Today’s letter is brought to you by Unbound Golden Visa! What if you could use Bitcoin as a tool to unlock future freedom for you and your family? Well, now you can. m Unbound is the Portuguese Golden Visa Fund that invests in local companies 100% owned by the fund, which in turn invest in Bitcoin via SEC-compliant ETFs. The Portuguese citizenship …

To investors, SpaceX successfully conducted the first civilian spacewalk in history this morning. There have been plenty of astronauts who have gone outside the International Space Station, walked on the moon, or participated in a variety of spacewalks, but we have never had a civilian experience the magic of space in this way. If you watch this sh…

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REMINDER - The BUILD Summit Is Two Weeks Away! BUILD Summit, our annual conference in NYC for founders, is coming up next month on September 26th. The event will provide top tier speakers, networking opportunities, and insightful business discussions on raising capital, scaling businesses, and building products. Current speakers include angel inves…

To investors, Inflation has been the story of the decade so far. We went from sub-2% in early 2020 to over 9% by the summer of 2022. Today, one of economists favorite metrics sits at just under 3%. This roller coater ride has had a significant impact on asset prices and investor psychology. On one hand, investors who have been allocated to the stoc…

Today’s letter is brought to you by Domain Money! I love talking about money, but I’m not a financial professional—so I don’t offer one-on-one coaching or advising.But sometimes, you need someone with expertise to work with you—one on one!—and provide personalized advice. I’m partnering with Domain Money to pair our community with flat-fee CERTIFIE…

To investors, The public narrative for wealth creation is that you can’t get rich working for someone else. America has a culture of individualism and entrepreneurship, which has served the country well as we continue to innovate in various industries. But new data coming out of Nvidia suggests there is an exception to every rule. In a recent surve…

Today’s letter is brought to you by Unbound Golden Visa! What if you could use Bitcoin as a tool to unlock future freedom for you and your family? Well, now you can. Unbound is the Portuguese Golden Visa Fund that invests in local companies 100% owned by the fund, which in turn invest in Bitcoin via SEC-compliant ETFs. The Portuguese citizenship by…

To investors, All eyes in financial markets are on the September interest rate decision from the Federal Reserve. Investors have been convinced interest rate cuts were right around the corner at various times throughout the year, but recent economic data has finally driven consensus agreement for September. Kalshi, a leading prediction market for e…

To investors, Vice President Harris is expected to unveil an economic plan later today in her bid to be elected President of the United States in November. The plan will cover numerous topics, but two things getting attention already are her ideas on how to bring down the cost of food and home ownership. First, it is true that food prices have expl…

To investors, On June 27th I wrote a letter to this group titled “Prepare For A Volatile Second Half Of The Year.” It included the following chart from Bank of America, which highlighted a 25% increase in volatility from July - November of election years. Almost exactly on cue, volatility exploded within the next 45 days. Michael Batnick from Ritho…

Today’s letter is brought to you by Domain Money! Wondering where to go for financial advice? Domain Money makes financial planning simple. No hidden fees and no sales pitches - you get a personalized roadmap to your goals, from dream vacations to retirement. Flat-fee advisors create a plan tailored to you, with zero pressure to invest. Don’t be li…

READER NOTE: Next Tuesday I am hosting a free webinar for anyone who is trying to transition into a new job in the bitcoin and crypto industry. Previously, my team and I have helped more than 3,000 people find a new role, so I will break down the lessons learned and provide specific and actionable advice on how to make the jump efficiently. The eve…

Today’s letter is brought to you by Domain Money! Wondering where to go for financial advice? Domain Money makes financial planning simple. No hidden fees and no sales pitches - you get a personalized roadmap to your goals, from dream vacations to retirement. Flat-fee advisors create a plan tailored to you, with zero pressure to invest. Don’t be li…

Today’s letter is brought to you by Domain Money! Wondering where to go for financial advice? Domain Money makes financial planning simple. No hidden fees and no sales pitches - you get a personalized roadmap to your goals, from dream vacations to retirement. Flat-fee advisors create a plan tailored to you, with zero pressure to invest. Don’t be li…

To investors, President Joe Biden announced yesterday that he would not be seeking re-election in November. This is the latest development in an already chaotic Presidential election season, which has included criminal convictions, assassination attempts, and debates around the cognitive abilities of older candidates. To add to the chaos, Biden ann…

To investors, Changing your mind when new facts are presented should be encouraged. It is a sign of intelligence. One example of this from earlier in the week was JD Vance’s selection as the Republican candidate for Vice President. Vance previously had been a Never Trumper. He had shared harsh criticisms of the former President and condemned Trump’…

READER NOTE: There are over 800 Bitcoin-only businesses and 2,500+ Bitcoin-focused companies with thousands of open job roles. Next week I'm hosting a webinar with BitcoinTalentCo who will provide a masterclass for how to get a Bitcoin job. These open roles span everything from engineers to customer service — if you want to work in the bitcoin indu…

To investors, For the last two years, I have been quietly building Professional Capital Management — a new investment firm. The new firm takes a very different approach to compounding capital. First, the world is becoming more uncertain and less serious. Society is going to need professionals to step up and solve important problems. A professional …

To investors, Housing affordability has hit the lowest point since 2007 according to a recent article in Bloomberg. Prashant Gopal writes: “Owning a house is less affordable for average earners in the US than at anytime in 17 years. The costs of a typical home — including mortgage payments, property insurance and taxes — consumed 35.1% of the avera…

To investors, US Treasuries have long been considered the risk-free return. You could buy these assets, hold them to maturity, and you were guaranteed a pre-determined return. There was no risk because the return was paid by the US government and no one seriously worries about a US default that would prevent Treasury holders from being paid. I don’…

To investors, The crypto market has been trading 24/7/365 since the first coins traded hands nearly 15 years ago. Anyone in the world with an internet connection can buy or sell assets, regardless of the time of day. Weekdays? Market is open. Weekends? Market is open. Midnight? Market is open. Holidays? Market is open. This type of always-on market…

To investors, Many financial assets are trading sideways as we enter the summer months. This can cause investors to question whether certain investment ideas have been disproven and/or should be shut down. Humans are really bad at being bored. But Charlie Munger said it best when he stated, “the big money is not in the buying and the selling but in…

To investors, Former Secretary of the Treasury Larry Summers put together a Twitter thread back in February which was widely ignored. In his comments, Summers makes an argument that increasing interest rates drastically accelerated the true inflation rate experienced by an average citizen. He specifically calls out this increased inflation was miss…

To investors, The crypto market is separate and distinct from the stock market in many ways. The assets in this new industry trade 24/7/365, are available to anyone with an internet connection, and historically have gone up or down based on different value drivers than public equities. But it would be a mistake to completely ignore what happens in …

To investors, A popular bitcoin maximalist talking point for years has been “bitcoin is the only crypto commodity and the rest of the tokens are unregistered securities.” How do I know that has been the talking point? Because it is something that I believed for a long time. It is something that I have heard repeated over and over again by various b…

To investors, A few people have been asking me why bitcoin spot ETF inflows have been occurring, but the price of bitcoin is not drastically increasing. This is a good question, so I figured I would do my best to answer. We must first understand that financial markets are highly complex. There is almost never a single answer for why the price of an…

To investors, The Wall Street Journal published an op-ed over the weekend from former House speaker Paul Ryan titled Crypto Could Stave Off A US Debt Crisis. In the article, Ryan highlights the impending crisis our country faces: “The American experiment is being tested. Nowhere is this more evident than in the trajectory of the national debt. The …

To investors, The public markets are starting to embrace bitcoin globally. MicroStrategy started the game with their announcement of a bitcoin treasury strategy. MicroStrategy owns 214,400 bitcoins as of May 1, 2024. The company claims the average purchase price of these bitcoin is $35,158 per bitcoin with a total cost of $7.5 billion. Next we saw …

To investors, There are two goals when investing — protect your downside and optimize your upside. Most investors focus on the latter, but protecting your downside is critically important when investing in new asset classes. A good investor must understand the risks. They must underwrite all possible situations. The more you know what you can lose,…

To investors, The last 15 years of investing have been dominated by private market investors. The average venture capital fund returned ~ 17% compounded. During the same time period, QQQ compounded at 13% annually. This 400 basis points of outperformance would make any market participant salivate. But the analysis is not that simple. First, the ave…

To investors, Franklin Templeton is considering a big push into the altcoin market. This is the latest development for large financial institutions based on reporting from Yueqi Yang at The Information. This fund would be targeted at institutional capital with a focus on crypto exposure outside of bitcoin and ether. While that may sound like a high…

To investors, Robinhood announced this morning they are buying crypto exchange Bitstamp for $200 million. This consolidation in the exchange space is a continuation of what I wrote to this group last week. As a reminder, the big traditional exchanges want to get in the crypto game. Here is an excerpt from that letter: “Yesterday, the NYSE President…

To investors, Bitcoin has been lulling the market to sleep in recent weeks. However, as the digital currency continues to trade sideways, the ETFs are quietly accumulating more assets. Bloomberg’s Eric Balchunas pointed out this morning: “The bitcoin ETFs on a 15-day inflow streak, pulled in $2.4b in the past month (only two ETFs have taken in more…

To investors, Bitcoin has been trading sideways for a number of weeks. This follows the euphoria from the bitcoin spot ETF approvals, along with the market-wide exhale post-halving. As I previously shared with you all, bitcoin historically has not performed exceptionally well following the halving, so this is not necessarily an unexpected outcome. …

Today’s letter is brought to you by Consensus 2024! Consensus 2024 is happening 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. Don’t miss Bitcoin: We Are So Back, where Anthony Pompliano will discuss what the next bull mar…

To investors, The SEC approved important rule changes for various traditional exchanges yesterday which will allow them to list spot Ether ETFs in the near future. This is another step towards Wall Street allocating to the second largest crypto asset in the world. It is important to call out that the actual ETF applications from various issuers hav…

To investors, The recent 180-degree change in the Democratic party related to crypto may have global repercussions. As I wrote to you yesterday, there has been a noticeable shift in the way politicians, especially Democrats, are treating the crypto industry. The Ether ETFs continue to increase their odds of approval. The DTCC listed VanEck’s Ether …

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Today’s letter is brought to you by Consensus 2024! Consensus 2024 is happening 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. Don’t miss Bitcoin: We Are So Back, where Anthony Pompliano will discuss what the next bull mar…

To investors, The last few weeks have been filled with fear, uncertainty, and doubt in financial markets once the Fed made it clear that the anticipated interest rate cuts would not be coming as quickly or aggressively as most market participants were hoping for. But don’t let market sentiment fool you. The good times are still rolling. In a Wall S…

To investors, The Sohn Conference, where investors pitch their best investment idea, was hosted on April 3rd. The next day, I wrote to this group and said that I would have pitched DeFi Technologies, Inc (NEO: DEFI) (GR: R9B) (OTC: DEFTF) if I had attended Sohn this year. You can re-read my analysis here. Here is an excerpt on why I thought DeFi Te…

To investors, OpenAI announced GPT-4o yesterday. The demos were incredible, including real-time language translation, a clean verbal interface where users can speak to the model, the model’s use of photo and video inputs, and the ability for AI bots to speak with each other to accomplish tasks. The most impressive part to me was the voice interface…

Today’s letter is brought to you by Consensus 2024! Consensus 2024 is happening 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. Don’t miss Bitcoin: We Are So Back, where Anthony Pompliano will discuss what the next bull mar…

To investors, There was more than a 70% chance of a recession occurring in 2023, according to Kalshi prediction markets in July 2023. Not only did the recession never come, but nearly one year later the same Kalshi market is predicting an 8% chance of a recession throughout the rest of 2024. People are obviously feeling good about where the economy…

To investors, The President of Argentina, Javier Milei, is running one of the largest economic experiments in history. He assumed power with the country experiencing 300%+ inflation and a population that was quickly losing hope that the future could see improvement. Milei won the Presidency by promising radical reform that would unleash free market…

Today’s letter is brought to you by Consensus 2024! Consensus 2024 is happening 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. Don’t miss Bitcoin: We Are So Back, where Anthony Pompliano will discuss what the next bull mar…

To investors, The bitcoin network launched on January 3, 2009. In just over 15 years, the network has become the strongest computer network in the world. There are hundreds of millions of people who have exposure to bitcoin across the spot market, ETFs, and mining. And the bitcoin brand is recognized around the world. But those are just the high-le…

Today’s letter is brought to you by Consensus 2024! Consensus 2024 is happening 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. Don’t miss Bitcoin: We Are So Back, where Anthony Pompliano will discuss what the next bull mar…

To investors, Bitcoin’s price has been falling in recent weeks. This may be surprising to market participants that expected the digital currency to rise aggressively after the halving, but those of you reading this letter daily probably had a different viewpoint. As I wrote to you on April 19th, Bitwise research analyst Juan Leon pointed out that b…