The Pomp Letter

Today’s letter is brought to you by MoonPay!

Join over 30 million users who trust MoonPay as their universal crypto account.

We make it easy to buy and sell crypto in over 180 countries, with no-to-low fees and all your favourite payment methods like Venmo, PayPal, Apple Pay, card and more.

MoonPay is the only account you need in the DeFi ecosystem. Trade, stake and build your portfolio all in one place.

Start now and get zero MoonPay fees* on your first transaction.

To investors,

It is time for bitcoin to shine. That is my conclusion after doing a deep-dive over the weekend on the digital asset’s fundamentals and the current financial environment. How high could bitcoin go in the next 8-12 weeks? That is anyone’s guess, but I think people have been lulled to sleep for long enough.

The fireworks can now commence.

Let’s dig into some of the data. First, James Lavish says “if you say you don’t believe in Bitcoin, you might as well say you don’t believe in inflation.”

Although bitcoin tracked CPI directionally before 2023, the chart visually provides a lot of noise. But starting around 2023, bitcoin and CPI have been married at the hip. This tight correlation suggests investors are using bitcoin as an inflation-hedge asset.

JPMorgan analysts are now calling bitcoin and gold the “debasement trade.” They write:

“The bank defines it as a trade that ‘reflects a combination of factors, which in our client conversations range from elevated geopolitical and policy uncertainty, to uncertainty about the longer-term inflation backdrop, to concerns about ‘debt debasement’ due to persistently high government deficits across major economies, to concerns about Fed independence, to waning confidence in fiat currencies in certain emerging markets in particular, and to broader diversification away from the US dollar.”

This makes sense, right? Investors are scared that governments around the world have created too much debt, therefore nation states and central banks have to debase their currency in order to avoid default. Holding dollars will be a losing strategy in this scenario.

Creative Planning’s Charlie Bilello highlights that “Gold (+48%) and Bitcoin (+31%) are the top performing major assets so far in 2025. We’ve never seen these two in the #1 and #2 spots for any calendar year.”

Many people will argue that past performance does not indicate future performance. That is true, but the structural trends globally are suggesting bitcoin and gold are both going higher.

Forward Guidance’s Felix Jauvin writes “every country is pivoting to running it hot. We’re gonna run as wide of deficits as possible to try and outgrow the debt. Central banks are giving up on inflation and fiscal dominance is arriving. Nominal assets will do well, debasement hedges will do even better. The world of 2010-2020 is no longer. Reset your priors. Let’s f**king go.”

None of this is new if you have been paying attention online for the last decade. Bitcoiners, and their predecessor gold bugs, have been yelling about the currency debasement problem for years. But the difference today is you have major financial institutions lending their credibility to the thesis.

Take Morgan Stanley as another example. Ash Crypto writes:

“$1.3 Trillion Morgan Stanley Global Investment Committee recommends allocating 2–4% of client portfolios to crypto and says Bitcoin is a scarce asset, comparable to digital gold.”

BTC Archive also points out that “Morgan Stanley says it will “support” its 16,000 Financial Advisors managing $2 TRILLION if they wish to allocate to Bitcoin and crypto.”

So what should you take away from the traditional firms embracing bitcoin? The big guys understand the “debasement trade” is not going away. Why? Vijay Boyapati explained it well when he wrote “in the global family of financial assets the two closest siblings are now sending the same message: global debasement has reached the point of no return.”

The point of no return. That may sound like hyperbole to some of you, but I don’t think it is far from the truth. An entire generation of investors are realizing a large portion of financial returns in the market are merely debasement of the currency. If that is a major driving force of returns, it calls into question everything you were taught about investing from the old world.

Opening Bell’s Phil Rosen highlighted a great example of this by denominating the S&P 500 in bitcoin, rather than in dollars.

The S&P is up over 100% since 2020 when denominated in dollars. That is great, right? Not so fast. The same index is down nearly 90% in the same timeline when you denominate it in a finite, sound money asset like bitcoin. Simply, your frame of reference really matters.

So as I have been saying for awhile now, bitcoin is the hurdle rate. If you can’t beat it, you have to buy it. And I think the next 12 weeks are going to be very fun for bitcoin holders.

Interest rates are coming down. Currency debasement is accelerating. The institutional world is embracing the debasement trade. Bitcoin ETFs are seeing record inflows. Retail sentiment is growing as investors buy into the “Q4 is good for bitcoin” narrative. And M2 money supply is expanding rapidly.

Gold has run up more than 50% this year. Now it is bitcoin’s turn. Hold on to your coins because things are about to get crazy.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Is The Purest AI Trade Says 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 why bitcoin is the purest AI trade available in the market, energy infrastructure, what is going on with the government shutdown, how interest rates, the Fed, the economy are all intertwined, and why prediction markets and tokenization are two big themes moving forward.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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

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

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

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

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

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

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

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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 shut down earlier this week and market commentators predicted excruciating pain in financial markets. The exact opposite has happened though. Adam Kobeissi points out the market bottomed at the exact moment the government officially shut down.

This is a classic example of the rumor being much more important than the actual news. Additionally, the market is essentially calling the government’s bluff. No one believes the government will stay closed and everyone sees this situation for the performative drama that it is.

A big reason the market has shrugged off the shutdown news is because there is so much momentum across public markets. Steve Deppe writes:

“The S&P 500 ended September on a 5-month winning streak & with a new all-time high monthly close. [This is the] 21st time since 1950. The index has then never closed lower 8 months out. This guarantees nothing, other than mute anyone saying the last 5 months are a sign of impending doom.”

This significant momentum is being driven by AI-related stocks. JPMorgan’s Michael Cembalest explains “AI related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November 2022.”

There is no other way to say it — we are living through an AI revolution and public market investors are big winners because of it.

But not everyone is thrilled about the recent developments in the market. Shanaka Perera believes something bigger is happening in the market. He claims “markets ripping higher into a shutdown isn’t strength … it’s proof the S&P 500 no longer trades on fundamentals. Liquidity, passive flows, and option mechanics have replaced cash flow and earnings. This isn’t history being made, it’s price discovery being euthanized.”

Famed investor Leon Cooperman went on CNBC yesterday and he was even more blunt about his reservations. Cooperman literally recited a Buffett quote from 1999, which said:

“Once a bull market gets under way, and once you reach the point where everybody has made money no matter what system he or she followed, a crowd is attracted into the game that is responding not to interest rates and profits but simply to the fact that it seems a mistake to be out of stocks.”

This concern from Leon is rooted in the famous “Buffett Indicator” that measures total market cap of public equities against GDP. This measurement is at an all-time high right now, which has people nervous.

But I think the concern is overblown. Could stocks correct from their current valuations? Sure. But the technology innovation related to artificial intelligence is very real and the impact is likely to play out over the next decade or so. Companies are producing more profits with less employees. New companies are being built at breathtaking speed, including revenue numbers in the first few months that were previously thought impossible.

So this begs the question of what an investor’s timeline is for a given investment. If you are worried about capturing profits in the next few days, weeks, or months, you have a lot more work to do than the investor who is looking to buy great assets and hold them forever.

Speaking of great assets, we have discussed gold’s recent rise at length. It appears large banks are beginning to expand their enthusiasm to bitcoin in addition to the gold propaganda they have been spreading in recent weeks.

This morning VanEck’s Matthew Sigel called out recent commentary from JPMorgan, which compared bitcoin and gold. The bank wrote:

“The steep rise in the gold price over the past month has made bitcoin more attractive to investors relative to gold…the market cap of bitcoin at $2.3 trillion currently would have to rise by close to 42% (implying a theoretical bitcoin price of $165k), to match on a vol-adjusted basis the around $6 trillion of total private sector investment in gold via ETFs or bars and coins... ...This mechanical exercise thus could imply significant upside for bitcoin.”

As my friend PEOperator said, “amazing how they’ve changed their tune.”

Stocks, bitcoin, and gold. They are all doing well in 2025. Each asset has surged higher in response to the US government shut down. And I am willing to bet that each of these three assets will be higher in the coming years.

The doomsday predictors are not only wrong, they are cherry-picking data to tell a story that scares people out of the market. Quite literally, nothing could be more destructive to wealth than selling your financial assets to hold US dollars or treasuries.

Things in motion tend to stay in motion. And financial assets have a lot of momentum right now. If you want to try calling a market top, be my guest. Just make sure you don’t cry later if you get steamrolled.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Crypto Technology Can Save America on National Security Stage

Robert Viglione is the Co-Founder & CEO at Horizen Labs and the Founder of zkVerify.

In this conversation we talk about zero-knowledge proofs, why they are critical for U.S. national security, how this technology allows machines to share information without revealing data, Rob’s experience as a military intelligence officer in Afghanistan, how he discovered the value of Bitcoin, and why ZKPs are one of the most underrated technologies shaping the future.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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

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

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

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

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

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

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

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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 The Millerman School, studying Plato’s Republic!

If you want to better understand the human condition and current events, and establish a solid foundation for your study of philosophy, there’s no better place to start than Plato’s Republic.

And now, you can study this foundational text of Western thought in a structured, 10-week seminar led by Dr. Michael Millerman.

During the seminar you’ll study Plato’s Republic from cover to cover, with:

* Individual 1-1 tutoring sessions with Dr. Millerman

* Live group discussions, completely off-the-record

* Guidance and commentary on the text

* Weekly writing challenges to help you clarify your thinking

* Weekly personal feedback from Dr. Millerman, and more!

There are only 30 seats available, and applications will be processed in the order received.

Studying Plato’s Republic is incredibly worthwhile – and many students would say life-changing – whether you’ve read it 10 times already or are reading it for the very first time.

So if you’re ready to study this foundational text, apply now.

To investors,

There is a gold rush underway. No, seriously.

Gold has been on an absolute tear recently and many investors are wondering what has been going on.

Brookings Institute’s Robin Brooks writes “The Fed’s latest dovish pivot - telegraphed on August 22 by Chair Powell at Jackson Hole - unleashed something and I don’t think anyone really understands what that is. Gold is up a stunning 15% since that day, a rally that’s so big that it stands out on this 25 year chart.”

Now remember, gold is a non-productive asset. It is supposed to be a stable store of value with very little volatility on a day-to-day basis. This is why a 15% move in about a month has put all eyes on the precious metal.

One of the main reasons for this move is increasing investor demand.

Adam Kobeissi explains “Investors are piling into gold funds like never before. The largest gold ETF, $GLD, has attracted +$2.3 billion in net inflows so far in September. This marks the 7th monthly net inflow over the last 8 months.

Year-to-date, $GLD has pulled in +$13.4 billion of capital, the most since the 2020 pandemic. As a result, gold is on track for its 7th quarterly gain over the last 8 quarters, its best streak since 2020.”

These large inflows are noteworthy, but they don’t explain why so much capital is flocking to an asset that has been around for thousands of years.

Robin Brooks attempts to explains this phenomenon when he writes gold “keeps rising even as the Dollar is stable against the rest of the G10. This means gold is a refuge from fiat currencies generally, not just the Dollar, as markets hunt for safe havens amid high debt and troubled fiscal outlooks. It looks like a broad debasement of fiat currencies is underway.”

This broad debasement of fiat currencies should not be a surprise though. Global Markets Investor points out “currency debasement is not a bug — it’s a feature of the fiat system. Since Bretton Woods collapsed in 1971, not one of 152 countries has kept average inflation below 2%. Even Switzerland averaged 2.2%. Fiat money is in an eternal bear market.”

Although it is impossible to prove, I believe the rise of bitcoin has greatly contributed to the marketing of gold. Bitcoiners have done an excellent job of calling attention to the problem with central bank activities. As Satoshi Nakamoto once said in a 2009 blog post, ‘The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”

That warning could come from a bitcoiner or it could come from a gold bug. That is the beauty of sound money assets. The holders of either the analog or digital version are on the same team. They are connected in their fight against currency debasement and inflation.

But we can’t exclusively point to fiat debasement or central bank buying as the cause for gold’s recent rise. We know inflation fears, increasing geopolitical tensions, and expectations of more rate cuts from the Fed are contributing factors as well.

Add in the recent media coverage of the gold rally and you have the perfect storm for gold to surge higher and higher. Now the challenge for investors is deciding whether they should buy gold or abstain because they missed the rally. I don’t have an answer for you.

But I am reminded of the recent analysis from Deutsche Bank’s Jim Reid:

“Had you bought Gold at its peak in 1980, you will only just have outperformed inflation today, 45 years later. By contrast, if you bought the S&P 500 on that day, it would have provided you with a stunning 4,250% real return. However, had you bought gold in 2000, you would have comfortably outperformed the S&P 500 since.”

Welcome to the challenge of investing. You can pick the right asset for the right reasons, yet still end up with less than desirable results. No one promised this game was easy.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains Why Bitcoin & Artificial Intelligence Will Drive The Bull Market

Jordi Visser (‪@JordiVisserLabs‬) 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 bitcoin outlook for rest of the year, interest rate cuts, how to evaluate AI acceleration, Nvidia’s $100 billion deal with OpenAI, and what metrics investors should keep an eye on.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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

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

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

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

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

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

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

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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 MoonPay!

Join over 30 million users who trust MoonPay as their universal crypto account.

We make it easy to buy and sell crypto in over 180 countries, with no-to-low fees and all your favourite payment methods like Venmo, PayPal, Apple Pay, card and more.

MoonPay is the only account you need in the DeFi ecosystem. Trade, stake and build your portfolio all in one place.

Start now and get zero MoonPay fees* on your first transaction.

To investors,

There is no better feeling than a bull market.

Your portfolio is going higher day after day. The media is falling over themselves in excitement. Social media is lit on fire with people taking screenshots of their net worth. Bears are screeching a big crash is right around the corner. And your barber, taxi driver, and neighbor are all pitching you their latest stock pick.

Straight pandemonium. Bull markets sure are fun.

And that is exactly where we are right now. Stocks, bitcoin, gold, and nearly every other asset continue surging to new all-time highs throughout 2025. But just how good is this bull market? How does it compare to past markets?

3Fourteen’s Warren Pies writes:

“How does the [current] rally compare to history? It is the fourth strongest rally versus all other bull markets. Only 1982, 2009, and 2020 were greater. It is the STRONGEST recovery excluding recessionary cases. At 116 days without a 6% pullback, the rally has gone farther than all but two early-stage bull [markets] (1966 & 1957).”

This data confirms what we are all feeling…the current bull market is very rare. The tariff fears earlier this year created an artificial suppression of stocks, which laid the groundwork for the historic market recovery we are now witnessing.

There are many people arguing the recent price appreciation is unsustainable. They’ll point to numerous data points suggesting stocks are overvalued. You will hear them say a reversion to the mean is essentially guaranteed.

But what if they are wrong? What if the exact opposite is true?

I want to challenge each of you to ask yourself, what does the future look like if the bull market is just beginning? What if everything goes right for investors?

These questions are not rooted in some fantasy world though. Carson Group’s Ryan Detrick shows “Q4 is the best quarter of the year historically and it isn’t even really close.”

The last quarter of the year has an average return that is nearly twice as strong as any other quarter of the year. Ryan goes on to explain that Q4 has a positive return 14 out of the last 15 times that the S&P 500 was up 10% or more going into the final 3 months of the year.

Still not convinced? Well, we can see 2025 is following a similar path to 1999. Revere Asset Management’s Connor Bates shows it perfectly in this chart comparing the 1996 - 2001 timeframe with 2023 to present day:

I doubt I have 20/20 vision, but those two markets look visually similar to me. Given the trend, this comparison would suggest there is still significant appreciation left in this bull market under the 1999 repeat market scenario.

And remember, all of this analysis and stock market performance is happening with the backdrop of the Fed’s recent interest rate cuts. The US central bank is reducing the cost of capital at the same time that stocks are hitting all-time highs. That development is hardly bearish and instead suggests equities will keep setting new record highs through the end of the year.

That will be great for equity investors, but there is another asset that is sounding an alarm bell that can’t be ignored. That asset is gold.

Mike Zaccardi shows central banks globally have been buying up gold in droves:

This is just an insane amount of demand for the precious metal. Analyst Marko Papic highlights this central bank activity is about to help gold flip US treasuries as the most popular reserve asset around the world.

This milestone has seemed impossible for more than 25 years. The sound money regime was dominant until 1971. We watched the explosion of fiat happen as soon as the US went off the gold standard and it seemed like sound money would be a forgotten foot note of history. But now we are seeing a return to sound money properties through gold and bitcoin.

The team at Blokland shows gold’s dominance priced in US treasuries. The trend is clear and the reasoning could not be more obvious.

Simply, central banks have abused the opportunity given to them by citizens. They printed too much money. They destroyed the purchasing power of the people. Citizens are choosing to vote with their dollars and move from fiat-based assets into sound money assets. These same citizens are also using stocks as a way to benefit from the insane currency debasement happening across markets.

Stocks, gold, and bitcoin. Those three assets will allow you to benefit from the ridiculous, undisciplined behavior coming from central banks. Buy them and chill.

They are all going higher. The bull market is not over because cheap money is coming and the world needs new technology to navigate the next two decades. I hope that each of you is able to ignore the bears. Don’t get sucked into their intellectual nonsense. They are wrong. They don’t understand the market or the economy. These individuals are stuck in the past.

The optimists are going to win. Quite literally, I am betting my portfolio on it.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains Why Bitcoin & Artificial Intelligence Will Drive The Bull Market

Jordi Visser (‪@JordiVisserLabs‬) 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 bitcoin outlook for rest of the year, interest rate cuts, how to evaluate AI acceleration, Nvidia’s $100 billion deal with OpenAI, and what metrics investors should keep an eye on.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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

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

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

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

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

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

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

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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.

*Disclamer: Network, ecosystem, top-up and withdrawal fees may apply

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

To investors,

I have been spending an inordinate amount of time trying to answer the question, “what is going on in financial markets?” Some of you believe we are in a tech-enabled economic boom that will go on for years, while others believe everything is overvalued and a significant market crash is right around the corner.

It is that enthusiastic disagreement that interests me. The market is ultimately the referee, so it will determine the winner, but the work I have been doing is focused on ensuring I am on the right side of the outcome.

Lets start with one of the negative views of the market.

Charles Schwab’s Kevin Gordon explains “The S&P 500’s forward P/E is at the same level today as it was in January 2021. Today, the effective fed funds rate is 4.09% ... in January 2021, it was 0.09%.”

The X Capitalist sees this as a major red flag. He writes “The market is basically more overvalued than it was back in 2021. Investors are counting on AI to grow corporate earnings at an unprecedented rate. We haven’t seen this yet and I don’t think we’ll see it soon enough. It’s time to be more fearful than greedy.”

But I don’t know if people should be as pessimistic about this data as it seems on the surface. Kevin Gordon goes on to explain the “S&P 500’s forward profit margin has been rising sharply and is at a new all-time high.”

That is a great sign that profit margins are rising. This reinforces the idea that companies are growing revenue and profits, but doing it with less employees.

A big reason for the investor enthusiasm we are seeing right now is artificial intelligence. JP Morgan’s Michael Cembalest writes “AI related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November 2022.”

The AI boom is not happening in a vacuum either. Carson Group’s Ryan Detrick says when the S&P 500 makes a new all-time high in September, “Q4 is higher more than 90% of the time.”

This September all-time high is being driven by a persistent bid in the market. Bloomberg reports “The S&P 500 has gone 107 sessions without a drop of 2% or more, the longest streak in more than a year.”

And the backdrop of continued bullish momentum is locking arms in solidarity with the fact that odds of an October rate cut are now 94%.

There are plenty of folks who will see all this economic data and say “this time is different.” They will point to some weird political policy or a critique of the existing administration, but that is all noise.

Detrick shows that stocks go up under almost every President, regardless of whether they are Republican, Democrat, Independent, or an alien.

Don’t let politics ruin your portfolio. Stocks are structurally built in a way where they will continue to go up forever over a long period of time. And maybe most importantly, consumers are showing the bullishness in the market is warranted.

We saw the Q2 real GDP number revised higher to 3.8%, which is significantly higher than the estimated 3.3% from economists. Take a listen to how surprised CNBC was this morning:

So we have much stronger than expected consumer spending, rising incomes, and lower imports. That all sounds like positive developments to me.

After reviewing the economic data, I understand why some people are bearish. But I also just think they are wrong. Lets see what happens though. Time will tell and the market will be the referee.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Anthony Pompliano Explains Bitcoin Outlook For Q4

Anthony and John Pompliano discuss bitcoin, why gold has been doing so well, Strive buying Semler Scientific, bitcoin treasury companies, and can AI replace the Fed?

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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

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

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

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

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

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

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

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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

a

Wealthy people have access to the best financial insights in the world. They have large teams of people working to help them make more money. But artificial intelligence can now do it better and cheaper than those teams. We built CFO Silvia to democratize access to this important superpower and it is completely free.

I’m hosting a free webinar this Thursday, September 25th at 1 PM ET to show you how I personally use Silvia, your AI CFO, to make smarter financial decisions.

In this session, I’ll walk you through:

* The most powerful prompts to use

* How to leverage Silvia to analyze your portfolio and manage risk

* New feature launches coming before the end of the year

* Live Q&A with me

Whether you’re a Silvia user or not, the webinar will walk you through everything you need to know: Register here

To investors,

People tend to have amnesia when it comes to financial markets. It was only a few months ago that max fear had spread like wildfire across Wall Street.

People were promising recessions and depressions. They swore that tariffs would bring sky-high inflation to American consumers. And turning on your television was the fastest way to get duped into dumping every asset you owned before financial Armageddon showed up.

Of course, this all looks ridiculous in hindsight. Literally insane. The US government put economic policies in place that protected US companies, encouraged GDP growth, and didn’t require an increase in prices for American consumers.

Now that last part will have some of you reeling in disgust. You will still argue that tariffs are inflationary. By placing the tariffs on imports, you will claim consumers are required to pay a higher price, which would make tariffs a tax.

But that has not happened. You don’t have to believe me either. Federal Reserve Chairman Jerome Powell said it himself yesterday. Here is what he said:

“We’re now collecting a good bit of revenue...$300 or 400 billion dollars a year pace [from tariffs].” “Who’s paying that? So far...it looks like it’s the middle group, retailers and importers, THEY’RE NOT passing along to consumers that much of the cost. The actual impacts on inflation have been quite modest so far. It’s a small amount.”

So there you have it. The leader of the United States central bank is telling you the previous consensus on tariffs was completely wrong. Tariffs have not been inflationary. In fact, Truflation shows that inflation has dropped from over 3% at the start of the year to only 2.05% as of this morning.

So the Fed is telling you tariffs didn’t bring inflation. Truflation is telling you inflation went down this year, instead of up. But there are still plenty of people who will not believe it.

More importantly, this entire situation was very obvious from the start. On April 3rd, one day after Liberation Day, I tweeted “Stocks and bitcoin will likely be at all-time highs again before the end of the year. All this noise will quickly be forgotten.”

People were laughing at me. They thought I had lost my mind. Many people accused me of being a MAGA shill. Whatever their critique, they simply could not fathom that tariffs would not be destructive and the likelihood that stocks would go back to all-time highs by year end.

Here we are though. Asset prices are at, or near, all-time high prices. Stocks, bitcoin, gold, and more. Everything has come flying back. Inflation isn’t a problem. The Federal Reserve is waiving the white flag and capitulating on interest rate cuts. And maybe most importantly, GDP is surging higher as the impact of artificial intelligence seeps into every corner of the economy.

Companies are growing faster and they are doing it with less employees. Efficiency is taking over the market. Investors are increasing their portfolio values. The government is capturing hundreds of billions of dollars in newfound tariff revenue.

There are still some bears out there predicting the next big market crash. But history tells us things are likely to keep improving for the foreseeable future. Cutting interest rates with stocks at all-time highs is unlikely to see stocks go down. So stop listening to the insane neighbor or your favorite economics professor on TV.

Look at the data. Study history. Do the work by seeking out the source material. The pessimist always sound smart, but they rarely make money. And 2025 is just the latest example. In the words of Warren Buffett, never, ever bet against America.

We are winning. And I don’t see that stopping any time soon.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Anthony Pompliano Explains Bitcoin Outlook For Q4

Anthony and John Pompliano discuss bitcoin, why gold has been doing so well, Strive buying Semler Scientific, bitcoin treasury companies, and can AI replace the Fed?

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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

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

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

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

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

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

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

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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 MoonPay!

Join over 30 million users who trust MoonPay as their universal crypto account.

We make it easy to buy and sell crypto in over 180 countries, with no-to-low fees and all your favourite payment methods like Venmo, PayPal, Apple Pay, card and more.

MoonPay is the only account you need in the DeFi ecosystem. Trade, stake and build your portfolio all in one place.

Start now and get zero MoonPay fees* on your first transaction.

To investors,

Mark Spitznagel is one of my favorite investors in the world. He is notorious for running an investment strategy that loses money for long periods of time, while hoping a big market crash is right around the corner. When the market crash materializes, Spitznagel and his firm make an insane amount of money.

Spitznagel’s Universa Investments runs a tail-risk hedge fund with $20 billion in assets under management. To put this strategy in perspective, when most of Wall Street was freaking out back in April due to the tariff policies, Universa was busy booking a 100% gain that month.

100% in a single month. Not bad, right?

Spitznagel is one of my favorite investors because his world view balances daily pessimism with a data-driven approach to long-term patience. Not many people can intentionally lose money every day for long periods of time. Mark has written two great books on this perspective — The DAO of Capital and Safe Haven. I highly suggest reading both of them.

But you may be surprised to learn Mark Spitznagel, the man betting on market crashes, is actually bullish on stocks right now.

In a recent interview with the Wall Street Journal, Spitznagel said he expects stocks to surge much higher before there is any material market correction.

Spencer Jakab writes:

“The alarming part of Spitznagel’s current outlook is that he sees conditions akin to 1929, the year of the Wall Street crash. The silver lining for those hoping the bull-market music will keep playing a while longer: He thinks this is more like the early part of 1929 when stocks added significantly to their Roaring ’20s gains.”

So the perma bear on Wall Street is actually bullish right now. Maybe that is a good sign for investors that are long, but potentially it is a sign of the market top too. I will let you decide how to interpret that development.

Now Spitznagel is not alone in his recent optimism. Wisdom Tree’s Jeff Weniger writes:

“The S&P 500 is up 15% this year, and the primary reason that occurred is because the big, scary Tariff War was overhyped.

If you look at this like a bar tab receipt, your table ordered lobster, filet mignon, expensive wine, martinis, oysters, and more. But someone added a bowl of chicken noodle soup (the tariffs) and we were told that the soup was reason enough to panic out of stocks, send volatility to Lehman levels, send the S&P 500 reeling by the same order of magnitude as the Covid crash, and all the rest of the drama. What an interesting year.”

Smart money is positioning themselves for stocks to go up too. Mike Zaccardi points out “US margin debt is now at an all-time high. Which is bullish - you want to see confirmation between stock prices and margin debt (smart money indicator).”

And retail investors don’t want to be left out of this party. They had the highest weekly inflow into the market for all of 2025 last week.

Of course, the Federal Reserve wants to throw gas on the fire too. Creative Planning’s Charlie Bilello shows “The bond market is pricing in 2 more 25 bps rate cuts by year-end and 3 more 25 bps cuts in 2026. That would bring the Fed Funds Rate below 3%. After a brief hiatus, easy money is back.”

Easy money is back. Everyone is bullish. Even the man constantly betting on a market crash. Maybe you can be the contrarian that times the top of the market, but my guess is things in motion will stay in motion. The market is going higher. The pessimists will be left crying. And those who understand how to buy great assets and chill will be laughing all the way to the bank.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Mike Novogratz and Kyle Samani On The New Company They Raised $1.6 Billion For

Mike Novogratz is the Founder & CEO of Galaxy. Kyle Samani is the Chairman of Forward Industries and the Co-Founder & Managing Partner at Multicoin Capital.

In this conversation we talk about the $1.65 billion fundraise they recently did, how big these treasury companies can get, why they love Solana, tokenization, plans for the company, risks, and how they are going to generate shareholder returns.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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

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

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

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

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

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

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

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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 something different about financial markets today in comparison to decades ago. The government took us off the gold standard in 1971, but that was only the first step in what seems to be transpiring.

The accelerated currency debasement over the last 5-6 years has completely changed the market.

Tyler Neville writes:

“This is an excellent chart that symbolizes that we are in fact living through Weimarica. Markets are now a political utility that are managed in order to finance government deficits. Normally central bank’s cut rates when markets make lows (chart below from Callum Thomas).

In this new world where a global fiscal super-cycle fuels nominal growth to pay for global boomer debts, global central banks ease when markets are at new highs. It’s a brave new world!”

Now it may scare you that we are cutting interest rates while stocks are at all-time highs, but there will be many other areas where this monetary policy decision shows an impact.

This interest rate cut comes as cash piles have been building in money market funds. Creative Planning’s Charlie Bilello says “total assets in money market funds have hit a record $7.7 trillion, tripling over the last 8 years.”

The academic theory would tell you that money market funds will see a drawdown as the interest rates get cut. There is no guarantee it will happen, but economists will promise you that it should.

This brings us to the impact of interest rates and currency debasement on the stock market. Stripe co-founder Patrick Collison asks “These companies [Apple, Microsoft, Google] are ostensibly in totally different businesses and yet seem to exhibit the same growth dynamics. What's the explanation? (Pictured: ~$200B -> ~$3T.)”

The answer is probably much simpler than anyone wants to believe.

Jon Kol writes “It’s the money supply, the best evidence for the hypothesis is that all four contract at the same period, or more likely these three [companies] followed M2 contracting.”

Is monetary expansion and contraction part of the equation? For sure. Is it the full story? That is harder to believe. We would see all stocks going up and down in unison if the only driver was currency debasement. If we dig deeper, there is something fundamentally different about these large cap tech companies than the broader stock market.

Balaji Srinivasan says his “explanation is that the legacy economy is being sunset in favor of the Internet economy.”

So just how big is the Magnificent 7 now?

Global Markets Investor writes “the top 10 stocks now make up 41% of the S&P 500, AN ALL-TIME HIGH. The Magnificent 7’s share has also hit a new record of 35%. Out of 500 stocks, just 10 are driving the entire index.”

This ridiculous outperformance is being noticed globally too. Global Markets Investor highlights “Foreigners own more US stocks than ever: Overseas investors now own a RECORD 18% of the US equity market. Foreign investors collectively own ~$20 trillion of US stocks and ~$14 trillion in US debt, including Treasuries, mortgage and corporate bonds, according to Bloomberg.”

As I said in the beginning, there is major change underway in the stock market. The currency is being debased at an accelerated rate. Interest rates are being cut with stocks at all-time highs. And large cap tech is pulling away from the rest of the market.

Plenty of people are betting on the end of the party, similar to the Dot Com Bust of 2000. But I wouldn’t be so confident. Things in motion tend to stay in motion and these large cap companies are driving record profits and revenue growth year-over-year.

Maybe, just maybe, these businesses are actually becoming more valuable at a rate we have never seen before. Time will tell. Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Explains Why The Fed Has Capitulated

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 market reaction to interest rate cuts, the rise of retail investing, Oracle, bitcoin, and how AI will change the future.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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

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

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

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

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

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

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

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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,

Jerome Powell and the Federal Reserve are poised to make their first interest rate cuts of the year later today. Are they behind the curve? Of course. Have people lost confidence in the Fed? Obviously.

But we have finally arrived at the big day for the central bank to capitulate. They have been gaslighting the American people for months by predicting sky-high inflation, which was their main reason for not cutting rates.

But that prediction never came true. Inflation is much lower than they thought. Shelves are not empty. There was no recession or Great Depression.

Unfortunately, the labor market has deteriorated in the meantime though. We have seen sluggish payroll growth, coupled with recent downward revisions to employment data, so the Fed now has no choice but to cut rates. They can’t abandon one of their core mandates of ensuring maximum employment.

Let’s unpack the horrible, no good labor data right now:

* July and August employment data came in under expectations

* The recent job revision removed 900,000 jobs that previously were thought to have been created over the past year

* Unemployment has been slowly ticking higher

* June’s data showed an outright job loss for the first time since 2020

So the picture is very clear — the labor market is screaming at the Fed to cut rates immediately.

This brings us to the Fed’s second mandate of maintaining stable prices. Remember that concern they had about inflation? It was dumb. We never saw the runaway inflation they were worried about and we are not going to see it from the tariff policies.

Inflation, which is basically at 2% according to Truflation, is telling the Fed they have the green light to cut interest rates.

Now here is the thing…there are people who are worried a rate cut will drive inflation to concerning levels, but these people don’t realize how deflationary tariffs and artificial intelligence have been to the economy. The Fed can cut aggressively without worrying about inflation spiking.

So this brings me to how aggressive the Fed should be in their rate cut today. The market is pricing in a 25 basis point cut. That’s an interest rate cut for ants. Let’s not play little kid games here. The Federal Reserve should cut 50 basis points and show the market they are serious about stimulating the economy.

This larger cut would immediately surprise the market into a bullish position, including stimulation to the job market. Companies would increase their spending on R&D. GDP would accelerate. And inflation would not increase because of the deflationary nature of tariffs and AI.

You don’t get the intended impact of interest rate cuts if you simply do what the market is expecting. The 25 basis point cut is priced in. The Fed needs to run a shock and awe campaign. Shake every nerd on Wall Street into believing the central bank is here to stimulate activity. Cut 50 basis points. Make the press conference a fireworks show.

Send the stock market shorts crying. And get the US labor market running hot again.

It is time to bring liquidity to the market, Jerome. Don’t let us down.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Mike Cagney Wants To Modernize Financial Infrastructure on Wall Street

Mike Cagney is the Founder and Executive Chairman of Figure.

In this conversation we discuss taking Figure public, how block-chain native securities unlock new markets, the rise of DeFi, bitcoin backed loans, and how Figure is modernizing financial infrastructure.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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

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

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

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

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

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

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

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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 A Golden Visa for the Bitcoin-Forward Investor!

Bitizenship helps Bitcoiners secure EU residency and a path to Portuguese citizenship, without abandoning their long-term thesis.

Bitizenship Helps You:✔ Unlock visa-free travel across Europe✔ Secure residency with minimal physical presence✔ Maintain Bitcoin exposure through a regulated structure✔ Set up a future-proof Plan B for your family✔ Gain one of the world’s strongest passports in 5 years

Time-Sensitive Update: Portugal may pass new citizenship rules within the near future, doubling the timeline to 10 years.

Lucky for you, there’s time to lock in the current law if you act now.

To investors,

The President’s son was on CNBC this morning talking about bitcoin. But Eric Trump wasn’t just talking, he was spreading the gospel of the digital currency. Take a listen to this:

It is not every day you hear someone with a direct line to the President say “bitcoin has become the truly greatest asset of our time.”

That sounds awesome, but the devil is in the details. First, Daniel Pico points out gold is outperforming bitcoin so far in 2025. Gold is up 40% and Bitcoin is only up 22%. Now some of you may be worried by this fact, but I wouldn’t jump to conclusions.

Gold outperformed earlier in the year, bitcoin eventually caught up and surpassed the gold performance, and then gold recently re-captured the lead in recent weeks. Why does this happen? Well, it appears that gold has become a leading indicator for bitcoin’s performance.

I shared this chart from Jack Green back in May. It shows that bitcoin tends to breakout and catch up to gold’s performance on an approximately 100 day lag. So when gold runs, bitcoin waits about 3-months and then quickly follows.

Given this dynamic, you can think of bitcoin as a coiled spring. The digital currency is waiting to thrust itself higher. Because of this, Timothy Peterson says “Bitcoin is having its worst bull market year ever.”

Plenty of bitcoiners are disappointed by this performance. Classic! Any other investor in the world would be ecstatic about a 23% annual return, but bitcoiners are used to significantly higher returns. They don’t want tens of percent, they want hundreds of percent and they want it every year.

I wouldn’t hold my breath for that level of performance though.

I do believe bitcoin is going higher through the end of the year. We have the interest rate cut that should occur this week, which will bring cheap capital into assets like bitcoin, and analyst Frank Fetter highlights the Bitcoin MACD is showing green for the first time in weeks.

The Bitcoin Moving Average Convergence Divergence, known as the MACD, is a momentum measurement that historically does a good job of showing when sentiment is flipping bullish. As the market becomes more excited, capital flows and bitcoin goes higher.

You don’t have to overthink everything. Sometimes it really is simple.

Lastly, Axel Adler points out the 3-year Bitcoin Risk Index is measuring at 23% right now.

The last time this index was so low for an extended period of time, we saw bitcoin rise from below $30,000 per coin to nearly $60,000 per coin. This happened between September 2023 and December 2023.

I am not saying bitcoin is going to double in price over the next 120 days, but I do think we are seeing numerous data points line up for bitcoin to go higher in the coming weeks. The bitcoin bull market is not over. There is still plenty of fun for people to have.

Just don’t expect this bull market to look like past ones.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Will The Bitcoin 4-Year Cycle Happen Again?

Henrik Zeberg is the Head Macro Economist at Swiss Block.

In this conversation we talk about the macro outlook, K-shaped economy, inflation, a potential big tech bust coming, why the 4-year bitcoin cycle is not going anywhere, and what a monetary reset would look like.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

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

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

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

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

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

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

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

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

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