#1573 Anthony & Polina Pompliano | Bitcoin EXPLODES To All Time High!

Polina Pompliano and Anthony Pompliano discuss bitcoin hitting all-time highs, how we got here, where bitcoin goes from here, why retail investors love the stock market, and everything going on with Powell and interest rates. =======================Today’s episode is brought to you by ExpressVPN, rated #1 by top tech reviewers like CNET and The Verge. Without ExpressVPN, third parties can still see every website you visit, even in Incognito Mode. ExpressVPN is an easy to use VPN service that works on all devices hiding your IP address. Get an extra four months free and protect your online privacy TODAY by visiting https://expressvpn.com/pomp =======================Bitizenship helps Bitcoin-forward investors gain EU residency and a path to Portuguese citizenship in five years while maintaining exposure to Bitcoin. Their regulated fund qualifies you for the Golden Visa through an operating company focused on Bitcoin-native innovation. Book a free strategy call at bitizenship.com/pomp.=======================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

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• 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. We talk about the Bitcoin all time high, how did we get here and where are we going? We then talk about retail investors pouring capital into the stock market and why they may be smarter than all of the big financial institutions. On top of that, we then get into what's going on with Jerome Powell, the Federal Reserve interest rate cuts and whether he's going to be around or not to see the end of his term. That and much more in today's conversation with Polina Pompliano. All right, Polina, what's the first topic?

• 2:18Speaker 04

  Okay, so Bitcoin yesterday hit an all time high of $123,000.

• 2:24Anthony Pompliano?

  Bang, bang.

• 2:25Speaker 04

  This is remarkable. Why, why did this happen?

• 2:28Anthony Pompliano?

  Well, there's a lot of things that happened. First of all, Bitcoin is the best asset for someone to put in their portfolio. My personal humble opinion, I think that it will continue to compound for a very long period of time, like I've been saying for a decade. On top of that, Bitcoin is the best barometer for global liquidity. That's my opinion, but also there's data to prove it. Lynn Alden, Sam Callahan did an amazing study that showed it is the most sensitive asset to global liquidity and global liquidity has been expanding. So Bitcoin's price is going to go up. On top of that, you have an entire generation that says, I want volatility. I don't want all this risk mitigation nonsense. And so when Bitcoin dropped earlier this year in April to about $75,000, the fear index went all the way down to 15.

• 3:11Anthony Pompliano?

  The greed index is back to 70 now and it's because people are bullish and they realize just buy the dip. All long-term prolonged bear markets have been outlawed. You ain't gonna see that stuff anymore because they got the money printer. And so that is all like structural stuff. We also have an administration. They like Bitcoin. They love Bitcoin. They're being pro Bitcoin. They're putting policies in place. They're putting the strategic.

• 3:32Speaker 04

  But you said before, it didn't matter what.

• 3:35Anthony Pompliano?

  Bitcoin is going to be successful regardless of whether the government is for it or against it. Still going to be successful. So in that regard, it doesn't matter. But if we get our choice, of course, we want the government to like it, right? Because it is a tailwind. And so that's what you're seeing happen and play out. On top of that, you have three things. First, Bitcoin ETFs. We saw something like $1.2 billion of inflows last Thursday. That was the second highest day of inflows in Bitcoin ETF history. We now have BlackRock's ETF that is about $90 billion.

• 4:09Speaker 04

  We'll talk about all of that.

• 4:10Anthony Pompliano?

  Okay, all right. And collectively, they're $140 billion, but the ETFs, they're very successful. They're rocking and rolling. On top of that, we also saw that at the end of Q2, the expiration of options, for those that don't understand, options are an ability to go long or short. People are using them to suppress the price and hedge and do things like that. If the options expire at the end of Q2, that downward pressure gets relieved. And so now you've got kind of more buoyancy. You didn't know I knew that word. Kind of like taking a beach ball and holding it under the water. Remove your hands, up we go. And then if we move up quickly, guess what happens? There's lots of shorts that had piled on.

• 4:51Anthony Pompliano?

  And so those shorts were all sitting there and they were waiting because they thought Bitcoin was just going to trade in this range. Go down to 100K, go back to 110, go down to 100K, go back to 110. If you trade in the range, when it gets to 110, short, it's going back to 100, right? Wrong. Bunch of liquidations. Bitcoin then gets into something called price discovery. Price discovery is when we try to discover what the new price of Bitcoin is going to be. Last time this happened was in November of 2024. Donald Trump got elected. We went through the 70K, which was a new all time high, previous all time high, $69,000. Nice. And from there, we went from 70 to 90. It's about a 28 to 30% move, depending on how you look at the data. If that was to happen now, 110 to about 140.

• 5:33Anthony Pompliano?

  I'm not saying that 140 is going to happen in two to three weeks, but I am saying that a move from 110 to 120, a lot of momentum. And so if you continue with that momentum and you have a similar move to what we saw in November, then 140 would be within the kind of realm of possibility. And it could happen much faster than people think. So my whole thing is we are now going up. I expect us to continue going up in the second half of this year because they are printing money. Because we are going to get interest rate cuts. Because Wall Street now's full undivided attention is on Bitcoin. They realize Bitcoin is a winning strategy. They want to put Bitcoin in their ETFs. They want to put Bitcoin in their public companies. They want to put Bitcoin in their real estate. They're going to put Bitcoin in their fixed income fund. They're going to put Bitcoin on their own balance sheets.

• 6:15Anthony Pompliano?

  Anything that they can do where they can take Bitcoin and put it into a traditional product, it is coming. And the second that you go from a contrarian trade to a consensus trade. Get ready, buckle up, Bitcoin's going to do his thing and Bitcoin is up over 100% in the last year. At the same time, Ethereum is down, it's negative. That is called the bifurcation.

• 6:38Speaker 04

  I was just gonna say that.

• 6:40Anthony Pompliano?

  Yeah, you know Bitcoin dominance was down at 38%, I believe, or 33%, something like that, back in 2022. It's now at 63%. Bitcoin's the king, it's going to remain the king, and I think that now Wall Street realizes there's Bitcoin and there's everything else. Doesn't mean everything else is complete zeros, but.

• 7:00Speaker 04

  Let's talk about.

• 7:01Anthony Pompliano?

  The king is here.

• 7:03Speaker 04

  Let's talk about BlackRock. So BlackRock's spot Bitcoin ETF is now the company's most profitable ETF, just crazy. So as you mentioned, last Thursday, we saw an inflow of 1.2 billion into Bitcoin ETFs. On Monday, the Federal Reserve and US regulators issued a statement saying banks are allowed to custody Bitcoin and crypto.

• 7:24Anthony Pompliano?

  Uh oh, uh oh.

• 7:25Speaker 04

  That's big, no?

• 7:26Anthony Pompliano?

  Uh oh, uh oh.

• 7:27Speaker 04

  Okay.

• 7:28Anthony Pompliano?

  That's one of those things that in the day it gets announced, a couple of people pay attention. Five years from now, people will look back and say, woo.

• 7:35Speaker 04

  Wait, so why did this? I, I mean, I feel like it should have been a big deal, bigger deal than just a bullet point.

• 7:41Anthony Pompliano?

  The market is bifurcated in that you've got the hardcore retail Bitcoiners, who they believe in self custody, rightfully so. People should learn self custody. You should take control of your private keys. The same time, there's a whole nother class of people, they're not doing self custody. A lot of them waited for the Bitcoin ETF. They didn't even want to go set up a, you know, Coinbase, Kraken, whatever account. So what now is going to happen? People say, I don't even need to do this at any sort of other organization. I can just buy spot Bitcoin and my bank will hold it for me. Sounds good to me. There's a bunch of people who are going to go do that. Whether people like it or not, this is part of mass adoption. You want people to be able to self custody.

• 8:20Speaker 04

  Yeah.

• 8:20Anthony Pompliano?

  You want people to be able to use third-party qualified custodians. You want people to be able to buy via ETFs. You want people to be able to buy Bitcoin treasury companies. You want people to be able to buy Bitcoin and hold it at their bank. Let them choose what they want to do. Oh, this is. All about choice. And so give people the choice to do whatever they want to do and then go educate them. And if we want more people to be doing self custody, then we must educate them on self custody. What we shouldn't do is try to use regulation or market forces to prevent people from doing what they want to do with their money. Instead, we should say, hey, you have all these options available to you. Here are the advantages of something like self custody. But the banks, they get in, they jumping in, they're skinny dipping in the deep end.

• 8:59Anthony Pompliano?

  They're so excited that they just stripped off all their clothes, they're jumping deep.

• 9:04Anthony Pompliano?

  You know, like when you go to the pool and you're a little kid and your parents tries to get you to go to the shallow end. That's not what their banks are doing. Not dipping their toes, the banks swam diving right into.

• 9:13Speaker 04

  But I feel like up until now, the banks were like, no, no, no.

• 9:17Anthony Pompliano?

  Because they.

• 9:17Speaker 04

  Keep your clothes on.

• 9:19Anthony Pompliano?

  No, because they, listen, banks, you ever seen, um, like, uh, what's that movie is called The Mask? I think the guy with the green face and he spins around. Yeah. Yeah. Jim Carrey, whatever, right? And he, that's what the banks do. Let's just call a spade a spade. If you're a bank, guess what your game is? Your game is not in having really strong opinions about assets or this. You do what your clients want, right? And you want to grow your business. Well, guess where the clients are going? They're going to Bitcoin. And so if you want young people, if you want new clients, if you want new revenue, if you want new assets, you embrace Bitcoin. Vanguard, let's talk about these.

• 9:54Speaker 04

  So Vanguard.

• 9:55Anthony Pompliano?

  Let's talk about Vanguard.

• 9:56Speaker 04

  Vanguard said Bitcoin is not appropriate for long-term investors.

• 10:01Anthony Pompliano?

  Hmm. Then Vanguard's not a long-term investor.

• 10:03Speaker 04

  But Vanguard also has also purchased 20 million shares of MicroStrategy.

• 10:09Anthony Pompliano?

  Hypocrisy. That's Jim Carrey and The Mask. Who do we want to be today? Right? So when you look at it from that perspective, it just goes back to, they're all going to say whatever they want to say. Don't listen to what they're saying, watch what they're doing. Right? And so you come back to, what is Vanguard doing? If they're buying it for themselves, think about the arrogance that you have to have to be the person who says Bitcoin is not for long-term investors. And turn around and be the largest investor in the Bitcoin treasury company. Guess what? Either you're not a long-term investor or you're saying one thing that you don't actually believe. By the way, who cares? They're free to do whatever they want. If you don't like the fact that they're not letting you buy Bitcoin, move your assets, move with your feet somewhere else. Use your dollars to

• 10:53Anthony Pompliano?

  protest rather than say, oh, I'm going to keep my Vanguard account. I'm going to complain all the time. Like this is a free market. Move your stuff. Let's go. Make them feel the pain of customers leaving if they're not going to allow people to invest in Bitcoin. Guess what will happen? Other asset managers like BlackRock and others, they're like, hey, we're open for business. You Bitcoiners, you guys are crazy. We love you guys. Why don't you come on over here? Bam. Most profitable fund that they have in the ETF complex. Like overnight, 18 weeks or 18 months. In 18 months, they went from we don't have a Bitcoin fund to it's our most profitable fund. If you take your business and you plug it into the Bitcoin network in multitude of ways,

• 11:33Anthony Pompliano?

  it is good for your business. And BlackRock is proving it. Guess what? Fidelity, VanEck, Bitwise, all these other guys, they're doing a fantastic job as well. Their businesses are better because they all created these Bitcoin ETFs. Guess what else is going to happen? Now you're having a bunch of other people show up and say, wait a minute, I should try to figure this out. GameStop, DJT, people are like, oh, those are like kind of one offs. What are they really doing with this? Whatever. Well, what happens when all of a sudden you start seeing big companies? You think Facebook's going to buy Bitcoin at some point? I bet they will. You think Amazon's going to buy Bitcoin? I bet they will. Now, is it going to be tomorrow? Probably not. Is it going to be in five years? I don't know. But what we are watching is we are

• 12:16Anthony Pompliano?

  watching a rise of a new monetary asset, which happens, oh, I don't know, every maybe minimum 50 years, maximum centuries? And we all get a front row seat? Get your popcorn out, kick your feet up, put on your little 3D glasses that they give you at the 3D movie theater and watch the show. Because guess what? Bitcoin is going way higher. There'll be a lot of volatility between now and then. But if you think that Bitcoin's not going to be measured in millions of dollars at some point in the future.

• 12:47Anthony Pompliano?

  Stop. Put, put down your phone. Just take a deep breath. They're never gonna stop printing money. Bitcoin's going higher and all these companies, they're all gonna capitulate and Vanguard, it's gonna be like chef's kiss. When they decide to.

• 13:00Speaker 04

  Well, they have exposure. I mean.

• 13:02Anthony Pompliano?

  For themselves.

• 13:03Speaker 04

  Right. Okay. Well, retail investors are kind of the backbone of this. Individual investors bought 155.3 billion dollars of single stocks and ETFs in the first half of 2025, marking the largest semi-annual net inflows on record.

• 13:22Speaker 04

  Retail is dumping their money into Bitcoin and tech stocks stand in contrast with Warren Buffett, who's sitting on 5.1% of the entire US Treasury bill market.

• 13:32Anthony Pompliano?

  Let's break this down for a second. First, let's go after Buffett. This guy, dinosaur. Sorry. Love him. Great track record. Amazing. Questionable life decisions, but as an investor, great track record. Has not beat the S and P 500, I think, last 15 years, like collectively. By the way, one of his core principles of his entire investing philosophy, do not own non-productive assets, own companies because companies produce cash flows.

• 14:00Speaker 04

  Okay.

• 14:01Anthony Pompliano?

  Gold, that dumb shiny rock, has outperformed the US stock market over the last 25 years. 25 years ago, if you bought gold and held it, you would now have more money than if you bought the US stock market. So the entire premise of Buffett's life's work has been invalidated because actually we no longer live in a world where you are supposed to go and pick all these individual stocks. It's an intelligence test. If they're gonna print money, buy hard assets. If they're not gonna print money, then go play your game of all this stuff. But the stock market is being driven by inflation, so is gold, so is Bitcoin. And guess what is happening is Bitcoin and gold are kicking the ass of the stock market.

• 14:40Anthony Pompliano?

  And so if you look at Phil Rosen, opening bell, recently had a chart that he put, maybe we could pull it up somewhere. The S and P 500 in Bitcoin terms is down 85% since 2020. You should no longer start to measure assets in dollar terms. Start measuring them in the Bitcoin rate of return. What is the S and P's Bitcoin rate of return since 2020? Negative 85%.

• 15:10Anthony Pompliano?

  So it brings me to retail, retail, self-directed investors, independent investors, whatever you want to call them. They are smarter now than ever before. I may even venture to say that retail is smarter than the institutions. Now, it's a little unfair because retail makes up the institutions, which people don't realize. If you go on X, if you go on Reddit, if you go on Substacks, etc., a lot of the people there, they are there in their personal capacity. They're learning, they're directing their own personal accounts. But they also, in their professional life, work at multi-strat hedge funds, big banks, big financial institutions, etc. So the same people who are learning online are the same people who are inside these organizations,

• 15:52Anthony Pompliano?

  not the younger people. And as the older people move on, those younger people are going to ascend up. And what you're going to find is that there's going to be a convergence. But it's the retail folks' ideas that are now invading these big organizations. And so you can see it. Just look at this year alone. Stocks went down in April. I mean, your boy knew that stocks were coming back. April 3rd, stone cold bottom, basically. I tweeted and said, we're going back to all-time highs before the end of the year. Book it, receipt season. And we did, much faster than I thought. But in the recovery, historic recovery, may I add, almost 30% up in 90 days. What we saw was retail was plowing capital, $155 billion into single-name stocks and ETFs in

• 16:35Anthony Pompliano?

  the first half of the year, record. At the same time, the institutions, the hedge funds, the financial organizations, they have much less exposure to the US stock market than historically they would necessarily have, which means that they actually were sitting on the sidelines. They were waiting for it to go lower. They didn't believe in the recovery, etc. Retail understands the most important thing about the financial market. Prolonged bear markets have been outlawed, dips are for buying. That's what retail has been convinced of. And whether you think they're right or wrong, the data suggests that they are more right than wrong, and they continue to outperform. So it brings us back to the Bitcoin story. Retail was first to Bitcoin. And a lot of the people that I know that are inside of these big financial organizations, they personally bought Bitcoin well before their organizations did. So you can't say, oh, they're so stupid. They don't know what they're doing.

• 17:20Anthony Pompliano?

  What they were doing is they're playing a risk mitigation game. They're playing a bureaucracy game. They were playing a completely different game. But the individuals knew where the value was. And so what we are transitioning to here is a world where the retail investors are going to beat the institutions to a lot of investments. And so paying attention to the retail flows is really important. I think retail right now is like 36 to 38% of the US stock market. I predict that will be more than 50% at some point in the future. And what we are going to watch is that the institutions are going to start following retail, not the other way around. Bitcoin being the first big winner. And I think that there are many, many other stories like that that are coming as well.

• 17:56Speaker 04

  Great. Let's talk about your favorite narrative violation. A $27 billion surplus was recorded in June as tariff revenues grew to a record 27.2 billion in June, following a $316 billion deficit in May. Customs duties totaled about 27 billion for the month, up from 23 billion in May. The government last posted a June surplus in 2017 during President Donald Trump's first term, and the fear of inflation never really happened because the US inflation index dropped to 1.66% according to true inflation.

• 18:38Anthony Pompliano?

  Let's come to inflation in a second. First, let's talk about the Treasury surplus in the month of June. Bittersweet, it's kind of like a consolation prize. I was very excited about the current administration, Doge tariffs, et cetera, as a way to balance the budget. I do not believe that we will be able to get to a truly balanced budget over a long period of time. But consolation prize? I believe two different months this year, we have had Treasury surpluses, which means that in those months, we collected more than we spent. Two is better than zero, but I still don't think for the year we're going to get to a balanced budget. I do not think that it is possible regardless, Republican, Democrat, independent, Mom Donnie definitely ain't getting there and neither is anyone else that we put in the White House. It is not possible because of the structure and our unwillingness to

• 19:23Anthony Pompliano?

  actually cut expenses. So we have to print money. But consolation prize, yes, in June, we did have a surplus, which shows you that there is a path. If we could get our act together and cut enough expenses and drive enough revenue, the tariffs quote unquote are working in that regard. Now with that said, let's go to inflation. As soon as I hear CPI, I shut my ears off. Just stop listening to them. What are you, what are you talking about? These people have no clue what the inflation number is based on their methodology. If I had to remind folks, they send people with physical tablets into grocery stores and they say, go find the exact can of soup with low salt, this sodium, blah, blah, whatever,

• 20:06Anthony Pompliano?

  and punch in the price of the soup. And we're going to do that like every 90 days. What?

• 20:14Anthony Pompliano?

  Who in their right mind in today's day and age, with the access to the internet, real time prices, real time information, all this stuff, would ever think to design a system to collect data, to send humans who are fallible, who make mistakes with physical tablets into the stores, random stores, and just figure out what the price is? That is crazy town. So that's first of all. Second of all, things like owner equivalent rent is my favorite one. They call people on the phone. They call like 2,000 people or something. And they say, hey, I know you own your home, but what do you think you could rent your home for? Well, if you ask me that, shit, I think I could rent it for $10,000 a square

• 20:58Anthony Pompliano?

  foot. Right? Who's asking? Are you, are you interested? Oh, you, if you'll pay me $10,000 a square foot, I'll rent it tomorrow. Right? Now, obviously people, they have no clue. So why don't we instead of doing phone calls, antiquated dinosaur technology, instead, go and look, we have websites. I spent too much time on them. Zillos. Street easy, Redfin, all these different things. There is a section on these websites that shows you the last closed deals, the last closed rentals. Go and look at actually what things are clearing in the market and measure the rental changes from that real time data rather than calling people on the phone. And so it comes back to like, why was the polling wrong in November?

• 21:43Anthony Pompliano?

  Same reason why the inflation data is wrong. If you ask people to tell you something, they got no clue. They just lie. They make stuff up, even if they think they're telling you the truth. They're wrong. So instead, look at the hard data. That's why I like Trueflation more than I like the BLS data. So Trueflation, very interesting story, huge narrative violation, was at 3%. They said inflation was in January. That was higher than the government data. So the government data didn't say it was 3%, but they said it was 3%. So they're not skewed higher or lower generally. They just say what they think it is in real time. At 3% in the middle of January, it crashed all the way down. I think we got as low as like 1.3 or 1.4%. It then rose back up. At the end of June, it was sitting at over 2%.

• 22:26Anthony Pompliano?

  And it's now back down to like 1.8%. So this thing has volatility to it. It's real time. They're showing you what's happening. What it shows is that in the first half of this year, we went from over 3% inflation to 1.8%. Everyone who told you high inflation was coming, wrong. Everyone who told you the shelves are going to be empty, wrong. Everyone who told you all these things you're going to worry about from the tariffs, wrong. But here is the mind bender. I think inflation is going to go up in the second half of this year, but it's not because of the tariffs. The tariffs have been in place now in some cases for six months. How long do you want to wait? How long do you think that they're going to wait to raise their prices? If they're already have tariff revenue coming in?

• 23:10Anthony Pompliano?

  Obviously, the prices that have been increased have already been increased. And so what you're going to see is you are going to see inflation start to tick up, but it's not because of the tariffs. It's because of the money printing. And so as I've said on From the Desk from Anthony Pompliano, which you guys should all go subscribe to that YouTube channel. Also, I have said this on Twitter a gazillion times, technical number, a gazillion, is Milton Friedman said it best. Inflation can only be created in one place, and that is Washington DC. Monetary and fiscal policy determines inflation. If monetary and fiscal policy is not out of tune, then you don't get any issues. Everything's fine. You won't get inflation. But now, what we see is that the money supply is starting to grow, not only domestically,

• 23:55Anthony Pompliano?

  but internationally as well. Global M2 money supply is shooting higher. Well, why is Bitcoin going up? Why is gold going up? Why are stocks going up? We hit what I would consider, I used to think of it as the trifecta, but now I think it's the quadfecta, which is gold, Bitcoin, NASDAQ, S and P. Check, check, check, check. All four all-time highs. Why? Because the money supply was increasing. And so, yes, inflation is going to come back. Has nothing to do with the tariffs. That is like a smooth brain elementary analysis. If someone tells you that the inflation is tied to the tariffs. Instead, it is because now they are going to turn on that money printer. And when they do that, yes, it will come back. So, the only way that they can prevent it is shut off the money printer, which is not what they're gonna do, or grow, grow, grow.

• 24:38Anthony Pompliano?

  And so, they're gonna try to figure out a way to stimulate so much economic activity that they will be able to grow their way out of the problem, which is nearly impossible, but that's, they're gonna be the strategy. And so, that tells me that if economic activity increases, guess what else is gonna go up? Stocks, Bitcoin, gold, they're all going higher. Just don't be caught holding dollars. And I think that is going to be the story of the next decade. And unfortunately, half of the country, they hold dollars. They do not hold investment assets and they're gonna get crushed. And you're going to see the rise of socialism, communism, all this nonsense in our society. Because those people feel like they're left behind. But instead, it's all a financial education problem.

• 25:15Speaker 04

  Yeah, but those people do have the ability. They're not boxed out of like the Bitcoin market.

• 25:21Anthony Pompliano?

  They're not boxed out of any market, other than private investing, where you're being an accredited investor. But any liquid market, they could go sign up for an account. That's part of why Robinhood has been so powerful, right? Public.com, Weebull, eToro, whatever.

• 25:34Speaker 04

  It's just like an information.

• 25:36Anthony Pompliano?

  It is literally, if you said to me right now, could you wave a magic wand?

• 25:41Speaker 04

  Yeah.

• 25:41Anthony Pompliano?

  And drastically improve the quality of life for billions of people. You get to tell them one thing, that's the thing you tell them. Do not save in a fiat currency. You have to have investment assets. That is it. And if they follow that advice.

• 26:00Anthony Pompliano?

  Today's episode is brought to you by ExpressVPN. How did you choose which internet service provider that you use? Well, the sad thing is, most of us have very little choice because ISPs operate like monopolies in the regions that they serve. They then use this monopoly power to take advantage of customers. Data caps, bandwidth throttling, the list goes on. But worst of all, ISPs have the ability to keep a log of every single website you visit, and so can a ton of other third parties, unless of course, you use ExpressVPN. Look, I thought incognito mode actually meant something until I learned the real hard truth. Your ISP is still watching every move you make online. Your mobile carrier, same thing. And don't even get me started on public Wi-Fi. The person running that network can see everything that you are doing.

• 26:43Anthony Pompliano?

  But ExpressVPN solves this problem by creating an encrypted tunnel for all of your internet traffic, so these third parties see absolutely nothing, zero, zilch. What makes ExpressVPN stand out from the competition? For starters, it hides your real IP address, which is basically your digital fingerprint that websites and trackers use to follow you around. Beyond that, it's ridiculously easy to use. I'm talking one-click protection that even your grandparents could figure out. Plus, it works on everything: your iPhone, your MacBook, your Android tablet. You install it once, and you're protected everywhere. The fact that it's the top-rated VPN according to CNET and The Verge just confirms what I already know. I use ExpressVPN whenever I'm on public Wi-Fi or traveling. For me, online privacy isn't optional.

• 27:27Anthony Pompliano?

  Too much of my business happens online to leave it unprotected. Protect your online privacy today by visiting expressvpn.com/pomp. That's expressvpn.com/pomp, and you can get an extra four months free. E-X-P-R-E-S-S-V-P-N.com/pomp. Go check them out today. Today's episode is brought to you by Bitisanship. If you're a Bitcoiner thinking about global mobility and securing a true Plan B, listen up. Portugal is one of the most attractive Golden Visa programs in the world, and Bitisanship has built the ideal pathway to get you there. They're behind the first Bitcoin ecosystem Golden Visa fund. It's a private equity fund. That purchases Bitcoin via a local company.

• 28:11Anthony Pompliano?

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• 28:55Anthony Pompliano?

  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 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.

• 29:39Anthony Pompliano?

  Go check them out today at polkadot.com.

• 29:44Anthony Pompliano?

  All of a sudden, the world does not get more expensive around them. It gets cheaper. If you look at in Bitcoin terms, I mean, how many times have I said 2016, average home in America, $280,000. In 2024, average home in America over $400,000. Everything got way more expensive. How do you keep up? Who got that big of a raise at work? Nobody. But in Bitcoin terms, it went from 664 to 6.

• 30:07Speaker 04

  Yeah.

• 30:08Anthony Pompliano?

  Now, I bet you that the average home in America is probably like 3 Bitcoin.

• 30:12Speaker 04

  You know, it's interesting. Um, I'm working on an article right now about a professional athlete who's investing in a lot of private companies. Um, and also Bitcoin.

• 30:24Anthony Pompliano?

  Yeah, a lot of Bitcoin.

• 30:25Speaker 04

  And, uh,

• 30:26Anthony Pompliano?

  So and so.

• 30:28Speaker 04

  So and so. Okay, so so and so. It's very interesting because when you look at how these like contracts are priced over like five or 10 years or whatever, they're in dollars and those contracts ultimately get devalued. Um, so if you're expecting to make 10 million, you may only make like five.

• 30:47Anthony Pompliano?

  Well, you'll no, no, you'll still get paid the 10 million. It's just that the purchasing power.

• 30:51Speaker 04

  The purchasing power of the, yep, yep.

• 30:52Anthony Pompliano?

  Russ O'Conne, pay me in Bitcoin.

• 30:55Speaker 04

  He's the first.

• 30:55Anthony Pompliano?

  Pioneer.

• 30:56Speaker 04

  Yeah, the first professional athlete to get half of his contract or salary, whatever, in Bitcoin.

• 31:03Anthony Pompliano?

  Technically, they, the NFL would not let him do it. So he got paid in the dollars that got, yeah, strike Jack Mahler's. But he tried.

• 31:12Speaker 04

  But well, yeah.

• 31:13Anthony Pompliano?

  Tried. He went to the owner. He said, pay me in Bitcoin.

• 31:16Speaker 04

  Um, but the whole idea of the fact that as I was reporting this article, there was a lot of agents to these athletes who, one of them said, this is very risky and very volatile. Good old American dollars is where it's at. It's like,

• 31:32Anthony Pompliano?

  Who said that?

• 31:33Speaker 04

  Lee Steinberg.

• 31:36Speaker 04

  Super agent.

• 31:37Anthony Pompliano?

  I know who Lee Steinberg.

• 31:38Speaker 04

  Anyway, I didn't know.

• 31:39Anthony Pompliano?

  Nice guy. So I'm not gonna do it, but somebody should dunk on him for that comment online.

• 31:44Speaker 04

  Well, I'm including it in my article, which you all should read. Uh, but yeah, but it's interesting that now there's this like bifurcation and I think a lot of the athletes are seeing like, I'm putting my body on the line and my purchasing power is getting taken away. What can I do? And even though it looks risky, it's kind of a big opportunity for them.

• 32:04Anthony Pompliano?

  Well, if you did it with real estate, no one would say it was risky.

• 32:06Speaker 04

  Right, right, right.

• 32:07Anthony Pompliano?

  Right? So it's risky. I mean, let's just call a spade a spade. It's risky to the boomers who built their wealth in a world that no longer exists anymore. That's the truth. That's what nobody wants to talk about. That world does not exist anymore. If you hold dollars, savings, you cannot save your way to financial, uh, security. It's impossible. So yeah, could your grandparents have done it? Of course. They bought a little house, it was 20K. All of a sudden they turn around, they got $2 million. Like literally, they're out here just punting on real estate and stuff. Great. But for an entire new generation, they say, I can't get ahead. Bitcoin is one path. There's many other assets that you could participate with, but Bitcoin is one.

• 32:50Anthony Pompliano?

  And I think that that is really where you're going to start to see a lot of folks say, wait a second. I need to reevaluate this and individuals, companies, countries, it's all gonna happen.

• 33:02Speaker 04

  Crazy. Okay. And let's talk about Jerome Powell. Despite the fact, Jerome?

• 33:10Anthony Pompliano?

  I know who he is.

• 33:11Speaker 04

  Why are you making me say it again?

• 33:13Anthony Pompliano?

  No, I just, it made me think about, our daughter recently learned, uh, who let the dogs out? She just walks around the house saying, who let the dogs out? Hey, that's my, that's my girl right there. I bark every once in a while.

• 33:26Speaker 04

  Anthony and our daughter are like.

• 33:28Anthony Pompliano?

  Best friends.

• 33:32Speaker 04

  Okay. Despite the fact that stocks and Bitcoin are up and inflation is down, interest rates remain unchanged. Trump again slammed Powell, saying, if you would just lower those rates, if he would lower the rates. And I tried being nice to the guy. It doesn't help. He's like a knucklehead. Oh, he's a knucklehead, a stupid guy.

• 33:50Anthony Pompliano?

  Boomer like, uh, no, that's such like a boomer, uh, what do they call it? Like insults? Yeah. It's like telling someone, uh, you know, like, uh, the most offensive thing you could say to a grown man is, you're silly. You're just silly. Not serious. Come on, you're silly. Right? But like, if you think about knucklehead, that is like what your grandfather says about somebody who like, he really, really doesn't like, is he's like, ah, he's a knucklehead.

• 34:14Speaker 04

  Do you think Powell will be forced to resign?

• 34:17Anthony Pompliano?

  Forced. He has the choice. You can't force them to do anything. Right? But I don't think that Jerome Powell wants his legacy to be that he got run out of town. So they could put all this pressure on him, whatever.

• 34:30Speaker 04

  Why do you think?

• 34:30Anthony Pompliano?

  There's no way to force him out.

• 34:31Speaker 04

  Why do you think he's not doing it?

• 34:33Anthony Pompliano?

  Why is he not quitting?

• 34:34Speaker 04

  Cutting rates.

• 34:35Anthony Pompliano?

  Cut it. Well, that's a whole different story. I mean, look, why was he cutting rates when inflation was higher right before the election? Hmm, that seems suspicious. At the same time, uh, it didn't work. If his goal was anything on the political side, is he political? I have no clue. I've never talked to Jerome Powell, right? Maybe he is just, hey, look, I thought that was the right thing to do. By the way, Jerome Powell doesn't operate unilaterally, right? There's the FOMC, there's all this stuff, but Jerome Powell definitely got a lot of decision making there.

• 35:05Anthony Pompliano?

  But I think that if you sat down and people ask him questions all the time, why is he not cutting? It's because he thinks that inflation uh could come back. But that's also like saying, I'm not going to go outside today because I could get hit by a bus. Right? Makes no sense. Um, and so it's like, well, what is your opinion? Do you think inflation is going to come back or not? And let's hold people accountable. That's what's missing in a lot of these kind of bureaucratic positions is take a stance. Do you think it's going to happen or not? Make a decision. If you think inflation is going to come back, then come out and say that. Say, I believe inflation is coming back for XYZ reason, but whatever. That's not really what he's saying. Instead, he's like, it could.

• 35:50Anthony Pompliano?

  It's like lawyer language. It's like, it could. It could happen, it could not happen, it may happen, it may not happen, it this, it that, I may not show up to work, whatever. Now, I will tell you, big controversy. Bill Pulte and a lot of these people online, they're putting a lot of pressure on Jerome Powell. And I think they got a pretty good pressure point on. The Federal Reserve Building is going through a upgrade, a renovation, some may call it. $2.5 billion.

• 36:22Anthony Pompliano?

  I took 30 seconds. I'm not, I don't care what the Federal Reserve building, whatever, until I started to read, they're putting in like marble floors and stuff.

• 36:32Speaker 04

  It's gotta look nice. I mean,

• 36:33Anthony Pompliano?

  Why? Why does it need to look nice?

• 36:35Speaker 04

  United States of America, you gotta, your building gotta look nice.

• 36:39Anthony Pompliano?

  No, no, no, no, see, this is a perfect example.

• 36:40Speaker 04

  Oh, come on. What message would it send if you didn't have marble floors?

• 36:43Anthony Pompliano?

  No.

• 36:44Speaker 04

  In the Federal Reserve building?

• 36:46Anthony Pompliano?

  Let me ask you this question. Why is it that the Federal Reserve's got marble floors, but they stuck Elon Musk when he was gonna cut government spending in a broom closet?

• 36:54Speaker 04

  Well, that's because Elon-

• 36:55Anthony Pompliano?

  No, no, but this is the point is like, actually, your environment helps influence your actions. So if we want them not to spend as much money, maybe they shouldn't go to work in super lavish buildings. Make them go to work Amazon style. In the early days of Amazon, they had wood doors that served as their desks. You think there'd be a little bit more cost cutting?

• 37:18Speaker 04

  I'm talking about the Federal Reserve, like, message to the world. You have-

• 37:22Anthony Pompliano?

  What is the message?

• 37:23Speaker 04

  We rich.

• 37:25Anthony Pompliano?

  But the whole thing is that they're not rich. They're bankrupt. They literally are borrowing money.

• 37:31Speaker 04

  It's all about image, baby. Anyway.

• 37:36Anthony Pompliano?

  All right. Anything else?

• 37:37Speaker 04

  No.

• 37:37Anthony Pompliano?

  You should see Satoshi's palace.

• 37:39Speaker 04

  Where is it?

• 37:40Anthony Pompliano?

  Huh?

• 37:41Speaker 04

  What is Satoshi?

• 37:42Anthony Pompliano?

  I just envisioned Satoshi sitting there. He's like-

• 37:44Speaker 04

  God, I would just like really love to know-

• 37:46Anthony Pompliano?

  Marble floors? He's like, please. Marble floors? Those are for peasants.

• 37:52Speaker 04

  Who do you think Satoshi is?

• 37:53Anthony Pompliano?

  $135 billion. $135 big ones.

• 37:56Speaker 04

  I need to get to the bottom of this on a Tuesday.

• 37:58Anthony Pompliano?

  Nah. Whoever eventually figures out who Satoshi is, I hope you don't tell him.

• 38:02Speaker 04

  Do you think they'll ever figure it out?

• 38:04Anthony Pompliano?

  No.

• 38:04Speaker 04

  I don't think so.

• 38:05Anthony Pompliano?

  And I think it's a huge advantage that nobody knows. And I hope, I hope-

• 38:09Speaker 04

  That money never moves.

• 38:11Anthony Pompliano?

  No, it's not gonna move. Um, I don't think it'll move. Uh, I hope it's one of two people. It'd be really cool if it was Hal Finney. I think that'd be pretty, uh, pretty special. Took it to his grave. Or the second thing is, I hope it's like, uh, that's why the Dorian Nakamoto story was so amazing. It was like, just some like random dude answered his door. We're like, huh?

• 38:34Anthony Pompliano?

  Take pictures of that man huh?

• 38:38Anthony Pompliano?

  Bitcoin right um so I think that that's the whole thing is uh yeah I just hope it's like some unassuming person or whatever it'd be such a letdown if it was like

• 38:47Speaker 04

  The government.

• 38:49Anthony Pompliano?

  Well, I mean, you said that not me, but like if it was just, you know, like one of the theories that people have, it'd be so much better if it was like

• 38:55Speaker 04

  Just like a random person.

• 38:57Anthony Pompliano?

  Yeah. Who was like

• 38:59Speaker 04

  Saved the financials.

• 39:01Anthony Pompliano?

  Yeah, I just happened to possibly understand proof of work, cryptography, monetary policy.

• 39:08Speaker 04

  Why do you think that it's not how Finney?

• 39:11Anthony Pompliano?

  It could have been.

• 39:12Speaker 04

  Oh.

• 39:13Anthony Pompliano?

  I don't know. He received his first transaction. Uh, he was pretty early. Um, he really understood a lot of the technologies. It could have been.

• 39:20Speaker 04

  Yeah.

• 39:20Anthony Pompliano?

  But also, um, if it's kind of like an experiment,

• 39:27Anthony Pompliano?

  it's a lot of steps to go through to like have a alter ego pseudonym that then you're interacting with like you don't even know if it's gonna work.

• 39:36Speaker 04

  Yeah, that's true.

• 39:38Anthony Pompliano?

  So I don't know. And and look, we'll see.

• 39:41Speaker 04

  Kind of cool.

• 39:41Anthony Pompliano?

  But uh, you know, there, there's this movie um called God Bless Bitcoin that um Brian S. D's and Off the Chain Team them all did. Good movie. Um, it's like a documentary kind of uh, but I think all the time like, man, God bless Satoshi Nakamoto. And people will say like, oh, all the like people who bought Bitcoin are like, no, no, no, no. Like, forget all that.

• 40:07Anthony Pompliano?

  Satoshi gave the world a solution to probably the single most acute problem facing billions of people. And that solution

• 40:20Anthony Pompliano?

  does not discriminate by age, gender, religion, wealth, education, geography, language, any of that stuff. It simply just says, you can plug your economic value into this system and we got you.

• 40:35Speaker 04

  Yeah.

• 40:35Anthony Pompliano?

  And it's one of the most egalitarian, she didn't think I knew that word either, egalitarian systems in the world, which is like, we all work together. It's decentralized. No one's in control.

• 40:47Speaker 04

  Very cool.

• 40:48Anthony Pompliano?

  You work for Bitcoin, I work for Bitcoin, everyone watching and listening to this, they work for Bitcoin too. And we all get to work together. We never even coordinated. We simply all just had our own personal economic incentive to get to work.

• 41:02Anthony Pompliano?

  That's it for today, guys. Hope you guys enjoy this. Talk to you next time.