every dollar the federal government spent in February was borrowed!”

It is impossible to state how serious of a problem the national debt has become.

Not only has every recent President overseen an explosion in the annual deficit, but we have financed our out-of-control spending with debt because politicians are incentivized to spend everyone else’s money.

Spending more money than you take in as income can only end in one way — disaster!

But government spending is part of a much larger story. We are a country that became dependent on the government. The United States was built on the idea of a small government and a powerful private sector, but we lost our way in recent years.

Mike Zaccardi points out a recent Bank of America investment note that puts it perfectly:

“In 2024, the US had never been more government-dependent: for 85% of job growth, 33% of all spending, 6-7% budget deficits; all record highs ex-crisis.”

One area where you can see the increased dependency on the government is what percentage of someone’s personal income comes from the government. The bipartisan Economic Innovation Group point out a report last year stating:

“Income from government transfers is the fastest-growing major component of Americans' personal income. Nationally, Americans received $3.8 trillion in government transfers in 2022, accounting for 18 percent of all personal income in the United States. That share has more than doubled since 1970.”

The most insane part of the report is what happened in the approximately 50 years from 1970 to 2022. We went from less than 1% of counties in the US receiving 25% or more of their personal income from government transfers to now more than 53% of all counties receive a quarter or more of their personal income from government transfers.

1% to 53% in 50 years. Absolutely insane.

But there is even more nonsense to be found. Our friends at Unusual Whales have been hard at work uncovering the absurdities in the US economy for years. Did you know that 25% of jobs added to the US economy in the last two years were government jobs? Now you know.

According to Apollo, that number is up from 5% in 2021 and 7% in 2022.

The United States has become dependent on the government. The government is responsible for blowing out the US debt because we have zero discipline when it comes to spending.

We don’t have a revenue problem, we have a spending problem. Both political parties are responsible for this mess. And nothing is going to change unless the Department of Government Efficiency is successful and politicians realize there are consequences for a lack of fiscal discipline.

But I wouldn’t hold my breath.

Out-of-control government spending makes a lot more sense once you understand that most government spending is a legal way to convince people to vote for a certain politician. Show me the incentive and I'll show you the outcome.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

This Public Company Wants To Buy More Bitcoin

Eric Semler is the Chairman of Semler Scientific, Founder of TCS Capital Management, and serves on the board of Fundstrat Global Advisors. This conversation was recorded at Bitcoin Investor Week in New York.

In this conversation we talk about why Semler Scientific put bitcoin on the balance sheet, feedback from customers and shareholders, challenges, thinking through leverage percentage, potential market reaction if companies start to sell bitcoin, and more.

Enjoy!

Podcast Sponsors

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

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

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* 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.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* 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 - 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