#1578 Polina & Anthony Pompliano | Trump Company Buys BILLIONS of Bitcoin

Polina Pompliano and Anthony Pompliano discuss what’s going on with bitcoin, new regulation coming out of Washington DC, the rise of self-directed investors, athletes being paid in bitcoin, and why retail continues to beat institutions to various investment opportunities. ========================Core is the leading Bitcoin scaling solution, enabling you to lock in yield by locking up your Bitcoin. Simply lock it on the Bitcoin blockchain to secure the Core network, and get rewards. No bridging. No lending. Just holding. Still your keys. Still your coins. Now your yield. Start at https://stake.coredao.org/pomp========================BitcoinIRA: Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Take 3 minutes to open your account & get connected to a team of IRA specialists that will guide you through every step of the process. Go to https://bitcoinira.com/pomp/ to earn up to $500 in rewards.========================Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Created by Gavin Wood, co-founder of Ethereum, Polkadot empowers users to build decentralized applications with ease. Backed by industry leaders, making it a preferred choice for big names, Polkadot stands out as a leading choice for investors seeking a reliable, future-proof solution in the growing world of Web3 technology. Learn more at https://polkadot.com/.=======================Pomp writes a daily letter to over 265,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/=======================View 10k+ open startup jobs:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://dreamstartupjob.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Enroll in my Crypto Academy: https://www.thecryptoacademy.io/

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:02Speaker 00

  The action's on the court and as the official beer sponsor of the NBA, Michelob Ultra is getting fans closer to the game with a chance to win courtside seats, merch and more. Visit michelobultra.com/courtside to enter. Michelob Ultra Courtside 26 to 27. No purchase necessary. Open to US residents 21+ Begins on October 1st, 2026 and ends on June 30th, 2027. Multiple entry periods. See official rules at michelobultra.com/courtside for free entry, entry deadlines, prizes and details.

• 0:30Speaker 01

  This episode is brought to you by Subaru. You know that place your mind always wanders to? The lake, the mountains, the homes of the people you love most? The completely redesigned 2026 Subaru Outback is built to help you get there. With legendary capabilities, standard symmetrical all wheel drive and the confidence to go further. The 2026 Subaru Outback. Love never looked so good. Visit Subaru.com/Outback to learn more.

• 0:58Anthony Pompliano?

  What's up everyone? This is Anthony Pompliano. Many of you know me as Pomp. You're listening to the Pomp Podcast, which is my effort to find the most interesting people in the world and sit with them for hours while I ask questions in an effort to learn. So it would mean the world to me if you would subscribe to the show on your favorite audio platform, watch episodes on YouTube and tell your friends and family about the podcast. My goal is to help millions learn from the world's most interesting people. So let's get into today's episode.

• 1:26Speaker 03

  Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 1:50Anthony Pompliano?

  What's going on guys? Today we've got a great episode with Polina Pompliano. In this conversation, we talk about what's going on with Bitcoin, new regulation coming out of Washington DC, the rise of self-directed investors and why professional athletes seem to be so enamored and successful by investing in Bitcoin. This conversation covers a lot of unique thoughts that talk about the long-term trends as to how we are watching capital flow in the market and why I think the retail investors keep beating institutions to various investment opportunities like Tesla, Palantir, Bitcoin and others. Here's my latest conversation with Polina Pompliano. All right, Polina, what's the first topic?

• 2:23Speaker 04

  Bitcoin is at $118,000. It's holding steady. Trump Media bought $2 billion worth of Bitcoin, showing more support from the administration and making them the fifth largest Bitcoin corporate treasury. Interesting. And then SEC Chair Paul Atkins said on CNBC on Monday, "It is encouraging to see public companies adopt Bitcoin and crypto as Treasury Reserve assets." What do we think?

• 2:53Anthony Pompliano?

  Well, the Trump Media Company, which has Trump's name on it, but I don't think that he is heavily involved. I think he is like indirectly financially benefits from it. But I don't think that people should be surprised. They raised billions of dollars to go buy Bitcoin. And then they went and they bought the Bitcoin. I was like, oh, my God, they bought it. Like, what did you think they were doing? They told you they were raising the money to do it. Now, I think, if I understand correctly, when they raised the money versus when they bought, it's a pretty big price difference. So I think they actually raised the money when it was closer to like 100,000, 105,000. Now they got to buy at, you know, whatever, 115, 120. So, you know, look, Bitcoin is a game where the longer you wait many times, you can get punished.

• 3:35Anthony Pompliano?

  But also, it's a public environment, right? That there's certain rules, regulations, things in terms of the fundraising details, all that stuff plays into it. But I think that there's a lot of companies right now that are learning. If you raise capital and you do not deploy it into Bitcoin, sometimes you will have to pay for that later on and you end up with less Bitcoin because the price can obviously move very quickly in a very short period of time.

• 3:57Speaker 04

  Great. Last week was dubbed Crypto Week because we saw an unprecedented three crypto bills being signed. The first is the Genius Act, which creates the first ever federal regulatory framework for payment stable coins. Then there's the Clarity Act, which helps determine whether digital assets are securities or commodities, resolving longstanding jurisdictional confusion around SEC or CFTC. And the Anti-CBDC Act, which bars the Federal Reserve from issuing a central bank digital currency, which addresses concerns about privacy and government oversight.

• 4:33Anthony Pompliano?

  Understand correctly, one of those got signed, the other two got approved in the House.

• 4:37Speaker 04

  Oh, okay.

• 4:38Anthony Pompliano?

  The Senate, and then the Senate has to approve it, and then they'll be.

• 4:40Speaker 04

  Alright, so only the Genius Act has.

• 4:42Anthony Pompliano?

  Genius Act. Now, I will say, look, I don't care if you like Trump or not. If you're a 12-year-old young man, and you have to go up on a podium in front of a room of people, and talk about something called the Genius Act.

• 4:55Speaker 04

  Yeah.

• 4:55Anthony Pompliano?

  The like, layup, finger roll joke, is to be like, they named the bill after myself.

• 5:01Speaker 04

  Oh, Lord.

• 5:02Anthony Pompliano?

  He said that in the thing.

• 5:05Anthony Pompliano?

  So again, I don't care where politics are, like, that was like, just like, layup city, and he did it. It was pretty funny. Now, with that said, I thought it was very interesting. Obviously, the bill getting approved, all of that signed, great. The White House held an event. What I found very interesting was, they called out by name, a number of entrepreneurs who run companies in the Bitcoin and crypto industry.

• 5:29Speaker 04

  Okay.

• 5:30Anthony Pompliano?

  Including Paulo, the Tether CEO, was there. And so, this whole, like, FUD of the largest stablecoin in the world, is complete nonsense. Like, he's in the White House, getting called by name by the President of the United States, and they're talking about, "Stablecoins are going to increase dollar dominance globally. Stablecoins are going to drive adoption of the US dollar globally. Stablecoins are going to become an important part of the traditional financial system. Stablecoins are the future. Stablecoins are cheaper and faster." All these things they're saying. And they got the guy who is running the largest stablecoin in the world,

• 6:09Anthony Pompliano?

  which is probably the single most profitable company in human history, based on a EBITDA to employee ratio. So, all the FUD, all the nonsense. Like, Tether is winning. Now, that doesn't mean that Circle or any of the other stablecoins are not doing well also. They're growing, they're getting adoption in their own areas. But I think that what we have seen historically is, there have been people who have tried to say, "Oh, there's kind of an unregulated world, and then there's a regulated world for these stablecoins." What we are now seeing is, no, there's a stablecoin world. And as we get clarity through this genius act, as we get the traditional banks start to participate here, like it is game on.

• 6:52Anthony Pompliano?

  And I go back and I continue to remind people, the US dollar is one of the best product market fit products ever created. Everyone in the world wants dollars. And so what you are going to watch is you are going to watch all of the challengers. Tether, Circle, et cetera. I'm not going to go name all of them.

• 7:13Anthony Pompliano?

  They have a head start because they got to get started sooner, but also they have momentum, they have assets, and they understand the technology because they've been building with it for a long time. The banks are coming. You are going to see JP Morgan, Bank of America, Citi.

• 7:29Speaker 04

  And that's because, that's because there's now regulatory clarity.

• 7:33Anthony Pompliano?

  They could have done it before, but now it's like they're getting hit over the head by a two by four saying, hey, geniuses, get in the game or you're going to get disrupted now, right? And so I actually think the regulatory clarity helps the challengers more than it helps the incumbents. Some people disagree with me on that, but it is now clear that the US government is not going to stop these challengers. And so they have a massive head start and the banks are going to try. Now, if you're the bank, don't try to compete with the stablecoin in the areas that stablecoins are winning. Tether has run all around the world and gotten emerging market adoption of US dollars via these digital rails. Great. If you're JP Morgan, what are you going to do? You're going to go to Rwanda and try to get people to adopt the dollar?

• 8:16Anthony Pompliano?

  Are you going to go to some obscure city or region in the world and try to get bottoms up adoption from people who frankly, you previously have not banked? No. What you're going to do is you're going to say, we're going to sit in our fat cat ivory towers in Wall Street, New York City, and we're going to figure out how to use our size, our scale, our relationships, our customer base, and the current assets we have to carve a lane for ourselves. So the first thing that we're probably going to do is probably going to roll out stablecoins to our existing customers who happen to be quite wealthy compared to the average person around the world, right? It's something like if you're in the United States, I think that you are considered, if you live in the United States on a global basis, I believe that the average American is considered in the top 1% of the world.

• 9:00Anthony Pompliano?

  And so if you look at the customer base that these banks have, like they on a relative basis have a very wealthy client base, even for people who in the United States, you may not say, oh, they're super wealthy. So if you go and you roll out this product to them, now all of a sudden, every bank wire, rip that out. Why don't we use stablecoin? Every single kind of money transfer, rip that out, replace it with stablecoin. That's the opportunity set here. And guess what happens? If they're able to drop the cost and increase the speed of those transactions, people will probably do it more. And so that's where I think this is going is the banks are going to lean on their advantage. The challenges are going to lean on their advantage and they're going to meet somewhere in the middle. And that's where you're going to start to see M and A. That's

• 9:42Anthony Pompliano?

  where you're going to start to see like tether is going to put a bank out of business somewhere in the world because tether is going to be able to go cut off their potential customer base and they are going to start to use these rather than have a traditional bank account. This is the future where this is all going. It is going to be hyper competitive. I would even argue might even be cutthroat. And part of the narrative against some of the stablecoin challengers was the big players trying to play dirty games and say, oh, they're unregulated. Oh, they're breaking the rules, all that kind of stuff. But now that these companies have size, scale and momentum, well, what happens when they start going after the banks clients? And I think that's what you're going to start seeing now is you're going to see everyone. And I talked about

• 10:25Anthony Pompliano?

  it on a recent episode with the winter mute CEO. Everyone, it's like elementary analysis. The big financial institutions are going to come into the digital asset space. Great. You know what a big theme is going to be over the next decade and is not a lot of people talking about? These young challenge challenger companies, the crypto companies, the Bitcoin companies, they're coming to eat the lunch of the traditional firms. And guess what? Some of the big firms will take business from smaller firms and use it as a growth path. But some of these challenger firms are going to disrupt and probably put out of business, some of these legacy firms. But that's how the actual disruption occurs is you get them fighting with each other. Everyone's talking

• 11:07Anthony Pompliano?

  about the big guys going into the digital asset space. Not a lot of people talking about the digital asset guys going to the big space. And if that starts to happen, you're going to see a lot of backlash. You're going to see a lot of dirty games get played because no one wants the crown jewel, the mothership of their legacy business put at risk.

• 11:25Anthony Pompliano?

  But here they come. The cavalry is coming now and their businesses that they've enjoyed for a long time, they're going to come under pressure because the challengers have better technology. It's very obvious that users around the world, that's what they want to use. They'd rather do that than do wires or any sort of bank transfer.

• 11:41Speaker 04

  That's really interesting. And the, what I find fascinating about these acts is that they're like widely, it's bipartisan supported, right? Like,

• 11:50Anthony Pompliano?

  Of course. Like I said it on CNBC a couple of weeks ago, politicians are not dumb. They play dumb sometimes. They play dumb sometimes. They pretend like they don't know what's going on. They understand that the will of the people will eventually be hurt. Are you really going to be a politician who expects to be around for a long period of time? Now, if you're an older politician and you got a like kind of, you know, cemented base and you live in an area where it doesn't matter who shows up, they're not, you're never going to get voted out, do whatever you want. Of course, you could be anti Bitcoin crypto, whatever. But if you're relatively young, middle aged or below, and you want to have a long career in politics, and you're on the wrong side of this topic, you, it doesn't take long. Look at any survey. Young people and American citizens want these technologies. If you want

• 12:34Anthony Pompliano?

  to have a long career, you better not attack the area that not only people want the technology, not only is growing very fast, but guess what? Whether you like it or not, these people have money and they sort of put the money to work. Go look at what fair shake, this pact that they put together. It's like one of the largest pacts in all of politics. The President of the United States ran and one of his key components of his entire approach was, I'm going to protect your right to participate in this industry. How many companies, corporations, et cetera, now are pouring resources, time, money, energy, employees, strategic kind of initiatives, et cetera, into an industry that they previously thought the regulators were preventing them from participating? This is the game going forward. And so if you're a politician,

• 13:19Anthony Pompliano?

  You're looking at the data. You understand I gotta be on the right side of this thing. And that's why you're getting the bipartisan support.

• 13:24Speaker 04

  And let me ask you this. Trump said that crypto has quote, "Made our dollar look really good and strong and powerful. It's good for the dollar and it's good for the country." What does he mean by that? Just because like people are gonna be using stable coins to transact?

• 13:36Anthony Pompliano?

  Here's a real example. Let's say you live in Lebanon, right? Or any other country that has experienced the devaluation of their currency. Sometimes it is market-based where over time, people just say, "Hey, this is not nearly as valuable," etc. Other times, there are literally policy decisions where central banks or governments will intentionally devalue their currency themselves.

• 14:01Anthony Pompliano?

  How many stories do we have to read about somebody goes to sleep, they wake up and all of a sudden their currency's 30% devalued and they literally saw one-third of their savings disappear overnight, right? So if you live in that country, you say to yourself, "Well, I, in the Western world, in the United States, I have a savings account, I have a checking account, I have a brokerage account." So guess what's gonna happen in the digital world? You're gonna have the same thing. Some of your money's for saving, some of your money's for spending, and some of your money's for speculating. In that world, Bitcoin has done a fantastic job of becoming the savings technology, the store of value. You buy Bitcoin, you don't sell it. Bitcoin, over a long period of time, continues to go up, and foreseeable future, that will continue.

• 14:46Anthony Pompliano?

  The brokerage equivalent, the speculation, you can go buy stocks, you can go buy all these crazy coins, like there's plenty of speculation going on, including to the fact that I think the market maybe has become somewhat of a casino. But what is the asset that I can buy in the digital world that I can use with the same speed and cost of digital assets, but I should use for spending? Well, I don't want to spend my Bitcoin, because Bitcoin's gonna be worth more in the future. Why would I spend something today that's gonna be worth more later? The economic incentive is against me. I'm incentivized not to spend my Bitcoin, so it's a savings technology right now. The spending is I want to spend something that'll be worth less in the future, so why don't I spend dollars? On digital rails and that's what you're seeing is people are adopting this and they're saying,

• 15:29Anthony Pompliano?

  "Well, it's better to hold some cash than it is to hold my local currency because my local currency is losing value at even faster rate than the dollar." And so what you're seeing is you're seeing the dollar and Bitcoin both rise together simultaneous, but you're seeing the local weaker fiat currencies all fall to the wayside. And so ultimately, what does that mean? Well, there's plenty of headlines talking about the de-dollarization, all these countries trying to get off the dollar and the BRIC countries and all this nonsense. The people are saying, "I want dollars." And you see this around the world and you look at like, again, Tether, the latest numbers I remember are, I think they have 400 million on-chain users and they're growing something like 30 million

• 16:14Anthony Pompliano?

  users per quarter. That is insane. But if you think about that, that's only approximately, what, 1/16 of the global population? Like, they're not even at 10% yet. But the US dollar is nearly 50% of all global trade transactions. So there's this massive gap between the dollar usage and stable coins as the form factor for the dollar usage. And I think that gap is going to close over time. You're going to continue to see the dollar become more and more popular on the global trade perspective, but you're also going to see stable coins take on more and more of those transactions. And so it sounds crazy to sit here and usually talk about Bitcoin and be

• 16:59Anthony Pompliano?

  like shilling the US dollar, but I'm just looking at the data and I'm telling you that stable coins are going to become a bigger part of the market. The beauty is that that is very bullish for Bitcoin because if I have electronic dollars in my bank account, for me to buy Bitcoin, I have to take those dollars and I have to move them somewhere outside of the bank. What, let's say I go onto a crypto exchange, I have to go from dollars, wire it into a crypto exchange, then I have to turn that into a stable coin, then I have to buy Bitcoin. Well, if I sit with the dollars in Bitcoin, in a stable coin, I just press a button on my phone and I can change back and forth between dollars and Bitcoin. So what that does is when you reduce friction, it increases velocity. And when you increase velocity, that means more and more capital will end up in Bitcoin.

• 17:42Anthony Pompliano?

  That is where this world is going. And there's a whole lot of financial institutions who've been sitting on the sidelines and now they realize we better get in the game.

• 17:50Speaker 04

  Let's talk about the institutions sitting on the sidelines. So retail investors bought the dip and believes that the market would come flying back while Wall Street stayed on the sidelines and continued to play defense. Now, while you were talking, I was trying to look this up really quick and I still don't know what's going on, but what is happening with open door and this guy Eric Jackson?

• 18:11Anthony Pompliano?

  Well, let's talk about a retail investor.

• 18:13Speaker 04

  Okay. Is that?

• 18:16Anthony Pompliano?

  There is a thought process on Wall Street that the institutions are smart and retail is stupid.

• 18:25Speaker 04

  Retail being individual people who?

• 18:27Anthony Pompliano?

  Individual investors.

• 18:28Speaker 04

  Buy stocks.

• 18:29Anthony Pompliano?

  But retail is thought of as somebody who's like sitting in their mom's basement with $10 on Robin Hood.

• 18:37Speaker 04

  Okay.

• 18:37Anthony Pompliano?

  And they don't know what they're doing and they're just punting the money around. Do some of those people exist? Of course. Is that the majority of the market when we're talking about retail? Not at all.

• 18:49Anthony Pompliano?

  What has happened over the last, I don't know, probably decade, but really I think has kind of exploded in the last seven or eight years is the rise, not just of retail, but what I would consider and clarify as the self-directed investor. The way that the self-directed investor works is they go on the internet and they use X or Twitter, Reddit, podcasts, YouTube, newsletters, all that stuff, and they learn. And usually they are learning from other people who are putting money in the market. I write an email every single morning. I don't know if anyone actually learns from it, but I'm putting my personal views out there and my views tend to align with my portfolio. And if I am right, I make money. If I'm wrong, I lose money.

• 19:33Anthony Pompliano?

  Then there's hundreds, if not thousands of other people, tens of thousands of other people who are putting all this information out there. So on Wall Street, one of the reasons why people like the Bloomberg Terminal is because there's a chat function. I'll be sitting in there talking and some of the chats, you can talk one to one. Some of them are like anonymous chats, all kinds of stuff.

• 19:49Speaker 04

  I know that. There's anonymous chats on Bloomberg.

• 19:53Anthony Pompliano?

  It's like soap opera season, um, or like finance. Um, but.

• 19:58Anthony Pompliano?

  X is the world's group chat when it comes to finance. You can go on there and if you want, let's say you find a company and you want to find great analysis, type the ticker in on X and you'll find someone talking about it. Now, is it super obscure, small, $50 million market cap company?

• 20:16Speaker 04

  Never mind.

• 20:16Anthony Pompliano?

  Probably not, but there's all kinds of these amazing retail analysts. Now, here's what's interesting to me. If you get your information online, then you don't normally use your information source of the mainstream media. So already there's a direct connection. I don't need a reporter to tell me what the analysts are saying. I can just go read from the people who are publishing their work on the internet, whether it's podcasts, YouTube newsletter, tweets, whatever. Okay, so now I got my information. Now I'm more informed. As a self-directed investor, I have access to more source material and more material.

• 20:51Speaker 04

  You have the source material on the material, but do you know how to analyze that source material?

• 20:55Anthony Pompliano?

  You're reading, somebody else is doing the analysis, the same. Who? By the way, guess what happens on Wall Street? There's all these research, buy side and sell side research, et cetera. Somebody's doing a bunch of analysis, they're sending it out to people and they're trying to convince them of some viewpoint.

• 21:08Speaker 04

  Yeah.

• 21:09Anthony Pompliano?

  Same thing's happening on X, but the hive mind, the group or the power of the crowd is actually more valuable. So guess what people on Wall Street are doing now? They're sitting on X while they're sitting at their desk and they're learning as well. And so ultimately there's an idea generation, there's an analysis, there's all this stuff that's on. So now if I as an individual have access to more information and I don't have to spend $25,000 a month on a Bloomberg terminal, then I am actually able to use that information. Now, what did I historically do? Well, I need to go to my stockbroker or my financial advisor. Now, all of a sudden, I don't need those people, right? Not because they're not helpful, not because a financial advisor can't help when it comes to estate planning

• 21:53Anthony Pompliano?

  or maybe getting me access to certain investments or maybe even just helping me think through how to create a portfolio. But in terms of actually executing a trade, I now have technology available where I can go direct to the market. So I may have direct access to the market and still choose to use a financial advisor for certain reasons. But increasingly, there's a group of people online who are informed by the internet and they directly access the market on the internet. They do not use the financial advisor, they do not use the stockbroker. So what does that mean? That means that you now have an entire generation of these people who are showing up in the market. They're sophisticated, they have money, and they are deploying that money.

• 22:36Anthony Pompliano?

  And so it goes back to this idea of retail. Well, why was retail right and the institutions were wrong in April? Remember, the stock market went down about 20% is now up over 30% off the April lows. Institutions, hedge funds, financial institutions, all these guys are all sitting on the sidelines. Remember all the doomsday predicting they were had all those old spreadsheets and models and all this nonsense that they were all predicting the shelves were going to be empty. The, you know, Great Depression was kind of all this craziness. Guess what retail did? They said, I've seen this before. Five years ago, the market crashed really fast and I bought and the market came back really fast. Buy the dip. And guess what retail did? We have the data, it's conclusive. They bought the dip and guess what? They were right and the market came flying back.

• 23:21Anthony Pompliano?

  And people say, oh, because the tariffs are getting implemented. Right now, in the United States of America, there is a 10% blanket tariff on all US imports. Hmm. So this whole idea of like the tariff or whatever, no, certain countries, we had really big numbers and then we dropped them down. There's still like a 35% tariff or something like that on China. Hmm. That wasn't there before. So just because there was big numbers and then we ended up in a different place, we absolutely have a lot of tariffs. Go look at the tariff revenue chart. They've exploded. We are collecting tariff revenue. Right? And so the tariffs got put in place, the inflation didn't show up in the way people thought it was. There wasn't this doomsday scenario. Retail bought the dip and now they're getting rewarded for it because the stock market has come back in a major way. It's a three-month historic recovery for the stock market.

• 24:05Anthony Pompliano?

  Never really seen this before in history. Institutions thought they were smart and they sat on the sidelines. So it begs the question, who is smarter?

• 24:14Anthony Pompliano?

  Do you want to be right or do you want to make money? And the retail investors, I'm not talking about the people who are punting on penny stocks and have $5 on Robinhood, you know, and sitting in their mom's basement. I'm talking about the sophisticated self-directed investors. They are making a lot of money. And guess what? If you go and you look at the distribution of ownership, retail was right about Tesla, retail was right about Palantir, retail was right about GameStop. Retail now seems to be right about Open Door. Retail was right about Bitcoin. We can just go down the line. All of these different companies or assets where retail investors, they started to buy. Institutions were either negative or neutral. And then the institutions capitulated over time and eventually said, you know what? You're right.

• 24:57Anthony Pompliano?

  So if you go back and you look, why are there these cult followings around Bitcoin, around Tesla, around Palantir, et cetera? Because retail bought at very low levels. And then as the stock price or the asset price rose, they were making money. They got excited. If you bought Palantir and it was low and now Palantir is high in the stock price, you're, you love Palantir. You want to kiss Alex Karp. Your family is talking about how crazy you were to be buying the software company's stock. And you're sitting there counting your pennies, laughing at them. Bitcoin, same thing. Tesla, same thing, right? Just go down the line. How about the early investors in micro strategy now known as strategy? How about the early investors in Metaplanet?

• 25:42Anthony Pompliano?

  You just go down the line. It's why these cult following started because people figured out that they front ran the institutions. And so it goes back to the idea, does retail get it right every time? Absolutely not. Does Wall Street get it right every time? Absolutely not. That no one's batting a thousand. But the major stories in finance of the last seven or eight years, retail has beat the institutions to those themes. Now, does that mean that the institutions are all sitting there with no exposure?

• 26:09Speaker 04

  And hold on, hold on. Why do you think that's happened?

• 26:11Anthony Pompliano?

  Because what you now are getting is you're getting a confluence of trends. You have access to information in a way that retail previously didn't have.

• 26:18Speaker 04

  Right.

• 26:19Anthony Pompliano?

  The second thing is that retail actually can take more risk because they're not managing other people's money.

• 26:25Speaker 04

  Right.

• 26:26Anthony Pompliano?

  One of the things that people don't understand about the traditional financial system and the firms in particular, and the hedge funds, et cetera. It's all a relative performance game. If everyone else is up 5%, you're content with being up 8% because you just beat your peers.

• 26:39Speaker 04

  Yeah.

• 26:39Anthony Pompliano?

  But if the market is up 20,

• 26:43Anthony Pompliano?

  Are you actually winning, son? Right? Today's episode is brought to you by Core. You can earn yield on your Bitcoin by just holding your Bitcoin. It's simple. Core, the leading Bitcoin scaling solution, will reward you for not selling your Bitcoin. It's not magic. Here's how it works. Core is a protocol secured by elected validators. You can help elect validators and secure the network by simply locking up your Bitcoin on the Bitcoin blockchain. No bridging, no lending, and just holding. When your validator secures Core, it earns rewards fueled by network activity and passes them back to you as yield. With a minimum lockup of just one day, when the time lock ends, you get your Bitcoin back untouched. Still your keys, still your coins, now your yield.

• 27:25Anthony Pompliano?

  For even higher rates, stake Core alongside your Bitcoin and multiply your yield. And if you want to see what your Bitcoin is securing, join millions of others in exploring the largest Bitcoin DeFi ecosystem. There are over 100 live apps in the network and the deepest liquidity in all of Bitcoin DeFi. Get off zero and start earning yield on even just 1% of your Bitcoin by going to stake.coredao.org/pomp. Again, that's stake.coredao.org/pomp, or go click the link in the description. Today's episode is brought to you by Bitcoin IRA. Are you a crypto investor with a retirement account but don't have any crypto in your retirement account? Then listen up, this is for you. Bitcoin IRA is revolutionizing the way Americans save for retirement by helping smart investors

• 28:09Anthony Pompliano?

  diversify their savings with access to over 75 cryptocurrencies. With world-class customer service, military-grade encryption, and a vertically-integrated licensed trust company, it's no wonder more than 200,000 Americans trust Bitcoin IRA to secure their financial future. Getting started is quick and easy. It takes just three minutes to open an account. Once you're set up, their team of IRA specialists will reach out to guide you through every step of the process. Whether you're transferring an IRA from a legacy bank, rolling over an old 401k, or starting fresh with new contribution, the Bitcoin IRA team is here to help you get access to real crypto in your retirement account. And here's the best part. As a listener to this podcast, you can earn up to $500 in rewards when you add funds to your account. That's right.

• 28:52Anthony Pompliano?

  Search for Bitcoin IRA in the App Store or visit bitcoinira.com/pomp to join 200,000 Americans on their journey to upgrade their retirement. Bitcoinira.com/pomp to upgrade today and you can earn up to $500 in rewards when you add funds to your account.

• 29:12Anthony Pompliano?

  Today's episode is brought to you by Polkadot. Polkadot offers secure, scalable, and decentralized blockchain technology that perfectly aligns with the needs of innovative projects. It was developed by Gavin Wood, one of the co-founders of Ethereum and the creator of Solidity. Polkadot aims to build an internet where users have full control over their data and their applications. Polkadot offers tons of unique features, a shared security model, along with the new auction model and significant implementations like ASIC banking. Given these characteristics, it's easy to understand why Polkadot is gaining more and more traction in the cryptocurrency world. Some people even are talking about it as the AWS of Web3. Now, companies such as Mythical Games, Astro Network, and over 50 other independent blockchains

• 29:54Anthony Pompliano?

  with hundreds of applications already leverage Polkadot's technology to power their platforms. If you're looking for a reliable, scalable, and cutting-edge solution, Polkadot seems to be the top choice for industry players. Go check them out today at polkadot.com. And so, what retail cares about is absolute return. I don't care what my peers are doing. I don't care about this. I just want to make money. And so, it is a purer form of investing, in my opinion. There's not all these, "Oh, we need to be risk mitigated. Oh, we need to have portfolio construction. Oh, I need to worry about my Sharpe ratio, or my Sorrentino ratio, or I need to worry about this, or, oh no, I need to have this kind of custodian." It is pure, like, what I would consider pure PvP free market.

• 30:38Anthony Pompliano?

  And that ultimately leads to better returns. They have capital, they can go anywhere, they can do anything, they don't have to report to anyone, and they can take maximum risk. Now, when most people hear risk, they say, "Oh, that's scary." Well, if you're taking risk with a hedge fund because you're managing other people's money, now all of a sudden, they really care about, "Well, what is your risk-adjusted return?" They really care about, "What is the portfolio construction? What are your risk limits? What is this?" But all this stuff, right? That's why these multi-strat hedge funds, like, their goal's to return like 12% a year. If they can consistently return 12% a year, 13% a year, and do it with minimal risk... Home run because the institutions, that's what they want. But the individuals go out there in the street and talk to retail investors.

• 31:21Anthony Pompliano?

  If they got 12% a year, would they be happy? Hell no. Right? What they're looking at is they're trying to figure out, how do I create wealth? A lot of these institutions, a lot of these financial firms, they're trying to protect wealth. Right? That's not what these people on the internet are doing. They're trying to create wealth. So what do you do? You're on a more concentrated portfolio. You take way more risk. You're looking for more asymmetry.

• 31:43Speaker 04

  You do take more risk.

• 31:44Anthony Pompliano?

  Seek out more volatility. But I would argue the things that are positioned as the safest things in finance are actually the most risky. Holding bonds, losing strategy, holding dollars, losing strategy. So you look at it and you say, the average financial advisor would go tell someone to create a 6040 global portfolio. 40% of your portfolio is an L.

• 32:08Speaker 04

  It's over time against devalued.

• 32:09Anthony Pompliano?

  You, you just are getting crushed. What bonds in a traditional 6040 portfolio, what are you going to go hold? TLT and just get your face ripped off? Right? So what ends up happening is that you see an entire generation saying, wait a second. Why would I put that stuff in my portfolio? Maybe I'll do 60% stocks, 40% Bitcoin. That's the type of stuff that you're seeing. So I think that there's this whole trend of these self-directed investors. So now it leads to open door. When somebody says, oh, open door is becoming a meme stock.

• 32:44Speaker 04

  I knew it.

• 32:45Anthony Pompliano?

  What?

• 32:46Speaker 04

  Oh no, I just thought that.

• 32:48Anthony Pompliano?

  That it was becoming a meme.

• 32:49Speaker 04

  Yeah.

• 32:50Anthony Pompliano?

  You saw people talking about it online.

• 32:51Speaker 04

  I was like 800%.

• 32:53Anthony Pompliano?

  Well, here, here's what ends up happening. So I forget what the peak of open door was, but it was like tens of dollars.

• 33:00Speaker 04

  Yeah.

• 33:00Anthony Pompliano?

  And it dropped all the way down to like 50 or 60 cents.

• 33:03Speaker 04

  Yeah.

• 33:04Anthony Pompliano?

  Destroyed from a stock price standpoint. And all of a sudden, there's this guy, Eric Jackson. I know Eric. He's invested in companies I've been involved with before. He has a hedge fund. That hedge fund uses, he'll say AI models. I don't know exactly what that means, but basically they're doing data analysis. And they're looking for little signals in terms of what is likely to lead to future price appreciation. Now, in the open door situation, my understanding is that this model picked up that there was a spike, an abnormal spike in trading volume of the stock, started paying attention. Now, he previously, my understanding is had been an investor and actually lost money, if I understand correctly, in open door before.

• 33:47Anthony Pompliano?

  So he liked the story. He thought it could be a good business, but it kept falling, right? And he didn't work. He comes out and he says, well, hold on a second here. The stock is trading at 60 cents, let's say. And he said he thinks it can trade at $82. People are like, well, that's crazy. His point being that if you actually go and you look at the revenue and the business model, the cash, the debt, all this stuff. The business right now is not trading at a very big multiple compared to where he thinks it should trade. Okay. Well, if you think that nothing has to change with the business, it gets repriced as long as people realize it's trading at such a low multiple. Plenty of people have made money doing that. But his point is, is if you look forward based on the company's guidance

• 34:31Anthony Pompliano?

  in terms of what they're going to do in the future, based on revenue and profits, et cetera. Then you assign a multiple that would be appropriate. That's how he starts to get towards this $82. Is he right? I have no clue. But you know what I do know about Eric Jackson? He's been right before. He's been wrong before. But there are enough times now where he's pointed to things and he has claimed that they were going to appreciate significantly, kind of asymmetric thing. You know, he says that his focus is to find 100 baggers. Is open door 100 bagger? I have no clue. But I know that it went from 60 cents to whatever was $4 recently. And so from that standpoint, I think that you now get a bunch of retail investors and these self-directed investors, and they see some guy come out with, with this. Guess what it does? It brings attention.

• 35:16Anthony Pompliano?

  Then they start swarming. Some of them are buying merely because it's a meme stock. They just say, hey, GameStop, I saw it happen to Bed Bath Beyond, blah, blah, blah, whatever. Let's go buy it. Some portion for sure. But there's also people who say, wait a second. They go and they read Eric's analysis. So you know what? I think he's right. I think that this is underpriced and they go and they buy it. Now you can't decipher the difference between those two people, right? All you know is that there's a lot of buying. I think that they, um, one, they created a gamma squeeze. Two is, uh, they've now been halted multiple times this week in terms of, uh, so much volatility. And three is, I think they smashed the trading volume record for Open Door. Wow. But it's because you have to hive mine online.

• 36:00Anthony Pompliano?

  And once these people start to realize it. Now, one last thing I'll, I'll share. What I suspect is going to happen here is that the Open Door team is going to say, huh? Thank you, Eric Jackson. We appreciate you bringing so much attention to our stock. Oh, all these investors, you guys are creating a lot of trading volume in our stock. Maybe we should raise money. Having more money on our balance sheet probably isn't the worst thing in the world. It may even help our business. And so I expect that Open Door is going to raise capital, either through an ATM, some sort of a share registration or private offer. They'll, they'll do something to convert the enthusiasm and trading volume into capital on their balance sheet. That's what they should do.

• 36:41Anthony Pompliano?

  But the question becomes, how many of these people are buying it and going to hold the stock? Because they believe that it needs to be valued higher? Or how many people are short-term speculators are going to buy it today and sell it tomorrow? My guess is that people are actually underestimating the, what I would consider more like real trends that are at play here versus people just thinking like, oh, this is some meme stock, you know, whatever. I think that you're now starting to see that when somebody finds something, and in this case it was a very heavily shorted stock, plus it had all of these elements to it. And they're able to yell and scream to the internet and say, hey, look what I found. You're now seeing people run over who are very sophisticated with a lot of money. And guess what? The financial institutions, they're not dumb. They've got social listening tools.

• 37:26Anthony Pompliano?

  They're looking at the conversation online. They're seeing the momentum. They're seeing the trading volume, all that stuff. You think that. In the last two days, when we saw the stock go, I think it closed on Friday at like 220, 230 a share, to all of a sudden it was trading at four bucks. You don't think institutions were also in there? You don't think that they're plowing capital in right alongside retail? Of course, a lot of those portfolio managers, they're on the internet. They know what's going on, right? And so I think that that's where you're starting to see this graying of the line, where the institutions, in some cases, follow retail now, because they realize that retail has the ability to do this stuff.

• 38:04Speaker 04

  Right.

• 38:04Anthony Pompliano?

  And we saw it with Bitcoin. Institutions are following retail. We've seen it with Tesla, Palantir, etc. And now we're seeing it with Open Door. And so I don't own any. I was very tempted to buy some just to be along for the ride. You know, if I had, if I had bought some Open Door and tweeted out $82 a share, let's ride. You know, that would have been a pretty good tweet, but I feel like if I want to be able to talk about this in a, kind of a fair, may I say, balanced way, I shouldn't own any of the shares. And so I'm fascinated by this, and I think that the Open Door retail holders are probably, on a probability basis, they are more likely right than wrong.

• 38:43Speaker 04

  And do you think that something like this, like if a company stock becomes a meme stock, is good for the actual business long-term? Because I just looked up GameStop. It was trading at a dollar in 2020 before the boom, and then it went all the way up to $50 in March of 21.

• 39:01Anthony Pompliano?

  So retail was right?

• 39:02Speaker 04

  And then it went back down, and today it's currently trading at $24, but it's still up from the...

• 39:08Anthony Pompliano?

  It's up 24x in five years.

• 39:10Speaker 04

  Yeah.

• 39:10Anthony Pompliano?

  And they have $9.5 billion on their balance sheet.

• 39:14Speaker 04

  But it's important to say that it's risky and volatile.

• 39:16Anthony Pompliano?

  And, and they got Ryan Cohen to come in and be the CEO. So you look at it, is GameStop better off today than they were five years ago? Hell, yes. Retail did that. Now, here's the secret. A bunch of institutions were also fueling the rally as well.

• 39:34Speaker 04

  Yeah.

• 39:34Anthony Pompliano?

  Right? What's the market cap on the business?

• 39:37Speaker 04

  Oh, if you look. Hold on.

• 39:39Anthony Pompliano?

  Remember, they got nine and a half billion dollars on the balance sheet alone.

• 39:43Speaker 04

  Market cap, market cap. Hold on, I looked up share price.

• 39:47Anthony Pompliano?

  If you look up the share price, you should see it right underneath on Google Find.

• 39:50Speaker 04

  Oh, it's 10.75 billion.

• 39:52Anthony Pompliano?

  So think about that for a second. So they're valuing the business approximately at a billion, billion two. And they have nine and a half billion on their balance sheet.

• 40:00Speaker 04

  Hmm.

• 40:00Anthony Pompliano?

  Okay, let's say the business is free. They just, you get zero credit for the business. It's still a nine and a half billion dollar company, just based on its balance sheet assets. Right? And so when you look at it from that perspective, that's the type of thing where it kind of doesn't matter about the business in the sense of they were able to raise capital and fortify the balance sheet. That company will likely never be in trouble. If I remember correctly, I think that they have something like eight billion dollars or nine billion, whatever the number is, sitting in treasuries.

• 40:33Speaker 04

  Hmm.

• 40:34Anthony Pompliano?

  Well, if you're earning 5% or 4% on treasuries, and you happen to be doing that on eight or nine billion dollars, guess what? You're doing okay. You got a couple hundred million dollars of revenue that all of a sudden came out of nowhere. Now they're profitable on a single store unit basis. There's still a lot of questions there. They're working hard. Right? I, I've talked to Ryan Cohen about the business. One of the most interesting things to me, as a kid, GameStop, they sold video games, right? You would go there, you could buy everything from a PlayStation and Xbox. Sega Genesis, for those of you back there, Nintendo 64, all those stuff, right? But they sold games for the most part. GameStop, great name. Now, guess what one of the fastest growing segments for them is?

• 41:17Anthony Pompliano?

  My understanding is that it's like Pokemon cards and stuff. Right? So you start to figure out, like, again, I, I, he didn't say this to me, but I got to imagine Pokemon card, pretty small, pretty light. Got a big store. It's easy to put in little places, right? Now, on a per square foot basis, the revenue you could drive in the store probably increases. Like, that's the type of thing where, when you take a business, it's got attention on it. You put capital on the balance sheet and you bring an entrepreneur in to run the company? Hey, man, crazier things have happened.

• 41:46Speaker 04

  That's true.

• 41:47Anthony Pompliano?

  So if you look at it from that perspective, do I think Open Door will be better off for this? 100%.

• 41:52Speaker 04

  Interesting.

• 41:53Anthony Pompliano?

  It's just that the public narrative is, oh, look how stupid all these people are. You know what I always say? If the critics are so smart, why aren't they richer?

• 42:00Speaker 04

  Let's see how it shakes out. But I want to talk about, it's kind of off of retail investor, but one type of investor that a lot of people don't take seriously, in my opinion, are athletes. Everyone's like, oh, athletes, they just like, put their money, you know, wherever people tell them. They don't really know what they're doing. But there's one exception to this, and I think now there's a lot, or not a lot. There's numerous exception to this. But one of them is Saquon Barkley, who's like the star running back for the Philadelphia Eagles. You see how I know that?

• 42:33Speaker 04

  He won a Super Bowl. And he used

• 42:36Anthony Pompliano?

  Sports, sports.

• 42:39Speaker 04

  He used to play for the Giants when the Giants were good. Okay, okay.

• 42:43Anthony Pompliano?

  You just have to throw the salt in the wound. Go ahead.

• 42:46Speaker 04

  It's okay. We're still Giants fans, right?

• 42:48Anthony Pompliano?

  Well, I am. I don't know.

• 42:49Speaker 04

  Oh, I don't know what I am.

• 42:52Speaker 04

  But, but Saquon has surrounded himself with some great people and

• 42:56Anthony Pompliano?

  Let's have a great day.

• 42:58Speaker 04

  Advisors, some great advisors, Anthony's friends with Saquon, they talk regularly.

• 43:05Speaker 04

  And he made news in 2021 because he said that he would take part of his, like, marketing and endorsement dollars, use strike to convert it to Bitcoin. And I think he took, it was like $10 million, which today is worth like 36 million. So they, he just did an interview and they asked him if he

• 43:29Speaker 04

  Regrets not putting his whole contract, taking it into, taking his whole contract into Bitcoin, if he could go back. And he goes, of course I do, like, of course I would, but I think everything happens for a reason. And I'm glad, and I'm glad I didn't because, you know, it's volatile. I panicked a lot when the went up and down and whatever. So yeah, so I think that's interesting. Why are you seeing more and more athletes doing this?

• 43:54Anthony Pompliano?

  Well, first of all, um, the OG, Russ Ocon, right? Um, Russ will never get the credit he deserves.

• 44:04Speaker 04

  He's great.

• 44:05Anthony Pompliano?

  He was the pioneer of, of thinking through this. And the thing that I think people should give kind of Russ respect for, he didn't do it from a speculative standpoint. He didn't say like, hey, I'm going to buy this, or I'm going to take part of my contract in Bitcoin and I'm doing it because I got some crazy price target. Russ really understood the economics. He understood the basement of the currency. And I think he'd be the first one to say, he started out, he didn't know a lot.

• 44:33Speaker 04

  He knew, he said he started off as a critic, like he didn't believe. Yeah.

• 44:37Anthony Pompliano?

  But then he started to learn. He did the work. He started talking to people, all this stuff, right? And at some point, he gained the confidence where he said, I think that this is a long-term thing. And he's very family oriented. And I think that, you know, he's never told me this, but I think that probably family played a big part into it. Like, what do I want to do for my family in the future?

• 44:59Speaker 04

  A lot of these guys talk about generational wealth, which plays into that.

• 45:03Anthony Pompliano?

  If you are a young man, regardless of whether you grew up rich or poor, whether you went to public school or private school, whether your parents had some white collar job or blue collar job, whether you were born in the United States or not, what language you spoke growing up, any of that stuff. The athletic field is an equalizer. And if you are at the top of your game, and somebody comes to you and says, I will pay you tens of millions, hundreds of millions, in some cases, some players have been able to sign contracts consecutively worth over a billion dollars.

• 45:40Anthony Pompliano?

  Then you have a responsibility to say, I've been given this opportunity. I don't want to squander it. And there's story after story after story of people squandering it. Right? And so now, again, with the internet, they understand I have the opportunity to create this generational wealth. And look, if you go talk to anyone who makes money, do they waste money? Do they buy dumb things or, of course, they want to enjoy it. If you are a professional athlete at the top of your game, you think that you're not, you know, spending money here, there, of course. Now, with that said, that doesn't mean that one of the like very simple things that sports agents and financial advisors try to get through to many of these athletes is

• 46:24Anthony Pompliano?

  do not touch your contract money, live off of your endorsement.

• 46:27Speaker 04

  Yeah, yeah.

• 46:28Anthony Pompliano?

  So all that contract money should be put to the side and let's invest it. And that is the nest egg.

• 46:33Speaker 04

  Yeah.

• 46:34Anthony Pompliano?

  Knock yourself out. You, you want to go to the club and throw $10,000 around, knock yourself out. You want to buy a Bugatti, knock yourself out. You want to do it, do whatever you want with the endorsement money. Don't touch the contract money. And so I think that's what's starting happier now, contract money. And so I think that's what's starting happier now Bitcoin. If you're a professional athlete, you tend to have a certain type of personality. You tend to be competitive.

• 46:56Speaker 04

  Yeah.

• 46:57Anthony Pompliano?

  You tend to want to win. You tend to like all these things, right? And so from a personality standpoint, the idea that you can do work, practice, some may say intellectually.

• 47:09Speaker 04

  Yeah.

• 47:09Anthony Pompliano?

  Learn something, figure it out.

• 47:11Speaker 04

  You're not trading your like body for.

• 47:14Anthony Pompliano?

  Correct. Buy an asset that on a competitive analysis wins and outperforms all these other assets.

• 47:22Speaker 04

  Yeah.

• 47:24Anthony Pompliano?

  Not all of them, but a lot of athletes are drawn to it. And so I think that that is also, by the way, why a lot of what I would call, you know, Saturday athletes, not because they're playing college football. Just playing with their kids in their backyard or whatever. No, just like dads, moms, whatever, right? Like, you know, Saturday athletes.

• 47:41Speaker 04

  I'm more of a Sunday athlete.

• 47:43Anthony Pompliano?

  Yeah, they're drawn to the same thing, right? If you're competitive, all this kind of stuff. So I think that it's just, again, it's the confluence of they have a need.

• 47:52Speaker 04

  Yeah.

• 47:53Anthony Pompliano?

  They have a certain type of approach. They put the work in, they get an answer and they go and they do it.

• 47:58Speaker 04

  Um, I was, I was recently talking to a former NFL player and I was asking him whether like some of this is like the culture, like part of, it's like now cool to talk about investing. And he said that it used to be like in the locker room, you're talking about like what apartment you were bought or what kind of car, like that was the cool thing. But now he's like, you know, looking at your cap table or like looking at how up you are on your investments. Like that's the cool thing to do. And I think it goes back to like the competitive nature of a lot of these athletes. If one is doing it, the other one kind of wants to.

• 48:34Anthony Pompliano?

  Well, it's competitive. Um, they've all gotten smarter. Right now, uh, the leagues also, they probably don't get enough credit. They've done a good job of explaining to these athletes when they come into these leagues. There's a long history of people losing all this money, right? Don't, don't screw it up. Um, and look, there's modern examples of it, right? I mean, how many times do we have to see a professional athlete file for bankruptcy or be in trouble? Whatever, right? It's like, all that stuff still happens. Um, but I think also, um, take Ross, take Saquon, take, you know, a lot of these athletes, like they also probably don't get enough credit for sharing what they learn with their peers.

• 49:12Speaker 04

  They really do. Although Saquon has said that a lot of the younger athletes don't go to him for, you know.

• 49:18Anthony Pompliano?

  Maybe they do, maybe they don't. I don't know. But it just feels like, um, many of them are, uh, they're willing to talk about it if somebody wants to listen, right? And I think that what you find again is whether you're a professional athlete, you're a janitor, you're a doorman, you're a taxi driver, you're a mid-level accounting manager, you're a finance person, or you're a tech pro. All of those different things.

• 49:46Anthony Pompliano?

  End up coming back to one thing, which is an education and knowledge.

• 49:49Speaker 04

  Yeah.

• 49:49Anthony Pompliano?

  And if you can share education and knowledge, then ultimately what you're going to end up finding is that people who are informed will end up allocating their money directly in this rise of the self-directed investor. And Bitcoin is a big winner in that. But also, there's a number of other assets where kind of quote, quote, retail investor has been right. And institutions now are realizing, maybe they should pay attention to what retail's doing. And whether it is Bitcoin, Open Door, or anything else, I think there's a lot of opportunity out there. And maybe the single most important aspect to me is we used to live in a world where it was thought that scarcity was dominant. There's not that much money out there. There's not that much opportunity to invest my money also. We live in a world today of abundance.

• 50:32Anthony Pompliano?

  There's money sloshing around the financial system. There are investment opportunities at every corner. And it really just comes down to, do you do the work? Right? I don't know that many people who got rich, who didn't inherit the money, right? By accident. And you can say like, oh, I know a lot of dumb rich people. Sure. But sometimes the simplicity is actually the thing that works. And so from that standpoint, I think that's what you're seeing is these people are being successful because they are figuring things out that maybe otherwise they wouldn't have paid attention to previously.

• 51:11Speaker 04

  Great. That's all we got today.

• 51:13Anthony Pompliano?

  All right, guys. Thanks for watching.