2026-04-24 20:52:22
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To investors,
The mainstream media has not exactly been fans of bitcoin over the years. They have pronounced the digital currency dead hundreds of times. They have enjoyed mocking and ridiculing bitcoin investors during the large, nasty price drawdowns during bear markets. And they have pushed a narrative that bitcoin is only used by terrorists and drug dealers.
They know this stuff is not true, yet they have published the nonsense anyways. But every once in a while, I come across someone in the mainstream media that is intellectually honest. These rare individuals are genuinely curious about bitcoin and want to better understand why so many people have become fans of the asset.
That is why I was excited to talk to New York Times columnist Ross Douthat when he invited me to come on his podcast to discuss bitcoin. Ross hosts wide-ranging conversations on his show “Interesting Times” and I have always found him to be someone doing their best to understand the world around them.
Our conversation was published yesterday and you can watch it here:
I took two things away from this conversation. First, it has been awhile since I have had to explain the basics of bitcoin, including “what is bitcoin?,” “why is bitcoin valuable to the average person?,” and “who uses bitcoin?”
It is easy for bitcoiners and professional investors to get stuck in an echo chamber. We think everyone knows about bitcoin, understands the pros/cons, and is making sophisticated capital allocation decisions. That is obviously not the case. Ross really pushed me to explain bitcoin in simple terms for an audience that may not know a single thing about bitcoin. This was fun to do and hopefully my answers resonated with his listeners.
Second, Ross raised a number of complex questions in the second half of the interview. How does bitcoin thrive in a world of inflation or deflation? How should we think about the President’s family and their intimate involvement in bitcoin? What are the inherent risks with investing in bitcoin vs traditional assets?
I have spent a lot of time thinking about the nuances of bitcoin, including how it interacts with investment portfolios, geopolitics, and the economy. This part of the conversation was where Ross and I were able to exchange different opinions and perspectives. I think many of you will find it interesting to hear how Ross thinks about bitcoin and the pros/cons.
You can read the transcript and New York Times article by clicking here.
My goal in doing this interview was to spread the word about bitcoin to an audience that is unlikely to have spent much time on it, along with represent the bitcoin community well to the New York Times listeners. There are things I probably could have explained better, but hopefully I did a good enough job to make folks proud of the progress we have collectively made.
Spend a few minutes today listening to the conversation and let’s show the New York Times how passionate and engaged the bitcoin community is. Hope you all have a great end to your week. I will talk to everyone on Monday.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Last week, ProCap Financial launched ProCap Insights, the first agentic research offering in finance.
Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.
In this conversation, we revisit the very first time Michael Saylor ever publicly talked about bitcoin — recorded in late 2020 when bitcoin was trading around $10,000.
We discuss his background founding MicroStrategy at age 24, the macro conditions that led him to reject cash as a store of value, why he chose bitcoin over gold and real estate, how he acquired $425 million in bitcoin without moving the market, and why he believes bitcoin is on a path to rival or surpass gold's market cap.
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Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.
Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold
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Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
🚨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.
2026-04-23 21:52:24
I’m speaking on the Mainstage at Consensus Miami this May 5-7 — the event the entire industry shows up for, from Wall Street, the White House, and all of Web3. 20,000+ decision-makers. 72% director-level or above. Three days where deals get signed, funds get raised, and the next cycle gets shaped.
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To investors,
The President of the United States stepped up to the podium in the Rose Garden last April and he unleashed chaos in financial markets. His announcement of sweeping tariffs on all US imports sent markets into a free fall, academics began having a panic attack, and the internet exploded with various predictions of the next Great Depression.
Of course, this reaction was a complete waste of everyone’s time. The stock market eventually rallied higher and we got new all-time highs every few days. The “experts” were wrong and investors who ignored the noise did very well.
But there was one part of the mainstream analysis that seemed crazy to me at the time: the “experts” kept promising sky-high inflation from the tariffs. As I tweeted multiple times during April 2025, I felt strongly that deflation was a much bigger risk than inflation at the time.
One tweet on April 10, 2025 read: “All the consensus-seeking finance folks told you that tariffs are inflationary, but I will continue to point out that the much bigger risk is deflation.” I still stand by that statement.
You don’t have to believe me, nor do you have to listen to me say it anymore. Kevin Warsh, the next Federal Reserve Chairman, was on CNBC recently and he explicitly stated his belief that technology was going to bring structural price decline and deflation was a serious risk that the Fed should prepare for.
Take a listen to his comments:
AI is going to make everything cost less. We could be at the front-end of a productivity boom. We are probably in the early stages of a structural decline in prices.
These are sentences being said on national television from the man who will be in charge of the Federal Reserve. If you don’t clearly see that the Fed will continue to cut interest rates in the coming months and years, I am not sure if any piece of information will convince you.
Now some of you will claim that Warsh is merely a Trump puppet who knows he has to cut rates to avoid conflict with the President. Others will claim that short-term price increases in oil, or longer-term price increases in commodities, will lead to higher levels of inflation, which would prevent the Fed from aggressively cutting interest rates.
I have no clue what Warsh’s politics are, nor do I have any idea how he will interact with the President. We will have to wait and see on that critique to see what ends up being true. Regarding higher levels of inflation though, it is fairly obvious to me that deflation remains a much bigger risk than inflation for the US economy.
Are oil and gas prices up? Yes. Are commodity prices up? Yes. But the US economy is much more dependent on technology than it has ever been, which is important because technology has been significantly reducing the price of a plethora of goods and services across the US economy.
That structural decline in prices that Warsh mentioned is widely misunderstood. For example, Jeff Booth has said before that “the natural state of a free market is deflation. Prices fall to their marginal cost of production.” If Jeff is right, which I believe he is, then we should expect prices to continue falling, especially as AI and robotics accelerate.
Intelligent critics of this world view will immediately point out that the US government is printing money, the national debt continues to worsen, and inflation has almost always followed these undisciplined spending habits. I don’t disagree that history shows us inflation would usually occur from the spending.
The difference in this moment is the deflationary forces that are swallowing the US economy. We have tariffs, deportations, AI, and robotics that are working together to bring an incredibly strong force into the economy. As Elon Musk has previously said, the US government won’t be able to print enough money to overcome the deflationary force.
I know that sounds crazy. It feels weird to say. But the more I look at the data, the more I believe this perspective to be true: deflation is the bigger risk than inflation.
One of the first big tests for this thesis was the tariffs last year. The market expected high inflation, but the deflationary forces prevented the high inflation from ever showing up.
The second big test of the thesis will be in the coming 2-3 months. Most investors believe inflation is going to surge higher, including CPI readings above 5% year-over-year, but measurements like Truflation suggest that CPI will remain more subdued. If we don’t see CPI fly higher, then it will be clear to those paying attention that deflationary forces are having an outsized impact on the economy.
Lastly, the third and final test of our thesis is whether we see consumer prices start to fall in a material manner. It is not good enough if consumer prices stop going up. That is nice, but it doesn’t provide the type of deflationary pressure that makes life more affordable. Flat prices only ensure life is not getting MORE unaffordable.
But if prices start to come down for the American consumer, that is when the economy could hit an economic golden age. This would allow for a high growth, low inflation environment. Quite literally, the dream of central bankers around the world.
Every American should be praying for the AI companies to usher in an aggressive deflationary force that improves affordability, while ensuring GDP growth. If we can get that done, every politician, central banker, and regulator will look like a genius.
Who cares which bureaucrat takes credit for the economic win. The American people simply want lower prices, so they can pursue economic prosperity. Let’s hope we get everything we dreamed of.
Have a great day. I will talk to everyone tomorrow.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Last week, ProCap Financial launched ProCap Insights, the first agentic research offering in finance.
Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.
Bitcoin is in a bull market right now. So I sat down to breakdown the data — from institutional moves like Morgan Stanley's record ETF launch to Bitcoin's track record across 7 financial crises — and make the case for why the next all-time high is closer than most people think.
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Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.
Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com
Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold
BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
🚨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.
2026-04-21 20:11:20
To investors,
I believe prediction markets are going to become a much larger aspect of financial markets in the coming years. Today these markets are full of young people gambling on stupid things like what words are mentioned at a press conference, what color tie someone wears to an event, or if certain cultural events occur or not.
These types of childish markets will either be regulated away or they will fall in relevance as more traditional finance-related markets become the dominant use case.
The most interesting part of prediction markets for investors is the ability to isolate individual data points in their capital allocation strategy. Rather than having to buy indirect exposure to interest rates, prediction markets allow you to exclusively bet on what the exact interest rate will be at the next Fed meeting. Rather than buying or selling various assets in anticipation of a recession, prediction markets allow you to directly bet on whether a recession happens or not.
And prediction markets also allow you to wager capital on individual earnings report data points (ex: Tesla car deliveries) instead of having to buy a company’s stock and take the full exposure to the entire earnings report.
An obvious use case for these types of markets would be farmers who are looking to leverage prediction markets as a replacement for their current hedging or insurance strategies. Kalshi, the largest prediction market in the world, recently announced their intention to double down on commodities for these use cases.
Given my belief in prediction markets for investors, and Kalshi’s agreement in the same theme, I am excited to announce this morning that Kalshi has partnered with ProCap Financial (Nasdaq: BRR) to launch a dedicated institutional-grade research offering that will exclusively cover prediction markets.
This new product is available to any paying members of ProCap Insights, our agentic research offering. We have been using our agentic AI research system to dig through the Kalshi data over the last few days and the findings are incredibly interesting.
We have found numerous times where Kalshi traders called the bluff on Wall Street analysts and were right. We have found significantly mispriced markets on Kalshi and traditional exchanges. And we have found economic data points that were confirmed on Kalshi days before they were reported in the legacy system.
I believe the combination of agentic AI with prediction market data will help investors be better informed, while positioning them to make more money. Our team is excited about this partnership and looking forward to sharing the various insights we find.
Kalshi CEO Tarek Mansour told Reuters the following about our partnership: “prediction markets turn uncertainty about real-world events into actionable signals. We’re partnering with ProCap Financial to bring wisdom-of-the-crowds intelligence directly to financial research, so both retail and institutional investors can benefit from this data and analysis.”
You can subscribe to read the research: Click here
Our team will continue to build ProCap Insights, the first agentic research offering in finance, into a resource that helps investors make money. Please consider subscribing if you are looking for investment ideas and insights.
Hope everyone has a great day. I will talk to you next time.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Jordi Visser is a veteran macro investor with 30+ years of experience. In this conversation, we break down why AI is creating massive shortages in chips, energy, and commodities—and what that means for inflation and markets.
We also discuss why stocks keep hitting highs despite economic pressure, how scarcity is becoming the most important investing theme, and why bitcoin could be setting up for a major move.
Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.
Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com
Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.
Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
🚨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.
2026-04-20 22:49:24
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To investors,
When the world experiences chaos and uncertainty, capital allocators want safe haven assets to protect their portfolio. These safe havens allow investors to weather the storm in the short-term, but also protect their capital over the long-run.
Historically, investors have looked to dollars, treasuries, and gold as the best safe haven assets. We now have new data that suggests bitcoin has taken the crown and become king of the safe haven assets.
Onramp, a bitcoin financial services firm, just published this table that shows bitcoin has outperformed other assets during the last 7 crises in financial markets:
This shows that bitcoin outperformed the S&P 500 and gold in every one of the negative financial events since 2020. It doesn’t matter if there was a global pandemic, foreign countries invading their neighbors, domestic policy decisions like tariffs, or a national banking crisis. Bitcoin’s 60 day return was the best every single time.
Now this doesn’t mean that investors should drop other assets from their portfolio and allocate all of their capital to bitcoin. That would be irresponsible. However, it does mean that investors who have zero exposure to bitcoin are doing themselves a disservice.
Buying and holding bitcoin is a prudent capital allocation strategy.
Our friends at Bitcoin Archive recently highlighted a Bitwise study that showed the probability of loss based on various holding periods. The crypto asset manager says “as time horizons grow, bitcoin losses fall off.”
The most interesting part of this analysis is that once someone has held bitcoin for at least 3 years, the probability of loss falls to under 1%. In the professional game of risk-taking, 1% probabilities may as well be 0%.
But how you buy bitcoin can drastically enhance the results. Take this video that recently went viral showing an investor who has been buying $10 of bitcoin per day for the last 7 years. He invested just over $25,000 in total, yet his portfolio is now worth more than $10 million.
If you are like me, you immediately wondered why you haven’t been dollar cost averaging on a daily basis for the last few years. Smart capital allocation works with any asset, but it delivers significant outperformance when the strategy involves deploying capital into an asset that has a 10-year compound annual growth rate near 70%.
Institutions aren’t going to dollar cost average into bitcoin on a daily basis. But they will definitely pay attention when they see it outperforming other safe haven assets during various financial crises over multiple years.
The data is overwhelming. Bitcoin is the king of safe haven assets. Only those who refuse to change their mind when presented with new information remain unconvinced.
Hope you all have a great start to your week. I will talk to everyone tomorrow.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Last week, ProCap Financial launched ProCap Insights, the first agentic research offering in finance.
Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.
Jordi Visser is a veteran macro investor with 30+ years of experience. In this conversation, we break down why AI is creating massive shortages in chips, energy, and commodities—and what that means for inflation and markets.
We also discuss why stocks keep hitting highs despite economic pressure, how scarcity is becoming the most important investing theme, and why bitcoin could be setting up for a major move.
Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.
Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com
Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.
Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
🚨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.
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2026-04-17 23:16:44
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To investors,
Wall Street can’t get enough bitcoin right now. You wouldn’t know it though if you read the headlines about bitcoin’s price action. Yes, the digital currency has fallen about 40% from the recent all-time high price of $126,000, but that hasn’t stopped the largest institutions on Wall Street from jumping head first into the deep end.
Strategy’s STRC preferred equity continues to see record inflows, including multiple days of more than $1 billion in trading volume, with almost no divergence from par. This type of liquidity on a relatively new security is impressive regardless of the underlying asset, but the fact that it has happened with a new product (digital credit) should be eye-opening to everyone about where the future is headed.
Morgan Stanley, one of the oldest investment banks in the world, recently launched their bitcoin ETF. Even though they waited awhile after their finance peers had launched similar products, Morgan Stanley reported more than $100 million of inflows in the first week. This makes the bitcoin ETF their best ETF launch in the history of the firm.
If you don’t think that will get people’s attention internally, I don’t know what to tell you. Finance is a numbers game and everyone is looking for growth. When you do something no one in your firm has done in 100+ years, leadership takes notice and starts asking what else can the firm do in that vertical.
As if these two data points weren’t enough, Charles Schwab is reportedly preparing to offer direct trading of bitcoin in their consumer products. This is supposedly in an effort to compete with Robinhood and other modern retail brokerages that have seen a surge in crypto trading volumes.
A big reason that Charles Schwab is having to respond to Robinhood is that Robinhood’s growth rate is double the incumbent’s growth rate in every major metric.
You can read a complete breakdown of the two businesses in the latest ProCap Insights report here.
Lastly, price performance begets more price performance. Bitcoin may be down 40% from the all-time high, but the asset is up nearly 16% since the Iran war kicked off. Bitcoin is up about 26% from the local bottom of $60,000 back in February.
That type of strength will bring confidence back in the market, which brings capital flows. The new Wall Street tools of treasury companies, ETFs, and direct trading on incumbent platforms will bring more capital as well.
This continued persistent bid in the market should be a great tailwind for bitcoin the rest of this year. Plus, the US stock market is ready to rocket higher thanks to the V-shaped recovery it just experienced (last 5 times this happened, stocks rallied higher), so bitcoin is likely to be a big winner in this euphoric bull market.
The widely reported death of bitcoin has been greatly exaggerated. The asset is as strong as ever. And the largest pools of capital are falling over each other trying to get in the game.
Hope you all have a great weekend. I will talk to you on Monday.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Last week, ProCap Financial launched ProCap Insights, the first agentic research offering in finance.
Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.
Neil McDonald is the CEO of Moomoo US and a former executive at Morgan Stanley, JPMorgan, and Citadel.
In this conversation, we break down how retail investing has evolved—from access and information to powerful tools and AI that are leveling the playing field with Wall Street. We also discuss crypto, tokenized stocks, and what the future of investing looks like.
Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.
Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com
Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.
Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
🚨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.
Figure Lending LLC dba Figure. Equal Opportunity Lender.
NMLS 1717824. Terms and conditions apply.
2026-04-15 23:40:11
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To investors,
We can trace the root cause of many societal problems back to the destruction of the US dollar over the last few years. Heritage’s EJ Antoni recently pointed out “cumulative inflation since Jan 2021 is between 23.6% and 27.1%, depending on which index we’re using.”
These are big numbers that have negative consequences on real people. And these are just the government numbers. If we look at Truflation, they are reporting the compounded inflation since January 2020 is just under 30%. For the approximately 50% of Americans who hold 100% of their assets in US dollars, this is devastating debasement of their savings.
The Fed’s own data confirms this problem. The report M2 money supply has tripled since 2008 and purchasing power of the dollar is down 38% since 2008.
The average American’s savings has become a melting ice cube sitting in the sun on a hot summer day.
But compounded inflation and loss of purchasing power doesn’t tell the full story. Nominal wage growth in the US has been impressive over the last half decade. There is more money sloshing around the system and some of it finds its way into the consumer’s pockets.
EJ goes on to show the average American’s weekly paycheck can buy 3% less goods today compared to January 2021.
The inflation story has been widely covered, but the acceleration in wages has been largely ignored. The problem is that inflation creates second and third-order effects that eat away at an economy and a society. Home affordability is one good example.
Home prices have been increasing at a faster pace than wages, so we are seeing the average American’s ability to buy a home evaporate before our eyes.
When you have people falling further behind, they start to lose hope. When people lose hope, they become bigger risk takers. Why not? What do they have to lose? Nothing really, right?
This is why we are witnessing an explosion in sports gambling, meme coin trading, and other risky investing behaviors. So what is the anecdote?
There is something called the Success Sequence that seems to have stood the test of time. The sequence is very simple: graduate from high school, get a full-time job, get married before you have kids. If someone can do that, they significantly increase their odds of avoiding economic destruction or poverty.
This may seem simple for many of you, but we forget how many Americans end up following a different path. I share this reminder because we are living through a dollar debasement crisis, while watching commodities surge higher in a spectacular bull market.
Creative Planning’s Charlie Bilello shows:
Sulfur: +67%
Jet Fuel: +66%
Urea: +51%
Diesel: +50%
Heating Oil: +40%
WTI Crude Oil: +37%
European Natural Gas: +34%
Gasoline: +32%
Fertilizer: +31%
Brent Crude Oil: +31%
Coal: +14%
Palm Oil: +10%
Iron Ore: +7%
Rice: +4%
S&P 500: +1%
$VIX: -8%
Commodity investors are enjoying the financial returns attached to this bull market. The average American is bracing for the negative impact from the same price appreciation. The only thing that can really save the economy is an economic explosion driven by technological innovation and led by the private sector.
We are seeing the early signs of this from the AI and robotics industry. We are going to need other industries like space, defense, biotech, and others to deliver deflationary pressures on the economy as well.
The US government is never going to stop printing money. We spent over $100 billion on interest payments for the national debt last month. That is billion with a “B” just last month. So our best hope is to grow our way out of this problem.
Accelerate. Accelerate. Accelerate. It can be done. We just have to let our entrepreneurs and technologists do their thing.
Have a great day. I will talk to you next time.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Last week, ProCap Financial launched ProCap Insights, the first agentic research offering in finance.
Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.
I sat down with John Pompliano to discuss what’s really happenning with bitcoin and the macro environment, covering inflation, AI-driven deflation, and Wall Street’s growing push into bitcoin through ETFs.
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