2025-11-19 21:28:32
The 3rd annual Bitcoin Investor Week is returning to NYC on February 9th - 13th. This is the largest gathering of serious bitcoin investors in the world. 2,500+ people are expected this year.
Speakers include Jan van Eck, Lyn Alden, Jeff Park, Anthony Scaramucci, Matt Cole, Caitlin Long, Dan Tapiero, Mark Yusko, Brandon Lutnick, Fred Thiel, and many others.
TICKETS: https://bitcoininvestorweek.com
To investors,
The idea of a bitbond has long been floated by bitcoin proponents as a potential solution to the government debt problem. I explained them back in my June 3rd letter. Here is an excerpt:
“BitBonds are like regular bonds in the sense that Treasury would allocate 90% of the bond to fund the government. But it would then use the remaining 10% of funds to purchase bitcoin…Upon maturity, investors would receive 100% of the bitcoin upside up to 4.5% of the total compounded return. After this benchmark is reached, investors would receive 50% of all remaining bitcoin upside. Meanwhile, the government would keep the other 50% of remaining bitcoin upside to supply the strategic bitcoin reserve.”
This graphic from the Bitcoin Policy Institute shows how they work:
We have obviously not seen these bitbonds used at the nation state level yet. But yesterday news broke that New Hampshire is planning to issue the first bitcoin-backed municipal bond.
Eleanor Terrett writes:
“On Monday, the state’s business financing agency, the Business Finance Authority (BFA), approved a first-of-its-kind $100 million Bitcoin-backed conduit bond, letting companies borrow against over-collateralized Bitcoin held by a private custodian.
While BFA is a state entity, the bond isn’t backed by the state or taxpayers. Instead, BFA acts as a conduit, approving and overseeing the deal without taking on repayment risk, while investors are covered by Bitcoin held in custody by BitGo.”
This development at the state level comes in the same year as an explosion of bitcoin-backed credit offerings in the public market. We have seen Michael Saylor’s Strategy bring multiple perpetual preferred instruments to market, along with Metaplanet and Strive following suit.
These securities are offering anywhere from 9-12% interest to investors, which is highly attractive in a yield starved world. This is worth paying attention to because it highlights bitcoin is in a transition period. The asset is moving from something that is merely bought as a speculation tool or a pure store-of-value to a financial tool that acts as pristine collateral.
I have previously written about bitcoin as pristine collateral from the perspective of dollar loans against bitcoin in an asset-backed lending model. Now we are seeing the next iteration of bitcoin in traditional finance — bitcoin is becoming an asset that can be financed in novel, attractive ways.
Investors need volatility. They need yield. And they need new shiny things to continuing growing their client base and revenue numbers. Bitcoin is able to provide all of those things in financial markets. And don’t forget that bitcoin will also be used to help finance government spending at the local, state, and federal level.
This is the maturation of an asset right before our eyes. Sophisticated investors know the government will never stop printing money, which means bitcoin will never stop going up over the long run. This gives financial firms and asset managers a superpower when they use bitcoin in their financial products.
Bitcoin-backed lending. Bitcoin-backed credit. Bitcoin as collateral for dollar loans.
It is all happening right now. The critics are shrinking in size because the data is too overwhelming to ignore. Bitcoin is being integrated into the global financial system. The wolf is in the hen house and no one can get it out now.
Hope you all have a great day. I’ll talk to everyone tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Anthony and John Pompliano dive into bitcoin’s latest price action, including the sharp sell-off and rising bear-market fears to what long-term investors should actually do right now.
Anthony gets personal, breaking down how he invests, how he thinks about buying vs. selling, and why he separates the “gambling table” from the “long-term lounge.”
Enjoy!
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Arch Public - Arch Public’s cutting-edge algorithm 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!)
Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.
easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.
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 private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/
Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.
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
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this formand 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.
2025-11-18 21:13:20
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To investors,
Bitcoin has crashed approximately 30% from the all-time high of $126,000 on October 6th. The digital currency is now negative on the year and up less than 1% over the last 12 months. As you would expect, bitcoin holders are very disappointed in the asset’s performance.
Sentiment online is about as negative as I can remember it ever being. But ancedotes on the internet can be misleading. Reddit or X can be echo chambers. So what exactly is the data telling us?
Here are five charts that explain what is happening.
First, Zerohedge shows that “the last time bitcoin was here, global liquidity was $7 trillion lower.”
That data point is a big narrative violation. Everyone, including me, expected bitcoin to close the gap between bitcoin’s price and global liquidity. Since that hasn’t happened, many people are wondering if the market has fundamentally changed now that Wall Street has started adopting the asset.
Regardless of the reason, no one can dispute that bitcoin has corrected 30% in the last month and a half. James van Straten explains this is the “third 30% correction for Bitcoin this cycle. Each correction, the time from peak to trough has compressed, this has accelerated the max fear sentiment.
August 2024 (Yen Carry): 147 days
April 2025: (Tariffs) 77 days
November 2025: 42 days”
And this correction has now hit oversold territory. Coin Bureau shows “Bitcoin’s daily RSI has dropped to 26, its lowest since February, putting Bitcoin in oversold territory.”
Quinten Francois highlights a similar dynamic is playing out with short-term holder supply in profit or loss. We are seeing more than 95% of all coins that have been acquired in the last 155 days are now underwater.
This is obviously a fast way to drive fear into a market and tank sentiment. But markets don’t bleed forever. Eventually an asset gets cheap enough where it becomes attractive to investors. Maybe that is bitcoin at $90,000 per coin or maybe it is lower. I don’t know the exact level where we see the persistent bid return.
However, Bitwise’s André Dragosch says bitcoin whales, those with more than 1,000 bitcoin, have suddenly started buying bitcoin aggressively at the current price level.
So we have bitcoin’s price crashing even though global liquidity is surging higher. We have an asset that is now deeply oversold, which is enticing the bitcoin whales to start buying again. And we have a Fear and Greed index that is still registering below 20.
This is the volatility, chaos, and uncertainty that forged bitcoiners over the years. Those who can keep their head straight when everyone else is losing their mind have traditionally done well. It is much easier said than done though.
Hope everyone has a great day. I’ll talk to you tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
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 break down the recent sell-off in asset prices, including why the absence of a clear catalyst matters, how it may change the way you think about your portfolio, and where Jordi believes capital could rotate over the next 12–16 months.
Enjoy!
Figure - Need liquidity without selling your crypto? Figure’s Crypto-Backed Loans allow you to borrow against your BTC, ETH, or SOL with 12-month terms and lowest rates in the industry at 8.91%. Access instant cash or buy more Bitcoin without triggering a tax event. https://figuremarkets.co/pomp
BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.
Arch Public - Arch Public’s cutting-edge algorithm 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!)
Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.
easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.
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 private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/
Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.
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
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this formand 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.
2025-11-17 20:44:47
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To investors,
The market sell-off on Thursday and Friday last week has spooked many investors. They are wondering if the bull market in stocks is over? Are we on the cliff of a 75% drawdown in bitcoin? Will the doomsday pessimists finally have their day in the sun?
These are all legitimate questions. But before we can pontificate about the future, we must analyze what is happening right now in the market. Dan Niles, founder of Niles Investment Management, had one of the best explanations over the weekend. He writes:
“There were two factors driving this market this year:
Easy money due to the resumption of rate cuts.
Continued optimism on the AI trade which was also helped by the easy money to fund debt related CAPEX build outs.
Recently these twin pillars of the market have been called into question:
A December 10th rate cut seems to be a toss up for the Fed with four or more dissents likely even if there is a cut.
OpenAI talking about a government backstop forced investors to question whether a company that will generate run rate revenues of $20B exiting this year can fund $1.4 trillion in infrastructure commitments.
As a result of the above, high valuations for the market in general and especially some of the more speculative sectors reliant on easy money are now being called into question.
As a result, this past week while the S&P was up 0.1%, the Magnificent 7 were down 1.1% while my AI index was down 3.2% due to the concerns above. The Russell 2000 in which over one-third of the names are unprofitable and therefore more reliant on easy money was down 1.8%.”
Dan’s point about investors questioning the future is hard to argue with. You can see sentiment shifting in real-time online and market prices are the signals that never lie.
The White House and President Trump’s administration is not one to sit on the sidelines while the fear-mongers run wild. White House Economic Advisor Kevin Hassett went on ABC and explained why the new economic policies under the current administration is actually helping Americans:
“Purchasing power dropped by about $3,000 under Biden because the wages didn’t keep up with prices. Under Trump, it’s already gone up by about $1,200. We understand that people still feel the pain of the high prices, but we’re closing the gap fast.”
Treasury Secretary Scott Bessent sees an even bigger boom in purchasing power on the horizon. He was on television yesterday explaining to Maria Bartiromo how American citizens are poised to see their real purchasing power “substantially accelerate” in the first half of 2026. Take a listen:
Energy prices are down. Interest rates are down. Those are both important facts when evaluating the economic policies that Bessent, Trump, Hassett and others have put into place. But my favorite part of Bessent’s conversation was his pledge to refrain from telling the American people how they are feeling.
I remember when the All-In podcast guys interviewed Bessent earlier this year, they asked him if he believed the official economic data. Bessent said “no.” But more importantly, he explained that the data had been saying one thing over the last few years, but the American people were screaming from the rooftop about a different personal experience.
In that situation, who are you going to believe? Do you listen to the data or do you listen to the people?
Take Ritholtz’s Ben Carlson as an example. He wrote a great piece titled “What If Things Are Better Than They Seem?” In it Carlson points out the following data points:
54% of Americans with incomes between $30k and $80k now have a taxable brokerage account and half of them have entered the stock market in the past 5 years.
Robinhood has something like 25 million customers. For half of them, it’s the first brokerage account they’ve ever opened.
Nearly 40% of 25-year-olds now have investment accounts up from just 6% in 2015.
Households with incomes below the median now account for one-third of JP Morgan customers moving money into investment accounts up from 20% in the 2010s.
We’ve gone from housing being your biggest investment to the stock market. Just look at the increase in stock holdings for people under 40:
Besides that being an insane chart of a 300% increase since 2020, my big takeaway is that the data may not matter. People are feeling pain. Grocery prices are too high. Electricity bills are too high. Rent and home prices are no better. It is so bad out there that the New York Times ran an op-ed recently arguing that we should implement price controls on various products and services.
There is madness everywhere you look.
But lets bring it back to investment assets. All this pain in the regular economy is unlikely to pull down stock prices. Companies are producing more profits with less employees. They are becoming more productive, more efficient, and more valuable. You can fake forecasts, but you can’t fake 30% year-over-year growth for a trillion dollar company.
In terms of bitcoin, we just got two straight days of the Fear & Greed Index sitting at a score of 10.
That is very rare. Quinten Francois shows “the average performance when Fear and Greed drops below 20:
1 day +0.9%
1 week +5.2%
1 month +19.9%
3 months +62.4%
6 months +48.5%”
So what is going to happen in the future? No one knows. But the data is telling us that the recent market volatility is less likely to be the start of a big recession or market crash across all asset classes. We may see lower prices for longer in certain sectors or assets, but the global bull market is still underway.
The challenge for investors moving forward is deciding whether their investment portfolio is optimized for the long term or not. If you are sweating short term price movements, you may be holding the wrong assets or be positioned incorrectly. And, of course, leverage can be the demise of even the best investor.
So I suggest everyone take a deep breath. Relax. If you are long-term oriented, everything is going to be just fine.
Hope you all have a great start to your week. I’ll talk to you tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Jordi Visser 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 break down the recent sell-off in asset prices, including why the absence of a clear catalyst matters, how it may change the way you think about your portfolio, and where Jordi believes capital could rotate over the next 12–16 months.
Enjoy!
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 or SOL. 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.
BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.
Arch Public - Arch Public’s cutting-edge algorithm 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!)
Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.
easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.
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 private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/
Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.
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
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this formand 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.
2025-11-14 23:20:42
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Whether you’re a seasoned investor or just starting, our proven strategies maximize your potential. Join the ranks of those who trust Arch Public to navigate the markets with confidence.
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To investors,
Yesterday was a rough one in financial markets. Tech stocks, bitcoin, and many other investment assets were caught in a sea of red. It seemed like nothing could hide from the pain. Bloomberg’s Eric Balchunas showed that everything was down, including short term Treasuries.
This sell-off led people to ask the question “is this bull market over?”
The answer is more complicated than you may think.
Take stocks as one example. Carson Group’s Ryan Detrick has done a good job highlighting the intra-week performance of different trading days.
As you can see from the chart, Monday, Tuesday and Wednesday have positive performance and Thursday and Friday turn negative. So yesterday’s negative performance is inline with how the market has been trading all year.
Nothing to worry about there. In fact, Balchunas explains S&P trading volume was potentially a positive sign in the grand scheme of things.
“If there’s a silver lining it’s $SPY volume was somewhat subdued, you can see it’s elevated but not even Top 20 day of year. Usually that indicates short-lived selloff vs higher volume which indicates deeper freakout but who know.”
Is the bull market in stocks over? Probably not, but never say never. This would have been one of the shortest bull markets in history. That doesn’t mean it couldn’t have happened though.
Wedbush’s Dan Ives remains firmly bullish. In regards to the sell-off, Dan says “we view this as short lived mini panic moment for tech stocks as we believe tech stocks will have a major rally into the rest of the year as investors look to play the AI Revolution and the 2nd/3rd/4th derivatives now playing out across consumer/enterprise names.”
Bitcoin was also down yesterday. The asset is known for its asymmetry, but investors have been relatively disappointed with its performance year-to-date. Joe Consorti writes “Bitcoin is now up only 4.2% YTD, compared to the S&P 500 and the Nasdaq, which are up 14.5% and 18.9% respectively.”
That is not why many investors are buying the asset. They want explosive returns, not sideways action that is outperformed by major equity indexes. On the flip side, the digital currency is only up 6% over the last year, yet it is up 500% in the last 5 years.
Investing is hard. Certain assets perform well at different times. Add in the uncertainty of monetary policy, geopolitics, and capital flows. The complex economic machine can be hard to predict.
But here is the thing that gives me peace of mind during drawdowns like we are living through. The best companies will continue to perform over the long run. Bitcoin will thrive over years. Anyone worried about certain price action increases their odds of making bad decisions. Those who can buy great assets and hold them for a long time will do well. That timeless investing principle is timeless for a reason.
Hope everyone has a great end to their week. Stay calm and realize green days will return. Talk to you on Monday.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Jeff Park is the Partner and Chief Investment Officer at ProCap BTC. In this conversation, we break down why bitcoin has been moving sideways and whether investors should actually be concerned.
Jeff walks through major forces shaping the market — from 50-year mortgages and government backstops to the surge in AI data-center demand. We also touch on Square’s bitcoin payments rollout, the state of stablecoins, and where sentiment goes next.
Enjoy!
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 or SOL. 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.
BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.
Arch Public - Arch Public’s cutting-edge algorithm 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!)
Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.
easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.
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 private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/
Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.
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
🚨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.
2025-11-13 21:37:27
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To investors,
The home affordability crisis is having a ripple effect across American politics, financial markets, and society at large. This issue will be one of the most important things for investors to pay attention to over the next decade.
First, home affordability is impacting central bank monetary policy. This summer Jerome Powell said “the best thing we can do for the housing market is to restore price stability.” Take a listen:
While Powell’s comments are true that inflation stabilizing would have a positive impact on housing, the current administration believes the artificially high interest rates are also contributing to an erosion of home affordability. This makes sense…if interest rates are high, mortgage rates are high. If mortgage rates are high, fewer people can afford to own a home.
This position from the Trump administration has led to a very public pressure campaign from the President, Treasury Secretary Scott Bessent, and Federal Housing Director Bill Pulte to get rates lower. Jerome Powell and the Fed will claim they don’t succumb to pressure campaigns, but the Fed started cutting rates within weeks of the public pressure ramping up over the summer. Could it be a coincidence? Sure. Do I think the lack of home affordability in America is influencing Fed monetary policy? Absolutely.
But home affordability is not only affecting monetary policy. We see in financial markets that companies in the real estate market have done very well as investors place bets on various companies’ ability to solve the housing crisis. Take Opendoor as one example. Retail investors have flocked to the stock and went activist on the old management team. The CEO stepped down shortly after the activist campaign started, the company hired the former COO of Shopify, and Opendoor is now going through a significant transition from an investment company to a software company.
These various changes have led to the company’s stock price going from around $0.50 at the low this year to the closing price of $9.37 per share yesterday. Can Opendoor increase access to home ownership? We are going to find out. But I became an investor in the company this year and am genuinely proud to have my investment dollars helping to fund a company that is focused on helping more Americans own a home. I suspect there are many others like me who want to see this problem solved.
This is an interesting dichotomy from the performance of various home builders. Lennar is down -0.2% year-to-date, D.R. Horton is up only 6%, and NVR is down nearly 9% in the same timeframe. PulteGroup is one of the rare standouts with a nearly 13% appreciation this year.
As I mentioned at the start, the housing market is having an impact everywhere. It touches on technology, tariffs, and monetary policy. It is a complex market that will create lots of mispricings over time. Investors are trying to figure out who can create value over the long run and who can’t.
But nowhere is housing having a bigger impact than in American politics.
We saw Zohran Mamdani get elected New York City mayor while openly running as a socialist who promised free buses, rent freezes, and government-run grocery stores. President Trump and his administration have floated the idea of a 50-year mortgage to help alleviate the financial pressures preventing young people from buying a home. And Federal Housing Director Bill Pulte told me last week in a public interview that US home builders need to build more homes or the US government may take a deeper look at what federal dollars are flowing to these companies.
Monetary policy. Financial markets. Politics. Everywhere you look, home affordability is driving part of the story. So how do we fix this? What is the solution?
You build more housing. Yes, it is really that simple.
It doesn’t even matter what type of housing you build. You can build affordable housing and the increased supply will drive down the cost of affordable housing. More supply means lower prices. Economics 101. But recent studies show that building luxury apartments also drive down housing costs in a city.
“In cities with tight housing markets, policymakers have struggled to help lower-income residents afford homes. New research shows that just building new housing—even expensive housing—can quickly drive down housing costs across metro areas, including in low-income neighborhoods.
Building housing sets off a process called a migration chain, as people leave their homes to move into new units. When people vacate a given type of unit, it loosens the market for that type of unit, which lowers prices. Other people move into the newly vacant homes, leaving their previous units vacant, and the process repeats itself again and again.”
So what is my big takeaway from this? The first principles solution to numerous issues and complexities in American society is to simply build more housing. It will positively impact monetary policy, financial markets, and politics. More housing pushes us back towards the American dream. More housing increases adoption of capitalism and democracy. And more housing helps American families get closer to the financial security they are passionately chasing.
Hope you all have a great day. I’ll talk to everyone tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
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 Bitcoin’s “IPO moment” — why investors are feeling disappointed, what’s really happening beneath the surface, and how these dynamics could reshape portfolios in the months ahead.
Jordi also shares his perspective on Tesla, artificial intelligence, and the shifting political landscape — explaining how the New York City mayor race and overall market sentiment could influence the next phase of global investing.
Enjoy!
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 or SOL. 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.
BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.
Arch Public - Arch Public’s cutting-edge algorithm 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!)
Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.
easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.
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 private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/
Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.
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
🚨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.
2025-11-10 21:36:41
The 3rd annual Bitcoin Investor Week is returning to NYC on February 9th - 13th. This is the largest gathering of serious bitcoin investors in the world. 2,500+ people are expected this year.
Speakers include Jan van Eck, Lyn Alden, Jeff Park, Anthony Scaramucci, Matt Cole, Caitlin Long, Dan Tapiero, Mark Yusko, Brandon Lutnick, Fred Thiel, and many others.
TICKETS: https://bitcoininvestorweek.com
To investors,
The bears have been in control of financial markets over the last few days. The S&P 500 is down 2.5% over the last 5 days. The Nasdaq is down 4% during the same timeframe. Bitcoin is down 5% over the last week.
It has been a sea of flashing red numbers for a week.
But have no fear, the Trump Put is here. The President of the United States of America decided to come out swinging on Sunday morning with a Truth Social post promising a $2,000 “tariff dividend” to every US citizen who isn’t a high-income earner.
You didn’t think the President who measures the health of the US economy based on the stock market was going to sit around and let the bears take a victory lap, did you?
Now will the tariff dividends happen? I have no idea. Polymarket odds are only at 15% right now.
Another question is whether it matters if the tariff dividends actually happen? I don’t think so. The Trump Put already had its intended effect.
It only took this one social media post to completely change the direction of travel for asset prices. Stocks and bitcoin have surged higher as enthusiasm returned to the market.
This is the Trump Put. He has consistently made announcements that influenced the stock market at opportune times. You may remember his social media post saying “THIS IS A GREAT TIME TO BUY!!!” right before the market bottomed in April of this year. Trump backed down from his 100% tariff threat on China about an hour before futures opened on Sunday night a few weeks ago. And yesterday, amid all the panic and fear, the shining light on the hill was a simple promise from the leader of the free world to send out billions of dollars in stimulus checks.
Are stimulus checks a good idea for the long term health of the US economy? Of course not. Does anyone care right now? Not really. People are too focused on the short-term fears of a stock bubble or a perceived incoming bitcoin bear market.
Most people think if the President wants to hand out $2,000 to millions of citizens, especially right after a socialist agenda was voted into power in NYC due to affordability issues, then let the man hand out the money. It is complete disregard for the long-term strength of the economy and the devaluation of the US dollar.
Remember, inflation can only be created in Washington DC and a fast way to increase the odds of high inflation is to hand out thousands of dollars to hundreds of millions of people.
But this Trump Put is not the only thing likely to drive asset prices higher through the end of the year. We already know clarity on the China trade deal is coming. We also saw the Federal Reserve cut interest rates for the second time in the same number of meetings. And now Polymarket is showing the odds improving of the government shutdown being resolved before November 15th.
Sunday morning started out with a 62% odds of the shutdown being resolved after November 16th, but throughout the last 24 hours those odds plummeted to only 7%. A big reason for this change is the report last night that an agreement was reached in the Senate that would see enough Democrats step across the aisle and vote for the government to reopen.
If we get the government shutdown behind us, you should expect stocks and bitcoin to go higher quickly. Opening Bell Daily’s Phil Rosen writes “The US has seen 21 shutdowns in the last 50 years and the S&P 500 has gained 1.2% one month later and 2.9% three months later on average. Stocks are almost always higher after a government shutdown.”
Altcoin Gordon shows that bitcoin rallied 50% in 3 months coming out of the last government shutdown as well.
So what is going to happen here? No one knows. We are all trying to predict an unknowable future. But what I have learned in the last 5 or 6 years is to trust the vibes. Trust the sentiment. Trust the animal spirits.
Whatever you want to call it. How people feel about the market tends to determine how the market performs. And last week was a great example. The fear porn and negative takes were obvious. Folks were predicting the next bitcoin bear market or the end of the stock market rally.
But this week is already different. We just needed the promise of some stimulus checks to get everyone giddy again. And if everyone is giddy, capital will flow into the market lifting asset prices.
I am not the smartest guy in the world, but I know not to fade the Trump Put.
We got the put yesterday morning. Asset prices are responding. And the bull market is back on again.
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 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’s “IPO moment” — why investors are feeling disappointed, what’s really happening beneath the surface, and how these dynamics could reshape portfolios in the months ahead.
Jordi also shares his perspective on Tesla, artificial intelligence, and the shifting political landscape — explaining how the New York City mayor race and overall market sentiment could influence the next phase of global investing.
Enjoy!
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 or SOL. 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.
BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.
Arch Public - Arch Public’s cutting-edge algorithm 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!)
Defi Development Corp - DeFi Development Corp. (Nasdaq: DFDV) is building the first Solana-focused public treasury, giving investors exponential exposure to Solana’s growth.
easyBitcoin - Stack sats with easyBitcoin.app—earn 1% extra on buys, 2% annual rewards and 4.5% APY on USD. Download it at easybitcoin.app today.
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 private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/
Zkverify - A modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks.
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
🚨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.