The Pomp Letter

To investors,

Franklin Templeton is considering a big push into the altcoin market. This is the latest development for large financial institutions based on reporting from Yueqi Yang at The Information.

This fund would be targeted at institutional capital with a focus on crypto exposure outside of bitcoin and ether. While that may sound like a high-risk strategy, it actually is a natural progression for an asset manager.

Investors are looking for returns. They want to risk capital and watch their money grow into more money. This is the essence of investing.

Capital allocators have a lot of options of where to put their money. Stocks. Bonds. Currencies. Real estate. Commodities. Crypto. The list goes on and on.

But crypto appears to provide more risk than most asset classes, which in turn means that a higher potential return is present. You get paid for the risk you take. At least that is the way a market should work.

Now here is the part that may seem counterintuitive — Wall Street loves risk.

Many people believe the suits are risk-adverse. They aren’t smart. Wall Street doesn’t know what is going on. But that is wrong.

Wall Street has created the greatest casino in history. Every day trillions of dollars are wagered in the market based on risk-reward. The more risk that is present, the more someone on Wall Street will seek out the opportunity.

Just look at zero-day options. They now make up more than 50% of all option trading.

Bet what you think will happen to the market by the end of the day. This is akin to gambling.

This brings me to the altcoin market.

Some of the assets will have long-term value. Many of them won’t. It doesn’t really matter though. Investors on Wall Street are no different than the crypto degens.

They all want to find risk and volatility. The long-term value of an asset is much less important compared to the short-term opportunity.

This approach violates everything you have learned about traditional investing principles. Yet this is the current state of financial markets. Wall Street investors are going to flock to the altcoin market the same way they have flocked to zero-day options.

If an asset moves, Wall Street will be there. If an asset moves a lot, Wall Street will be there with size.

Franklin Templeton understands this. They wouldn’t be contemplating this fund unless they felt there was significant demand for the strategy.

Right now the fund would be a private fund. Eventually we will see public funds that give altcoin exposure inside the United States. You may not like it. You may disagree with the investment case for buying these assets. But the market is the referee and it is telling you that altcoins are coming to Wall Street.

Hope you have a great end to your week. I’ll talk to everyone on Monday.

-Anthony Pompliano

Matthew Sigel is the Head of Digital Assets Research and Portfolio Manager at VanEck.

In this conversation, we talk about bitcoin, ethereum, miners, global adoption, regulation, conversations VanEck is having with their clients, where opportunities exist, and how crypto and politics are intersecting with each other.

Listen on iTunes: Click here

Listen on Spotify: Click here

VanEck’s Matthew Sigel Explains What The $100 Billion Asset Manager Is Doing In Crypto

Podcast Sponsors

* Meanwhile is the world’s first licensed and regulated life insurance company built for the Bitcoin economy. 

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA. Open and fund an account today to receive a $100 USD funding bonus.

* Supra - Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains.

* BetOnline -  Use crypto to bet on sports, casino games, horse racing, poker and more with promo code POMP100.

* Espresso Displays - The world's thinnest touchscreen portable monitor. Expand your workspace and work from anywhere.

* CrossFi is the Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted.

* ResiClub - Your data-driven gateway to the US housing market.

* Opening Bell Daily - Get the 5-minute newsletter that Wall Street reads.

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,

Robinhood announced this morning they are buying crypto exchange Bitstamp for $200 million. This consolidation in the exchange space is a continuation of what I wrote to this group last week. As a reminder, the big traditional exchanges want to get in the crypto game.

Here is an excerpt from that letter:

“Yesterday, the NYSE President stated the following at the Consensus conference in Austin, Texas:

“If there was clear regulatory guidance [in the U.S.], it would be an opportunity to look at…The fact that you've seen $58 billion or so come to the ETFs has been a strong sign that the market is looking for regulation in traditional structures. So, hopefully, the [U.S. Securities and Exchange Commission] saw the inflows and said, 'Hey, this makes a lot of sense,' considering bitcoin ETFs have been a tremendous success.”

If you don’t think the major stock exchanges want in on the action, you are severely mistaken.

Coindesk’s Krisztian Sandor pointed out:

“NYSE's U.S.-based rival, the Chicago Mercantile Exchange (CME), a giant in regulated crypto futures trading, is planning to launch spot crypto trading to clients, the Financial Times reported earlier this month.”

This is one of the last giants to slay for the crypto industry. If the legacy exchanges allow for spot trading of these assets, there will be an incredible increase in the capital that flows into the industry.”

These traditional exchanges are trying to find areas for expansion, but it doesn’t come without risk. Earlier this week the Texas Stock Exchange was announced, which wants to compete directly with the NYSE and Nasdaq. The New York Times’ Joe Rennison wrote:

“A start-up stock exchange headquartered in Dallas and backed by the financial powerhouses BlackRock and Citadel Securities is set to challenge the dominance of the New York Stock Exchange and Nasdaq in the listing and trading of companies and funds.

The Texas Stock Exchange, or TXSE, has raised roughly $120 million from more than two dozen investors, including BlackRock and Citadel Securities as well as some unnamed business leaders, according to a statement on Wednesday.”

So the legacy exchanges want to compete in the crypto sector. Startup stock exchanges want to steal market share from the traditional exchanges. The crypto exchanges, such as Coinbase, want to start stealing market share from the traditional markets. And companies like Robinhood or Public.com want a piece of the trading landscape as well, regardless of the asset class.

So why is Robinhood buying Bitstamp? According to Paige Smith at Bloomberg:

“The Bitstamp acquisition provides the Menlo Park, California-based company a greater presence outside of the US, as well as a boost to the firm’s crypto capabilities, which have bolstered Robinhood’s earnings. Bitstamp has licenses and registrations in European Union countries including Italy, Spain, the Netherlands and France, according to its website.

The EU’s first unified crypto legislation, called Markets in Crypto Assets, takes effect in January and license holders in member states will then have until July 2026 to obtain full MiCA permits. They can operate with existing licenses until then under a so-called “grandfathering clause.””

The exchange wars are upon us. We have already seen major startup players like FTX and Binance run into issues that derailed their plans. But there are still plenty of startup exchanges, both in the traditional market and the crypto market, which are gunning for their share of the ever-growing financial market.

Here are my predictions for what is going to happen:

* The legacy exchanges are going to rapidly add crypto assets

* The crypto exchanges are going to start adding traditional assets in this bull market

* We will call them all “exchanges” instead of traditional vs crypto

* The big players will start buying up the smaller players in an industry-wide consolidation / arms race

* The startup stock exchanges will struggle to compete with the incumbents, but there is a real chance of disruption from the current crypto exchanges — they have a differentiated product and momentum

* Investors won’t have loyalty to any exchange outside of where liquidity and best pricing exists

I am fascinated by what is happening in the exchange landscape. It will have significant impact on the future, especially if an exchange outside of NYSE and Nasdaq can dominate in stocks and crypto. Although Coinbase is the leader in crypto, Robinhood may have the best position given their mindshare, along with the penetration across assets.

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

-Anthony Pompliano

Matthew Sigel is the Head of Digital Assets Research and Portfolio Manager at VanEck.

In this conversation, we talk about bitcoin, ethereum, miners, global adoption, regulation, conversations VanEck is having with their clients, where opportunities exist, and how crypto and politics are intersecting with each other.

Listen on iTunes: Click here

Listen on Spotify: Click here

VanEck’s Matthew Sigel Explains What The $100 Billion Asset Manager Is Doing In Crypto

Podcast Sponsors

* Meanwhile is the world’s first licensed and regulated life insurance company built for the Bitcoin economy. 

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA. Open and fund an account today to receive a $100 USD funding bonus.

* Supra - Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains.

* BetOnline -  Use crypto to bet on sports, casino games, horse racing, poker and more with promo code POMP100.

* Espresso Displays - The world's thinnest touchscreen portable monitor. Expand your workspace and work from anywhere.

* CrossFi is the Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted.

* ResiClub - Your data-driven gateway to the US housing market.

* Opening Bell Daily - Get the 5-minute newsletter that Wall Street reads.

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 has been lulling the market to sleep in recent weeks. However, as the digital currency continues to trade sideways, the ETFs are quietly accumulating more assets.

Bloomberg’s Eric Balchunas pointed out this morning:

“The bitcoin ETFs on a 15-day inflow streak, pulled in $2.4b in the past month (only two ETFs have taken in more $SPY & $VOO). YTD net +$14b. The ability to bounce back w/ renewed interest after a couple nasty selloffs is rare for hot sauce type strategies. Shows staying power.”

It is hard to decipher a difference between retail and institutional flows in these ETFs, but capital is flowing regardless of who is putting money to work. This capital doesn’t care about the price of the asset. It continues to flow in an attempt to gain price exposure to one of the best performing assets in history.

Last week I attended the Consensus Conference in Austin, Texas. One of the big takeaways was how certain the institutional world has become when thinking about bitcoin.

This certainty has nuance to it. Institutions have not reached consensus on what bitcoin will become — there is wide disagreement on how to value bitcoin, along with various price targets that people have thrown out to the public.

Instead, institutions are building certainty around bitcoin’s survival. They have developed confidence in the downside protection of allocating to bitcoin. This confidence changes market behavior.

Long-term thinking is derived from confidence and conviction. Without those, insecurity drives impatience.

Bitcoin is antithetical to impatience. You can see this quantitatively in the fact that majority of the bitcoin in circulation has not moved in over two years. It didn’t matter that the price dropped 80% or that the asset rebounded back to all-time highs.

Most bitcoin holders aren’t selling.

Combine this newfound certainty and conviction from institutions with their existing trend of passive investing and you can see how persistent capital in-flows are likely the name of the game for years to come.

At the same time that the existing institutional leadership is building their certainty and conviction, there is a rising demographic of young people in these institutions who are poised to take up the cause as they ascend into leadership positions.

An interesting way to think about this is how Bitcoin Magazine’s David Bailey explains it:

“The Bitcoin nation is stronger than anyone realizes. We share a common ideology, economic incentives, and vision (more or less). We wear no uniform. We've infiltrated every institution, every country, every social network. Aristocrats + working class alike. We can not be stopped.”

That view of the current bitcoin holder base almost sounds too good to be true. But I am constantly surprised at how many people I meet who hold bitcoin and don’t work in the industry.

This weekend I was at a dance recital for my daughter and a guy came up to me. He works at Apollo, but is a big bitcoin believer. Last week at the conference I met people from almost every continent, and from many different industries, who were all interested in seeing the Bitcoin vision come to fruition.

Some of the individuals will eventually sit in positions of influence and power. They will run the large financial firms. They will become our political leaders. They will create the next generation of world-changing companies.

A true decentralized network of people all working towards a common cause. This is what capitalism looks like. This is how economic incentives work. What a beautiful thing to see.

And this is why the ETFs will continue to see persistent in-flows over the long-term.

Bitcoin is an idea whose time has come. Have a great day. I’ll talk to everyone tomorrow.

-Anthony Pompliano

Peter McCormack is the Chairman of Real Bedford, and the host of “What Bitcoin Did” podcast.

In this conversation, we talk Peter buying Real Bedford men’s team and plugging it into the bitcoin network, his plan to make the Premier League, raising capital, sponsors, merchandise, treasury management, bitcoin market cycles, women’s team, opening a bar, building a stadium, investing in the community of Bedford, and potential risks.

Listen on iTunes: Click here

Listen on Spotify: Click here

Peter McCormack’s Football Plans & How Bitcoin Saved Them

Podcast Sponsors

* Meanwhile is the world’s first licensed and regulated life insurance company built for the Bitcoin economy. 

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA. Open and fund an account today to receive a $100 USD funding bonus.

* Supra - Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains.

* BetOnline -  Use crypto to bet on sports, casino games, horse racing, poker and more with promo code POMP100.

* Espresso Displays - The world's thinnest touchscreen portable monitor. Expand your workspace and work from anywhere.

* CrossFi is the Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted.

* ResiClub - Your data-driven gateway to the US housing market.

* Opening Bell Daily - Get the 5-minute newsletter that Wall Street reads.

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 has been trading sideways for a number of weeks. This follows the euphoria from the bitcoin spot ETF approvals, along with the market-wide exhale post-halving.

As I previously shared with you all, bitcoin historically has not performed exceptionally well following the halving, so this is not necessarily an unexpected outcome.

But now there is a new narrative forming — is bitcoin ready to break out?

Twitter user TechDev_52, an entrepreneur and crypto analyst, shared some interesting charts over the weekend. First, we may be seeing a bitcoin breakout compared to M1 money supply. TechDev_52 writes:

“You're looking at the first breakout of Bitcoin against M1 money supply since March 2017 when it went historically parabolic for 9 months. Comparisons and trend projections involving 2021 may end up dramatically underestimating things. One interpretation: In 2021 Bitcoin was carried to new USD highs by increased money supply. In 2024 it’s gotten there on its own demand (and thus broke out against M1). Add the anticipated M1 growth this time and we likely see Bitcoin outpace expectations based in part on 2021.”

Next, the analyst points out “Bitcoin has only seen blow-off tops after breakouts against M1 money supply. And the longer its consolidated, the longer its run. This breakout follows the longest consolidation yet.”

Lastly, the analyst writes “Historic move imminent. Bitcoin’s 5-day bullish compression has reached its highest level in 8 years.”

Seems bullish, right? Maybe.

This analyst has a strong argument looking at bitcoin, the historical price performance, and M1 money supply. If you are unfamiliar with the insane M1 money supply growth over the last four years, here is a refresher:

But bitcoin seems to be overpowering the recent contraction in money supply. The asset has appreciated more than 50% year-to-date and we can see that each ETF is now seeing multiple day streaks of net-inflows.

It is impossible to predict whether bitcoin is going to break out at any given moment. However, it is very easy to see the structural tailwind at play for bitcoin.

The government is going to continue debasing the dollar. Wall Street will keep buying more bitcoin. Retail is not going to sell the bitcoin they already hold.

Illiquid supply. Increasing demand. Debasing currency denominating the asset.

The long-term perspective remains just as bullish as ever. Don’t get lulled to sleep. Don’t take your foot of the gas. Too many early bitcoin/crypto investors I know are celebrating being “right,” instead of realizing that we are in the early days of a systemic change in financial markets.

The best investors in the world press their winners. If you think bitcoin is a winner, and you start celebrating before you cross the end zone, things may not end as well as they could have otherwise.

Just ask the Cowboy’s Leon Lett what happens when you celebrate too early:

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

-Anthony Pompliano

Reader Note: Today is a free email available to everyone. If you would like to receive these letters each morning, please subscribe to become a paying member of The Pomp Letter by clicking here.

Peter McCormack is the Chairman of Real Bedford, and the host of “What Bitcoin Did” podcast.

In this conversation, we talk Peter buying Real Bedford men’s team and plugging it into the bitcoin network, his plan to make the Premier League, raising capital, sponsors, merchandise, treasury management, bitcoin market cycles, women’s team, opening a bar, building a stadium, investing in the community of Bedford, and potential risks.

Listen on iTunes: Click here

Listen on Spotify: Click here

Peter McCormack’s Football Plans & How Bitcoin Saved Them

Podcast Sponsors

* Meanwhile is the world’s first licensed and regulated life insurance company built for the Bitcoin economy. 

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA. Open and fund an account today to receive a $100 USD funding bonus.

* Supra - Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains.

* BetOnline -  Use crypto to bet on sports, casino games, horse racing, poker and more with promo code POMP100.

* Espresso Displays - The world's thinnest touchscreen portable monitor. Expand your workspace and work from anywhere.

* CrossFi is the Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted.

* ResiClub - Your data-driven gateway to the US housing market.

* Opening Bell Daily - Get the 5-minute newsletter that Wall Street reads.

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 2024!

Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. 

Don’t miss Bitcoin: We Are So Back, where Anthony Pompliano will discuss what the next bull market will look like, how it will differ from previous run-ups and the broad macro investment thesis for bitcoin and crypto more broadly.

Consensus has tailored programming for Bitcoin maxis and multi-chain mavericks alike, covering everything from post-halving strategies to mining and more. 

Plus, you absolutely won’t want to miss the epic BTC (Nic Carter) vs ETH (David Hoffman) battle at Karate Combat.

That’s just a taste of what's to come at crypto’s only big-tent event. Join Consensus in Austin alongside 15,000+ investors, founders, brands and more to take in all that blockchain has to offer. Get your pass today and use code POMP to save 20%.

Can’t make it to Austin for Consensus 2024? Livestream from wherever you are with the Virtual Pass for $79. Available here.

To investors,

Another public company announced this morning that they are adopting bitcoin as their treasury reserve asset. Here is the opening of their press release:

“Semler Scientific, Inc. (Nasdaq: SMLR), a pioneer in developing and marketing technology products and services to healthcare providers to combat chronic diseases, announced today that its board of directors has adopted bitcoin as its primary treasury reserve asset. In addition, Semler Scientific announced that it has purchased 581 bitcoins for an aggregate amount of $40 million, inclusive of fees and expenses.”

Why would they do this? According to the Chairman of the company:

“Our bitcoin treasury strategy and purchase of bitcoin underscore our belief that bitcoin is a reliable store of value and a compelling investment. Bitcoin is now a major asset class with more than $1 trillion of market value. We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability. We also believe its digital, architectural resilience makes it preferable to gold, which has a market value of approximately 10 times that of bitcoin. Given the gap in value between gold and bitcoin, we believe that bitcoin has the potential to generate outsize returns as it gains increasing acceptance as digital gold.

Furthermore, we are energized by the growing global acceptance and 'institutionalization' of bitcoin -- reflected most recently by the Securities and Exchange Commission's January 2024 approval of 11 bitcoin exchange-traded funds. These funds have reported more than $13 billion of net inflows, with investments from nearly 1,000 institutions, including global banks, pensions, endowments and registered investment advisors. It is estimated that more than 10% of all bitcoins are now held by institutions.”

The Semler Scientific announcement comes on the same day that Metaplanet, a Japan-based company pursuing the Microstrategy bitcoin playbook, announced they received board approval to purchase more bitcoin for their balance sheet.

When one company does something, it is a dot. When two do something, it is a line. When three companies do something, it is a trend.

There are at least five publicly-traded non-crypto companies that I know of that are using bitcoin as a treasury asset. This is on top of the many crypto-related companies that are also holding bitcoin on their balance sheet.

I don’t anticipate that every company is going to put bitcoin on their balance sheet. But I do think we will see many more companies pursue the strategy in the coming months. Bitcoin has shown itself to be a superior asset to store value long-term.

The institutional adoption, coupled with the recent regulatory approval, is only going to green light even more executives to consider this option.

Bitcoin is the only asset in the world where retail investors were able to front-run the institutions and corporations. But the corporations are not going to watch this pass them by. Capitalism is an incredible system of incentives, so we know the outcome of actions by simply looking at the incentives that bitcoin provides — protect your hard-earned economic value over the long-term regardless of what the fiat currency debasement rate is.

There may be no greater pitch to corporate America. While everyone thought bitcoin was going to be a high-risk asset, it turned out to be the risk-mitigation tool for the suits.

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

-Anthony Pompliano

Reader Note: Today is a free email available to everyone. If you would like to receive these letters each morning, please subscribe to become a paying member of The Pomp Letter by clicking here.

Jack Mallers is the Founder & CEO of Strike.

In this conversation, we talk about the macro environment, the edge case, use case, investment case for bitcoin, bitcoin vs shitcoins, politics, regulation, and why he believes Wall Street will capitulate and all become bitcoiners.

Listen on iTunes: Click here

Listen on Spotify: Click here

Strike CEO Jack Mallers on Bitcoin, Macro Environment, and Altcoins

Podcast Sponsors

* Consensus is the largest event dedicated to all sides of crypto, blockchain and Web3. Use code POMP to get 20% off your pass and join me in Austin this May 29th-31st

* Meanwhile is the world’s first licensed and regulated life insurance company built for the Bitcoin economy. 

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA.

* Supra - Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains.

* Propy - Now, anyone can start their on-chain journey by minting home addresses via PropyKeys and staking them for profit until they are ready to sell their home. 

* BetOnline -  Use crypto to bet on sports, casino games, horse racing, poker and more with promo code POMP100.

* Espresso Displays - The world's thinnest touchscreen portable monitor. Expand your workspace and work from anywhere.

* ResiClub - Your data-driven gateway to the US housing market.

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 SEC approved important rule changes for various traditional exchanges yesterday which will allow them to list spot Ether ETFs in the near future. This is another step towards Wall Street allocating to the second largest crypto asset in the world.

It is important to call out that the actual ETF applications from various issuers have not yet been approved, but it is now obvious that the SEC is going to allow the Ether ETFs to be traded. That is the most important part.

Given that the exchange rule changes have been approved, but the individual funds have not yet been approved, there are some interesting nuances that have been introduced.

First, prediction markets are causing some controversy between their users. Polymarket had a prediction market for the approval of the Ether ETF. When the SEC approved the rule changes, people who had bet that the SEC would approve the ETF funds began celebrating. But the people who had bet against the ETF approval claimed that the rule changes were not a technical approval of the ETFs themselves.

I tend to agree with the people arguing that the actual ETFs have not technically been approved, yet the spirit of the prediction market is obvious that people were betting on a broader yes/no from the SEC. Regardless of my thoughts, Polymarket has ruled that the recent developments from the SEC is enough to give the “yes” bettors the victory. You can see the odds change on this chart and then read the clarification provided by Polymarket below.

The second controversy that has been spun up is whether the SEC should approve all eight ETF applications simultaneously or if they should approve the applications in the order that they were filed. Historically, the SEC has created an unspoken rule of “first application in, first application approved.”

This changed recently when the SEC approved all spot bitcoin ETFs at the same time. In my opinion, the approval of so many applications simultaneously creates a more free market, which means that the market is ultimately the referee on where capital will flow.

With this said, it is not lost on me that the incentive for people to file for ETFs early is that they could be listed first. Incentives are essential to capital markets, so this situation is not as clear as simply saying “make it fair!”

Matthew Sigel, VanEck’s Head of Digital Asset Research, said the following:

“The SEC has long followed a first-come, first-served approach when it comes to approving financial products, including ETFs. This method is seen as fair and predictable, allowing issuers to plan their product launches based on a clear understanding of the regulatory timeline, and incentivizing innovation by letting risk-takers potentially profit.

Any break this in longstanding precedent not properly communicated to the market undermines the first-mover advantage and competitive fairness, and possibly conflicts with existing rules and laws such as the Administrative Procedure Act (APA), which governs the process by which federal agencies develop and issue regulations. The APA requires that the process be fair and transparent.

Why is this a big deal?

It creates an uneven playing field for issuers who filed earlier and had to wait longer. Those who filed months ago had to keep their applications updated and compliant for a longer period, incurring more costs and legal fees compared to later filers.

It sets a concerning precedent of the SEC appearing to make ad-hoc decisions based on external factors rather than following established procedures.

Filing FIRST used to mean something, but now it seems the US government is keen to pick winners at an unprecedented scale. Property rights cannot exist without a clear order. A queue may seem but a small act of respect, but it upholds a much larger principle of equity and innovation. Respect the queue, and you respect ownership itself.

We filed first, we should list first.”

Regardless of who is listed first, it is clear that the Ether ETFs are inbound. I’ll be watching to see how much attention and capital flows they receive. My guess is that we won’t see anything close to the Bitcoin spot ETF inflows, but I was surprised by how large and fast capital came into those funds. Hopefully I don’t make the same mistake twice here.

Have a great Memorial Day weekend. I’ll talk to everyone on Tuesday.

-Anthony Pompliano

Jack Mallers is the Founder & CEO of Strike.

In this conversation, we talk about the macro environment, the edge case, use case, investment case for bitcoin, bitcoin vs shitcoins, politics, regulation, and why he believes Wall Street will capitulate and all become bitcoiners.

Listen on iTunes: Click here

Listen on Spotify: Click here

Strike CEO Jack Mallers on Bitcoin, Macro Environment, and Altcoins

Podcast Sponsors

* Consensus is the largest event dedicated to all sides of crypto, blockchain and Web3. Use code POMP to get 20% off your pass and join me in Austin this May 29th-31st

* Meanwhile is the world’s first licensed and regulated life insurance company built for the Bitcoin economy. 

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA.

* Supra - Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains.

* Propy - Now, anyone can start their on-chain journey by minting home addresses via PropyKeys and staking them for profit until they are ready to sell their home. 

* BetOnline -  Use crypto to bet on sports, casino games, horse racing, poker and more with promo code POMP100.

* Espresso Displays - The world's thinnest touchscreen portable monitor. Expand your workspace and work from anywhere.

* ResiClub - Your data-driven gateway to the US housing market.

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 recent 180-degree change in the Democratic party related to crypto may have global repercussions. As I wrote to you yesterday, there has been a noticeable shift in the way politicians, especially Democrats, are treating the crypto industry.

The Ether ETFs continue to increase their odds of approval. The DTCC listed VanEck’s Ether ETF ticker yesterday, which confirms the acceleration of progress on these applications.

This was believed to be a 0% chance of approval on Monday morning, but the consensus by Monday night was that approval was more likely than not.

Additionally, President Trump is now accepting cryptocurrency donations for his campaign. This was a promise he made about two weeks ago during the event at Mar-a-Lago with various cryptocurrency proponents.

This is putting immense pressure on the Biden administration. As the Blockchain Association’s Dan Spuller pointed out, compare these two messages sent out by the campaigns on the same day:

It is pretty clear that crypto is now a campaign issue that politicians are going to have to continue to address.

So what happens if both political parties are forced to support crypto?

That would obviously be positive for prices and adoption in the United States. It would also stop the leaking of innovation internationally by crypto builders who have been leaving the US to seek friendly jurisdictions. And it would cement US capital markets as the leader on the global stage for the foreseeable future.

But those are simple things to conclude. The most interesting thing to me is whether we could see a global domino effect.

At the moment, according to Perplexity, here are the countries that have banned bitcoin or cryptocurrencies:

* Algeria - Banned the use, buying, selling, and holding of cryptocurrencies in 2018.

* Bangladesh - Banned crypto transactions and possession, with penalties of up to 12 years in prison under money laundering laws.

* Bolivia - Imposed a complete ban on cryptocurrencies in 2014.

* China - Banned crypto mining, trading, and usage in 2021, citing volatility and lack of central control.

* Colombia - Advised financial institutions against facilitating Bitcoin transactions in 2014.

* Egypt - Declared Bitcoin transactions "haram" or prohibited under Islamic law in 2018.

* Iraq - The central bank prohibited use of cryptocurrencies in 2017, and a regional government confirmed the ban in 2021.

* Kosovo - Banned crypto mining in 2022 due to energy shortages, but not trading or holding.

* Mexico - Announced a ban on cryptocurrencies in 2021, stating they are not legal tender.

* Morocco - The central bank has made crypto transactions subject to penalties and fines.

* Nepal - Declared Bitcoin illegal in 2017.

* North Macedonia - The only European country with an official ban on cryptocurrencies.

* Qatar - Banned all crypto-related services through its financial regulatory authority.

* Russia - While not fully banned, has imposed restrictions and conflicts around crypto usage.

* Turkey - Banned the use of cryptocurrencies for goods and services in 2022.

* Vietnam - Banned the issuance, supply, and use of cryptocurrencies as means of payment in 2017.

Not exactly a short list.

If the United States embraces the technology, it is likely that most of these countries will have to change their position as well. This is what I mean by global dominos.

The United States dictates so much of what happens across the world and the stakes for the future of finance are incredibly high. You can see the adoption of US dollar stablecoins as a great example of how this new industry is having profound impacts on global finance, so it makes sense that the lines will be blurred and countries are going to have to embrace it.

Lastly, it is not lost on me that various politicians embracing crypto right now are doing so out of personal benefit. Most of them couldn’t care less about the technology or the future, but rather they see the industry as a way to further their goals and/or campaigns. That is perfectly fine. The world runs on incentives.

Crypto investors have long talked about the personal incentives for individuals and companies will drive global adoption. Now we are seeing it with politicians who believe they have found a new area that can lead to more fundraising and more votes.

More power to them. The rest of us will simply continue watching the global adoption of new technology that we have been predicting for years.

Beautiful sight to see.

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

-Anthony Pompliano

Noah Kerner is the CEO & Chairman of Acorns, the financial app helping everyday citizens invest with spare change.

In this conversation, we talk about building a brand, design & product decisions, why they are serving such a unique customer, surprises, and what Acorns looks like in the future.

Listen on iTunes: Click here

Listen on Spotify: Click here

Acorns CEO on Building Fintech App for the Masses

Podcast Sponsors

* Consensus is the largest event dedicated to all sides of crypto, blockchain and Web3. Use code POMP to get 20% off your pass and join me in Austin this May 29th-31st

* Meanwhile is the world’s first licensed and regulated life insurance company built for the Bitcoin economy. 

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA.

* Supra - Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains.

* Propy - Now, anyone can start their on-chain journey by minting home addresses via PropyKeys and staking them for profit until they are ready to sell their home. 

* BetOnline -  Use crypto to bet on sports, casino games, horse racing, poker and more with promo code POMP100.

* Espresso Displays - The world's thinnest touchscreen portable monitor. Expand your workspace and work from anywhere.

* ResiClub - Your data-driven gateway to the US housing market.

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 Meanwhile!

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To investors,

I was having lunch yesterday with the CEO of a large asset manager who has an Ethereum ETF application submitted. The application came up during our conversation and he told me there was a “zero percent chance” that the Ethereum ETFs would be approved right now based on what he had seen.

When I asked him why he thought that, he explained that the SEC had not been asking for comments on the applications, nor had they been engaging with the application owners in the same way they had with the Bitcoin ETF process.

This seemed reasonable to me.

But a few hours later the game changed — Bloomberg’s Eric Balchunas and James Seyffart suddenly changed their prediction of an ETH ETF approval from 25% odds to 75%. Eric wrote:

“Update: James and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See Nate's tweet below for probably order of events (but again we capping at 75% until we see more, eg filing updates).”

This is a significant development that may be hard to understand for the casual observer. Let me break down a few things.

First, President Trump held a campaign event about a week ago where he explicitly stated that he was going to be a pro-crypto candidate. Trump referenced Biden and the current administration’s abrasive stance towards the industry, while claiming that he would protect the industry so it could thrive in America.

These comments were met with skepticism by many at the time. But Trump was saying all of this with many crypto entrepreneurs, including Messari’s Ryan Selkis, standing by his side. It felt like a real-time vibe shift for the former President of the United States to clearly state that crypto would be a campaign advantage for him.

The next development was the SAB 121 repeal vote. A number of Democrats broke from party lines to vote in favor of the crypto industry. Variant Fund’s Chief Legal Officer Jake Chervinsky explained “The SAB 121 repeal vote clearly shows how crypto is a bipartisan issue in DC. Democrats aren’t a monolith opposed to crypto. Many are supporters, and more will come around over time. The best path to good crypto policy is to embrace both parties, not to pick one over the other.”

It felt like the tide was turning, but there was still a very long way to go. At lunch yesterday I shared with my friend that it felt like the Biden administration could not continue their abrasive stance towards the industry. Trump’s recent embracing of bitcoin and crypto meant that Democrats were backed into a corner — if they continued to be abrasive to crypto, they risked losing a very large percentage of a key demographic during the election.

I had no idea how important Democrats thought the crypto issue has become though.

It appears that in the last 48 hours a decision was made. No one knows who made it, but someone in a position of power and influence has decided that the Democratic party could not cede the crypto issue to Trump for the 2024 election.

There will be no pro vs anti-crypto candidate showdown in November.

You are watching both political parties actively position themselves to compete for votes from bitcoin & crypto holders. It took only 15 years for the industry to go from creation to shaping campaign policies. The ground shifted this week - the world will never be the same.

We have previously seen cities and states within the US compete for these individuals. NYC, Miami and Texas were all bragging about being the bitcoin capital of the world within the last two years. Now it is happening in national politics. The industry got too big to ignore.

A bunch of people on the internet created a $2.6 trillion industry in the face of government pressure. Imagine what happens when the government is now actively courting these individuals and companies, along with embracing the technology. The headwind becomes a tailwind quickly.

Now, to be clear, there is not a guarantee that the Ethereum ETF will be approved on this specific round of applications. The guys from Bloomberg are only at 75% confidence for a reason. But the odds definitely increased materially in the last 48 hours. The broader shift in tone and policy is becoming obvious.

Don’t celebrate yet, but this feels like the crypto industry just scored a touchdown to take the lead in the 4th quarter. Let’s just make sure we don’t blow it in the final minutes.

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

-Anthony Pompliano

Kenny DeGiglio is the Co-Founder of Dream Startup Job and Crypto Academy.

In this conversation, we discuss tips and tricks for landing a job in crypto, remote work vs in-office, US-based vs. international firms, compensation, bear vs. bull market, Dream Startup Job, an overview of Crypto Academy, and the benefits of going through the training program.

Listen on iTunes: Click here

Listen on Spotify: Click here

How To Get A Job In Bitcoin & Crypto

Podcast Sponsors

* Consensus is the largest event dedicated to all sides of crypto, blockchain and Web3. Use code POMP to get 20% off your pass and join me in Austin this May 29th-31st

* Meanwhile is the world’s first licensed and regulated life insurance company built for the Bitcoin economy. 

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA.

* Supra - Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains.

* Propy - Now, anyone can start their on-chain journey by minting home addresses via PropyKeys and staking them for profit until they are ready to sell their home. 

* BetOnline -  Use crypto to bet on sports, casino games, horse racing, poker and more with promo code POMP100.

* Espresso Displays - The world's thinnest touchscreen portable monitor. Expand your workspace and work from anywhere.

* ResiClub - Your data-driven gateway to the US housing market.

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 2024!

Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. 

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To investors,

We are headed towards a multi-polar world. This is the perspective from an 18-month old podcast called Multipolarity. The hosts Andrew Collingwood and Philip Pilkington write for various publications on topics across finance and macroeconomics, while hosting the podcast which presents itself using the following description:

“After the US retreat in Afghanistan, after the war in Ukraine, the old unipolar world is dead. 

America's imperial power is finally waning. Its rivals are rising. In trade and diplomacy, the US can no longer make all the rules all the time. 

Now, new alliances will emerge. New trade routes will open.  Countries will compete as never before.​

Multipolarity is the podcast that explores this changing reality, every week. 

New era; new rules.”

This context is important because Philip Pilkington recently put out an excellent Twitter thread on China’s continued selling of US debt. Normally when you see these opinion-laden posts, you can ignore majority of them because they were created by armchair critics.

Pilkington may or may not be right in his conclusions, but at least he has credibility in evaluating geopolitical developments. So what is Pilkington worried about?

China has been dumping US treasuries and debt at an accelerated clip, which has driven the measurement to an all-time high.

This is not necessarily concerning by itself. But China is selling this debt at the same time that they are accumulating gold for their central bank reserves.

This accumulation is still slightly below 5% of their total reserves, but that number is up more than 50% since the start of 2020. You can see an acceleration starting in the second half of 2022 in the chart above.

Again, China being a net seller of debt has happened a few times before. China buying gold and increasing the percentage of their reserves has been happening for years as well.

So what is the big deal?

This is all happening at the exact same time that interest rates in the US have been increasing, which suggests that China is selling their debt to investors looking for higher yield.

Pilkington points out this is important because it signifies a shift from a yield-insensitive buyer (China) to a yield-sensitive buyer (investment organizations). Everything is fine at the moment with this transition. Trouble will appear if the Fed starts to lower interest rates at a meaningful pace, which could happen if a recession was to hit the US economy, because these investors will start selling the debt as well.

If foreign countries won’t buy our debt, and neither will investors like pensions or endowments, then who will buy the US debt?

In a surprise development, stablecoin issuers may be the saviors that the Fed needs. I wrote to this group on December 1, 2023 in a letter titled “Are stablecoins saving the Treasury market?” the following:

“China and Japan have decreased their share of US Treasuries by approximately 68% over the last 10 years. Not a great situation.

Thankfully, at the same time that nation states have been decreasing purchases in US Treasuries, another buyer has shown up in the market. It isn’t the buyer you would expect though.

Stablecoin issuers are buying US treasuries by the handful. They have collectively become the 16th largest holder of treasuries, and as CoinFund’s Chris Perkins pointed out, hold more than Norway, South Korea, Saudi Arabia, Germany, The Netherlands, Mexico and the UAE.”

This is not just the crypto industry talking about this development either. Former Speaker Paul Ryan recently sat down with Bloomberg to promote stablecoin legislation as a way to increase demand for US Treasuries. You can watch the clip here:

Castle Island’s Nic Carter nailed the implications of Ryan’s comments with the following comments:

“First of all, he mentions stablecoins unprompted in response to a question about how Congress can deal with the debt. this is pretty interesting; the first thing he thinks of is stablecoins.

Second, he's repeating industry points verbatim, which is pretty cool. I'm pretty sure that "stables [if considered a sovereign] are the 16th largest buyer of treasuries" traces back to my Messari Mainnet talk!

Third, this is Paul Ryan, former House speaker, not some junior pro-crypto representative. The fact that someone of his stature is willing to openly say that stablecoins are a potential solution to the debt is quite remarkable and represents a considerable tonal shift.

I've noticed elite policymakers have begun to make this transition towards recognizing the validity of stablecoins and accepting that they will be part of the financial fabric of the nation.”

This brings me to my current thinking on this topic — China dropping US debt for gold is not exactly what the US wants to see. The offloading of our debt to weak-handed investors who will bail as soon as interest rates fall creates danger on the horizon. But the crypto industry may be able to save the day with growing popularity related to stablecoins. It is still too early to know for sure, but stablecoins have the best shot out of any other option we have seen to date.

Crypto critics will have their brains in a blender reading this. I come in peace. I just want to share the facts and data that I am seeing in the market :)

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

-Anthony Pompliano

Reader Note: Today is a free email available to everyone. If you would like to receive these letters each morning, please subscribe to become a paying member of The Pomp Letter by clicking here.

Kenny DeGiglio is the Co-Founder of Dream Startup Job and Crypto Academy.

In this conversation, we discuss tips and tricks for landing a job in crypto, remote work vs in-office, US-based vs. international firms, compensation, bear vs. bull market, Dream Startup Job, an overview of Crypto Academy, and the benefits of going through the training program.

Listen on iTunes: Click here

Listen on Spotify: Click here

How To Get A Job In Bitcoin & Crypto

Podcast Sponsors

* Consensus is the largest event dedicated to all sides of crypto, blockchain and Web3. Use code POMP to get 20% off your pass and join me in Austin this May 29th-31st

* Meanwhile is the world’s first licensed and regulated life insurance company built for the Bitcoin economy. 

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA.

* Supra - Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains.

* Propy - Now, anyone can start their on-chain journey by minting home addresses via PropyKeys and staking them for profit until they are ready to sell their home. 

* BetOnline -  Use crypto to bet on sports, casino games, horse racing, poker and more with promo code POMP100.

* Espresso Displays - The world's thinnest touchscreen portable monitor. Expand your workspace and work from anywhere.

* ResiClub - Your data-driven gateway to the US housing market.

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 have been filled with fear, uncertainty, and doubt in financial markets once the Fed made it clear that the anticipated interest rate cuts would not be coming as quickly or aggressively as most market participants were hoping for.

But don’t let market sentiment fool you. The good times are still rolling.

In a Wall Street Journal article this morning titled “Investors Are Striking Gold All Over,” Gregory Zuckerman and Gunjan Banerji highlight how well asset prices have performed over the last 6 months.

“The Dow Jones Industrial Average crossed the 40,000 mark for the first time Thursday amid an almost picture-perfect investing environment featuring resilient corporate profits, low unemployment and easing inflation.

Most everything is going up—established Dow stocks, faster-growing tech shares, bitcoin and other cryptocurrencies, and even gold and other precious metals. Risk-averse investors have a bounty of options, too, including certificates of deposit offering yields of about 5% and rising junk bonds and other fixed-income investments, adding to the glow.”

If you were to add bitcoin’s price to this chart, which is up more than 80% in the last 6 months, it would be the best performing asset on the list by a wide margin.

But here is what is the most interesting part to me — if you look at the Dow Industrial Average, you see that COVID and the 2022 rate hikes barely created blips in a longer trend that has seen the index surge parabolically since the Global Financial Crisis.

When you hear people talk about a “regime change” in financial markets, the data is becoming overwhelming. Investors have benefitted from one of the longest bull markets in history. The scale and speed of this is hard to comprehend until you zoom out and see the difference with any time period before 2008-2009.

While this bull market has raged on, some investors have preached about assets being overvalued. They have called for a deflating of asset prices. They have predicted doom and gloom. The story for these individuals or organizations has long been that markets are broken and eventually we will see a return to prior trends and values.

But that hasn’t happened.

Instead, asset prices have merely accelerated even faster and further, regardless of what the critics preached. Historical trends and valuations haven’t mattered nearly as much as the pessimists wanted you to believe. The best investment strategy was literally to get long and chill.

Unfortunately they don’t teach that in finance classes.

The reason I bring this up is because the pessimists have been wrong for almost 15 years now. The Dow Jones shouldn’t be at a new all-time high with interest rates over 5%, but that is exactly what has happened.

You can be right or you can make money.

Be very careful about trying to win the intellectual debates. Your portfolio doesn’t care about the number of likes you get on your social media posts. It only cares if you were correctly positioned to benefit from the structural changes that have occurred in the market.

This doesn’t mean that you should indiscriminately buy every stock or asset you hear about. Gamestop went up quite a bit in the last few days, but it has dropped 20% in the last 24 hours. The market still has some semblance of reality. Laws of supply and demand still rule the day.

When I was growing up in North Carolina, there was something called “redneck rich.” Urban dictionary defines it as “when your truck costs more than your house or owning an expensive truck for which you are too poor to buy gas.”

There are even songs about it. This one starts with “I ain’t Elon Musk, but I got a quarter-inch socket trying to make a rocket out of this truck.”

I feel like markets are becoming redneck rich. The average American is struggling to pay increasing home and food prices, but the $500 they put in their Robinhood account continues to grow in value.

The sophisticated math geeks on Wall Street keep saying their models predict a big crash right around the corner, yet the everyday person keeps buying a few stocks and watching them go up.

Redneck rich is all about having money to get the things you find important. Maybe the equivalent in financial markets is being able to have a small enough brain where you don’t need models — you just get long and chill.

That is my new strategy. Be redneck rich in markets. Don’t overthink it. Don’t fight the trend. Just let the Fed and politicians debase the currency and increase asset prices over time. They will make you rich, regardless of whether you are a redneck or not :)

Hope you all have a great end to your week. I’ll talk to everyone on Monday.

-Anthony Pompliano

Kenny DeGiglio is the Co-Founder of Dream Startup Job and Crypto Academy.

In this conversation, we discuss tips and tricks for landing a job in crypto, remote work vs in-office, US-based vs. international firms, compensation, bear vs. bull market, Dream Startup Job, an overview of Crypto Academy, and the benefits of going through the training program.

Listen on iTunes: Click here

Listen on Spotify: Click here

How To Get A Job In Bitcoin & Crypto

Podcast Sponsors

* Consensus is the largest event dedicated to all sides of crypto, blockchain and Web3. Use code POMP to get 20% off your pass and join me in Austin this May 29th-31st

* Meanwhile is the world’s first licensed and regulated life insurance company built for the Bitcoin economy. 

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA.

* Supra - Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains.

* Propy - Now, anyone can start their on-chain journey by minting home addresses via PropyKeys and staking them for profit until they are ready to sell their home. 

* BetOnline -  Use crypto to bet on sports, casino games, horse racing, poker and more with promo code POMP100.

* Espresso Displays - The world's thinnest touchscreen portable monitor. Expand your workspace and work from anywhere.

* ResiClub - Your data-driven gateway to the US housing market.

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