#1365 Solo Episode | Wall Street & Politicians LOVE Bitcoin

What is going on with Wall Street and Politicians when it comes to bitcoin and crypto? Anthony Pompliano records a solo episode explaining the milestone of having both Wall Street and Washington as advocates for crypto. Anthony breaks down what is happening, why it’s important, and what he thinks the future looks like. ======================= Join me at Consensus 2024 May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code POMP to get 20% off your pass at ⁠⁠https://go.coindesk.com/3Q60F2Q⁠⁠ ======================= In this podcast, we dive into the revolutionary concept of PropyKeys, an application that allows anyone to mint home addresses all over the world on blockchain. PropyKeys.com is a part of the Propy ecosystem, that has a grand mission to make homeownership more affordable and user friendly. Join us as we discuss the Propy’s latest collaborations, including Coinbase, and its new fun project PropyKeys. X (Twitter): @PropyKeysWebsite: Mint an address at propykeys.comdApp: ⁠https://dapp.propy.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.

• 0:02Anthony 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. What's up guys? Today's episode is a solo episode. It's a little bit shorter than normal, but I keep getting the question of what's going on with Wall Street and with Washington DC politicians when it comes to Bitcoin and crypto. So I thought I'd sit down very quickly and just answer the question so all of you have the information. It is

• 0:46Anthony Pompliano?

  a milestone to now have both Wall Street and Washington coming to the same side as crypto and becoming huge advocates. And so I hope that this podcast answers the question of what's going on, why it's important, and what I think will happen in the future. Here is my answer to that exact question.

• 1:03Speaker 01

  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.

• 1:27Anthony Pompliano?

  Today's episode is brought to you by Consensus 2024 by CoinDesk. On May 29th through 31st, I'll be heading to Austin, Texas to speak at Consensus, the world's most established global event for all things crypto, blockchain, and Web 3. I'll be sharing my thoughts on what the next bull run will look like, how it will differ from previous runups, and the broad macro investment thesis for Bitcoin and crypto more broadly. That's not all. Consensus has tailored programming for Bitcoin maxis and multi-chain mavericks alike, covering everything from post-having strategies to mining and more. Plus, get ready for the epic showdown, Bitcoin versus Ethereum at karate combat. That's just a taste of what's to come at crypto's only big tent event. Join me in Austin alongside 15,000 other investors,

• 2:10Anthony Pompliano?

  founders, brands, and more, taking all that blockchain has to offer. Get your pass today by clicking the link in the description and using code POMP to save 20%. Again, click on the link in the description and use code POMP if you want to save 20%. And I'll see all of you at Consensus 2024. Today's episode is brought to you by Propy. Imagine a world where you could buy and sell your home wallet to wallet. With Prop Keys, you can mint your home address and upgrade it to a real world asset. This not only protects your home's title from fraud, but when you are ready to move, you could sell it through an NFT auction as well as through the traditional way. There's optionality here. Propy Keys is part of the Propy ecosystem. Their mission is to make home ownership more efficient, affordable, and user-friendly.

• 2:53Anthony Pompliano?

  Propy Keys is a fun entry point to placing title on the blockchain. Now, anyone can start their on-chain journey by minting home addresses via Propy Keys and staking them for profit until they are ready to sell their home. Visit propykeys.com to learn more. Again, that's propykeys.com to learn more. What's up, guys? Bang, bang. One of the most popular questions I'm getting right now is why all of a sudden is Wall Street and the political class so interested in Bitcoin and cryptocurrencies? I figured I'd take some time to explain exactly what's going on. So let's go back a couple of years. Every single major bank executive, all of the big investment firms, they were really, really bearish on Bitcoin and cryptocurrencies. I think they thought that it was a threat to their business.

• 3:35Anthony Pompliano?

  Here comes this new thing and these people on the internet, they're talking about decentralization. They're talking about building an alternative financial system. If you're on top of the legacy financial system, you're not interested in any alternative version. You're not interested in somebody coming and disrupting you with decentralization if you're a centralized institution. And also, you don't like this idea of the quote-unquote "new money" that you don't know who controls it or who's printing more of it. Instead, you kind of like the game that's already being played. You run a really large organization, you make tons of money both in revenue and in profit, and you're kind of one of the kings of finance, one of the kings of the world. But over the years, I think many of them had to start paying attention to it. They were like, this Bitcoin and crypto thing isn't going away.

• 4:17Anthony Pompliano?

  All of a sudden, my young employees that work in my business, they're talking about it. I see more and more people going on national television. More and more people are buying this thing. And wait, they're not even selling it once they buy it. These people, they're mad men and women. They literally believe that this stuff is going to be more valuable. It's an acute idea when it's a couple million Market cap, maybe it's a couple hundred million dollar market cap. Oh, it's even cute when it crosses over a billion dollars in market cap. But now the market is over 2.5 trillion dollars. Bitcoin alone is more than a trillion dollars itself. And so these executives, these people who run these large financial organizations, they had to start doing the research. They started to hire teams. They started to individually go and look at what is this stuff? How does it work?

• 5:02Anthony Pompliano?

  Why are these people so convicted in the value? Next thing you know, they all started to realize, wait a second, there may be a way for me not to look at this as a threat, but instead as an opportunity. And that's exactly what the finance organizations should be doing. Bitcoin and cryptocurrency represents a new opportunity for Wall Street. They now have an ability to drive revenue. They have an ability to sign up new customers and they have an ability to attract new talent by allowing them to work on this new, exciting, innovative area. So now Wall Street all of a sudden has flipped around in the table. They realized this asset class, these assets, they are not a threat. They are the new opportunity.

• 5:44Anthony Pompliano?

  If we want to grow, if we want to bring young people into our business as customers, and if we want to continue to drive revenue and profit, we have to embrace this. Obviously, once the SEC went ahead and approved the Bitcoin ETF, that was a watershed moment. We now saw the true entry of the first asset Bitcoin enter Wall Street. And boy, did Wall Street eat it up. Over $10 billion has flowed into these ETFs. It is the single most successful financial product launch in the history of Wall Street. Think about that for a second. The single most successful financial product launch in the history of Wall Street? Of course, they want more of it. And so now they're banging on the door. They want an Ether ETF. And eventually they're going to want a Solana ETF.

• 6:28Anthony Pompliano?

  And all the way down the entire coin market cap list, they want all the ETFs. Because ultimately, Wall Street realizes this is where the activity is. This is where the revenue is. This is where the users are. And this is where the future is. And that means that Wall Street has to get in the game. Politicians have actually realized the exact same thing on an almost exact same timeline. The politicians used to look at Bitcoin and crypto. First, they ignored it. Then they started to fight it. And when they began to fight it, all of a sudden, they realized this thing has the potential to disrupt the status quo. Nobody likes disruption. Nobody likes change, especially if you're older and you're a politician.

• 7:12Anthony Pompliano?

  Because really, your job is not to improve the future. Your job, if you're sitting in that seat, unfortunately, is usually just to get reelected in the next election cycle. I don't like that, but that's the way that a lot of them think about it. And so Bitcoin and crypto, that represented change, that represented a threat to them being elected again. And so what did they do? They all became very, very abrasive to it. Now, to the credit of some politicians, I'm not going to sit here and name every single one of them. They actually said, wait a minute, this is about freedom. This technology is similar to what the American rights are. It allows people to have free speech. It allows them to have digital property rights. It's almost like we took the US Constitution and we put it into code.

• 7:55Anthony Pompliano?

  We've given every single person around the world the exporting of the American ideals now in a technology form factor. And so some of those politicians were early to embracing this technology. But then, all of a sudden, President Trump, former president, came out and he said, you know what? I'm going to be the pro crypto candidate. That happened just a couple of weeks ago. And by doing that, he drew a line in the sand. He explicitly stated in his speech at Mar-a-Lago, I am the pro crypto candidate. If you hold cryptocurrency, you should vote for me. I will protect your right to self custody. I will protect your ability to have these assets built and held in the United States. Well, that created an entire controversy.

• 8:40Anthony Pompliano?

  Now, what was the Democratic Party going to do? Were they going to cede the crypto point to Donald Trump? Were they going to say, you're the pro crypto candidate and we're going to be the anti crypto candidates? Well, that's kind of tough. It's estimated that more than 50 million Americans actually hold crypto. And for decades, people have been actually voting along what's best for their wallet. Crypto is just the latest version of that. And so that's exactly what you're seeing now is that Trump understood if these people hold these assets and I'm good for those assets, the asset prices are likely to go up. That means that people are going to actually make more money and therefore they're going to want to vote for me. But to the Democrats' point, they were not going to let Trump become the pro crypto candidate by himself.

• 9:25Anthony Pompliano?

  They immediately changed course. They said, if he's in, we're in. And you started to see a number of candidates come out. They broke with the ranks of the Democratic Party. They began to vote for pro crypto legislation. They began to advocate for the approval of the Ether ETF. And on top of that, it now looks like even the Biden administration is going to end up being pro crypto going into the election. So now what you have are the politicians that took something they used to think was a threat and now realize that it is an opportunity. So Wall Street and the politicians both come to the same conclusion about the same time. Now, what's fascinating about that is we just had the Bitcoin halving. We just now are starting to see capital flow in due to the ETFs.

• 10:08Anthony Pompliano?

  And then we get Wall Street continuing to bang down the door of other assets. We get the politicians on a bipartisan standpoint coming together to support this asset class. And we went from very quickly, the government's going to ban these assets to now the government wants to support these assets. And so I believe that we are standing with a huge tailwind behind us. We have Wall Street and we have Washington DC, both now advocating for the future success of the crypto industry. And that is good for all coins, not just Bitcoin, not just Ether, but everything. Stable coins all the way on down. And regardless of what assets you hold, you should be happy that people now have choice. The free market is going to reign.

• 10:52Anthony Pompliano?

  People will be able to take their capital and they will be able to allocate it to whatever asset they want. And now we can thank both Wall Street and Washington DC. They might've been late, but at least they're here. And it appears that they're going to end up being on our side.