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Anthony Pompeliano, huge bitcoin supporter,
entrepreneur, guy who was in the world
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of bitcoin very very early on speaking
with cnbc' squad Box about bitcoin and the
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new all time high and bitcoin is
basically back to those record highs from a
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couple of years ago. Joining us
now is Anthony Pompeliano, a founder of
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pomp Investments. And it's kind of
a fool's errand to ever try to figure
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out where bitcoin is headed. But
just in terms of things that are on
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the horizon, we've got the having
coming up, We've hait the ETF that
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was recently spot. ETFs are now
becoming more mainstream. And how long has
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it been has it been two months? We'll start maybe a little bit slow,
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but then it's been like kind of
a rocket chip. If you look
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over the last sixty days and then
the next sixty days, and there's two
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big stories the ETF approvals. Obviously
we're a huge deal. Black Rock alone
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has eleven billion dollars in their ETF. They added billion dollars just in the
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last day, and so these are
massive inflows. For just one fall five
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there's eleven of them, and so
obviously there's tons of money coming in about
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twelve times more demand for bitcoin that
what the network is producing every single day.
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But also as we near this record
high, if we go back and
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we look at past record high breaks
or if we eclipse the old all time
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high, three of the four times
bitcoin doubled in eighteen days or less.
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And so if you think about that
for a second breakthrough and all time high,
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this price discovery, what does this
thing work? The world is going
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to try to figure that out to
bring up the last four times and eighteen
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days or less it doubled in price. You add in the fact that we
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have the happen coming and we're gonna
go from nine hundred bitcoin a day coming
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into the supply to four hundred and
fifty, and it's very hard to make
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an argument that bitcoin is not going
much higher and at a faster pace than
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we all expected. I mean,
when you do the math, I feel
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like I need to say that past
results are not indicative necessarily the future,
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because it just sound you sound so, I mean, it just sounds that
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anyone at home would would you know, if they're totally new at this game,
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they might mortgage your house and put
it all on bitcoin. And there's
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there is still risk in the asset, is there. I definitely don't think
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that they should do that right if
you go when you ask most people in
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the bitcoin world, they will tell
you higher percentages than you would expect by
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in terms of what they've put in. But I think one to five percent
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for a traditional portfolio ends up making
sense. But you just made a case
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for going from seventy to one and
eighteen days. I mean that sounds like
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things as if that happened. Just
what it really stay away from it coins
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up twenty percent in the last week, it's up sixty percent in the last
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month, and it's up to one
hundred percent in the last year. I'm
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not saying it's going to one hundred
and forty thousand. What I'm saying is
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three the last four times it doubled
in eighteen days, and with a having
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upon us, it's just hard to
not say this is likely to go much
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Side note, he's saying three out
of the last four it doubled in eighteen
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days. The fourth time it doubled
in eighty eight zero, So it still
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happened within three months. Much higher. And so what I think also we
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start to pay attention to here is
look there's three main new buyers that are
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now going to come into the market. The first is public pension funds.
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Right we had a fund was anchored
by two public pension funds in Fairfax County,
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Catherine Molnar and Andy Speller with the
CIO's there and they're up twelve x
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on their exposure to bitcoin in that
fund. And so when you see that,
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you said yourself, wait a second. There's only four funds last year
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in all of state public pension funds
that were fully funded. If they all
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went and put one percent in bitcoin, there's a very strong possibility that a
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number of those funds would get back
to fully funded status over the next ten,
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fifteen, twenty years. On top
of that, you've got sovereign wealth
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funds. We've been very quiet right
now, there's now etf opportunities from they
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don't have to go buy bitcoin methodity
money comes into bitcoin backlash. They can
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simply go get the exposure without actually
puilding the bitcoin. If a sovereign wealth
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fund comes out, especially a major
one, and says we've bought bitcoin and
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it is a material percentage now of
our portfolio, I think that there will
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be a global race between countries you
think gold is up in sympathy with bitcoin,
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I mean or policy thirty four?
Inflation is coming down? Is it
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thirty four trill? Is it the
is it the number? Is it the
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amount of debt? And how quickly
it's growing. That has bitcoin and gold
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both strong in recent sessim So in
recent months if you go when you look,
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one of the critiques of bitcoin was
it was a zero interest rate phenomenon,
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right, razor down, Bitcoin's up. If rates go up, bitcoin
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comes down. I haven't come down, well, razors and bitcoin is back
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to all to my stocks are up, et cetera. So what bitcoin has
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become is a index for global liquidity. And although the FED, the ECB
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in Japan are actually contracting their balance
sheets, China has been basically given the
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middle finger to the rest of the
global economy, and they're saying, hey,
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we're going to easier, We're going
to go and put liquidity into the
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market. And so bitcoin is a
big, big winner. If you believe
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that the dollar is going to continue
to be debased over the coming decade,
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Bitcoin's going to be a winner.
And if you think global liquidity is going
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to go up, Bitcoin's going to
be a winner there too. And what's
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gold's market cap? Is it a
centrallion or so ten to twelve trillion.
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Some people are looking for bitcoin to
be ten fifty of the market cap.
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Do you think it will be the
poll of the market cap of gold?
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Today? Bitcoin at one point thirty
five trillion. It's bigger than the US
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high yield bond market, it's bigger
than the silver market. But it's a
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tenth of gold. That's when you
think it could go to half a gold,
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that'd be It used to be one
percent of gold, now it's ten
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percent, it's going to be one
hundred percent, and eventually it's going to
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go pass gold. So that would
be over a million dollars a coin because
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bitcoin is a tenex improvement on gold, and if you're a tenex improvement,
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to be two times the market cap
would make it. So you're bullish,
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very bullish. I'm hitting I know
I'm gathering that, and no matter,
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you know, you know my feelings
on this, and I have not been
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quiet. I'm still going to get
grief for questioning you at all from from
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the whole boat. And that's the
other thing. No one's selling. If
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we could be wrong, but if
the network isn't producing any and no one's
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selling, then where the hell these
ups is going to get? That's a
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bit point. So that's all we
could be wrong. But the probability that
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it's going higher, Anthony, thank
you. The probability is that it's going
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higher. Let's actually dive into that. So why are we at this point
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now with crypto ripping well, okay, as Anthony referred to, okay,
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global liquidity to going up. Some
weird things going on in China. People
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might want a store of value outside
of their local native currency because of debasement.
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That makes sense in a higher level
view. But really the excitement has
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come from in January. Mid January, the spot ETF approval, you had
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eleven new kids on the block,
and the top one, black Rock ibit,
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already has eleven billion dollars in assets
under management. This is the highest
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appetite asset we've ever seen in Wall
Street. This is heading into now mid
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April when we have the HAVING.
Historically, the Having has been very very
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bullish for bitcoin. So we have
the spot ETF approval, we have the
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upcoming HAVING, and then later on
we're going to have loosening of monetary policy.
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That's what happens when we're what thirty
four billion dollars in debt. That's
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what happens when you have a one
point five billion dollar deficit. That's what
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happens when you're in a political election
year, when the people within power are
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just going to act like drunken sailors
when it comes to the money printer to
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get a couple more votes, not
realizing that it's prompting more inflacement, more
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in debasement. Of course, there
is going to be desire for something that
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has the store of value, and
then when the ass when the aspects and
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the nuances of that thing, i
e. Bitcoin have very limited supply twenty
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one million, that's the max,
ever, and it's estimated that anywhere from
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two to six million of those have
already been lost from people's keys forgetting death,
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all that stuff. Obviously, that's
the theoretical max. But the number
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is going to be lower, and
it's just going to keep driving lower.
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This is a very very basic supply
versus demand issue. When you have supply
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that has max value, and if
it is anything dwindling and demand but is
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doing nothing but going up, price
has to pick up. This is the
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most rudimentary supply demand crossover chart and
the fact that this is somehow lost on
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a lot of mainstream media, especially
within the financial sector. It blows my
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mind. This is one of the
easiest mathematical equations to explain why bitcoin would
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go up, and yet some people
are very dubious of it, and at
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a certain point you want to shake
them, be like, how would you
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not understand this? But who cares? The price action itself is proving that
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people missed out on it. Okay, you missed out on it. If
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you don't get it, you don't
get it. And if like, they're
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gonna get really interested when it keeps
going higher and higher and higher. It's
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funny people are unwilling to buy it
when it's sub twenty k, but then
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when it goes over one hundred,
they're gonna be chasing after it like no
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other. If anything, they're perfectly
timing it the wrong direction. They're gonna
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buy it when it's extremely high and
forget about it if it takes a hit,
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and they're doing the exact opposite.
And we've seen this cycle historically.
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It's going to repeat into the future, and at a certain point you just
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hope more people would finally wake up
to what's actually legitimately going on,
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Anthony Pompeliano, huge bitcoin supporter,
entrepreneur, guy who was in the world
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of bitcoin very very early on speaking
with cnbc' squad Box about bitcoin and the
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new all time high and bitcoin is
basically back to those record highs from a
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couple of years ago. Joining us
now is Anthony Pompeliano, a founder of
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pomp Investments. And it's kind of
a fool's errand to ever try to figure
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out where bitcoin is headed. But
just in terms of things that are on
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the horizon, we've got the having
coming up, We've hait the ETF that
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was recently spot. ETFs are now
becoming more mainstream. And how long has
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it been has it been two months? We'll start maybe a little bit slow,
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but then it's been like kind of
a rocket chip. If you look
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over the last sixty days and then
the next sixty days, and there's two
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big stories the ETF approvals. Obviously
we're a huge deal. Black Rock alone
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has eleven billion dollars in their ETF. They added billion dollars just in the
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last day, and so these are
massive inflows. For just one fall five
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there's eleven of them, and so
obviously there's tons of money coming in about
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twelve times more demand for bitcoin that
what the network is producing every single day.
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But also as we near this record
high, if we go back and
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we look at past record high breaks
or if we eclipse the old all time
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high, three of the four times
bitcoin doubled in eighteen days or less.
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And so if you think about that
for a second breakthrough and all time high,
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this price discovery, what does this
thing work? The world is going
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to try to figure that out to
bring up the last four times and eighteen
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days or less it doubled in price. You add in the fact that we
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have the happen coming and we're gonna
go from nine hundred bitcoin a day coming
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into the supply to four hundred and
fifty, and it's very hard to make
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an argument that bitcoin is not going
much higher and at a faster pace than
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we all expected. I mean,
when you do the math, I feel
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like I need to say that past
results are not indicative necessarily the future,
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because it just sound you sound so, I mean, it just sounds that
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anyone at home would would you know, if they're totally new at this game,
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they might mortgage your house and put
it all on bitcoin. And there's
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there is still risk in the asset, is there. I definitely don't think
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that they should do that right if
you go when you ask most people in
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the bitcoin world, they will tell
you higher percentages than you would expect by
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in terms of what they've put in. But I think one to five percent
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for a traditional portfolio ends up making
sense. But you just made a case
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for going from seventy to one and
eighteen days. I mean that sounds like
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things as if that happened. Just
what it really stay away from it coins
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up twenty percent in the last week, it's up sixty percent in the last
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month, and it's up to one
hundred percent in the last year. I'm
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not saying it's going to one hundred
and forty thousand. What I'm saying is
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three the last four times it doubled
in eighteen days, and with a having
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upon us, it's just hard to
not say this is likely to go much
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Side note, he's saying three out
of the last four it doubled in eighteen
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days. The fourth time it doubled
in eighty eight zero, So it still
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happened within three months. Much higher. And so what I think also we
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start to pay attention to here is
look there's three main new buyers that are
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now going to come into the market. The first is public pension funds.
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Right we had a fund was anchored
by two public pension funds in Fairfax County,
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Catherine Molnar and Andy Speller with the
CIO's there and they're up twelve x
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on their exposure to bitcoin in that
fund. And so when you see that,
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you said yourself, wait a second. There's only four funds last year
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in all of state public pension funds
that were fully funded. If they all
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went and put one percent in bitcoin, there's a very strong possibility that a
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number of those funds would get back
to fully funded status over the next ten,
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fifteen, twenty years. On top
of that, you've got sovereign wealth
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funds. We've been very quiet right
now, there's now etf opportunities from they
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don't have to go buy bitcoin methodity
money comes into bitcoin backlash. They can
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simply go get the exposure without actually
puilding the bitcoin. If a sovereign wealth
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fund comes out, especially a major
one, and says we've bought bitcoin and
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it is a material percentage now of
our portfolio, I think that there will
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be a global race between countries you
think gold is up in sympathy with bitcoin,
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I mean or policy thirty four?
Inflation is coming down? Is it
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thirty four trill? Is it the
is it the number? Is it the
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amount of debt? And how quickly
it's growing. That has bitcoin and gold
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both strong in recent sessim So in
recent months if you go when you look,
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one of the critiques of bitcoin was
it was a zero interest rate phenomenon,
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right, razor down, Bitcoin's up. If rates go up, bitcoin
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comes down. I haven't come down, well, razors and bitcoin is back
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to all to my stocks are up, et cetera. So what bitcoin has
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become is a index for global liquidity. And although the FED, the ECB
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in Japan are actually contracting their balance
sheets, China has been basically given the
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middle finger to the rest of the
global economy, and they're saying, hey,
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we're going to easier, We're going
to go and put liquidity into the
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market. And so bitcoin is a
big, big winner. If you believe
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that the dollar is going to continue
to be debased over the coming decade,
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Bitcoin's going to be a winner.
And if you think global liquidity is going
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to go up, Bitcoin's going to
be a winner there too. And what's
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gold's market cap? Is it a
centrallion or so ten to twelve trillion.
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Some people are looking for bitcoin to
be ten fifty of the market cap.
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Do you think it will be the
poll of the market cap of gold?
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Today? Bitcoin at one point thirty
five trillion. It's bigger than the US
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high yield bond market, it's bigger
than the silver market. But it's a
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tenth of gold. That's when you
think it could go to half a gold,
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that'd be It used to be one
percent of gold, now it's ten
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percent, it's going to be one
hundred percent, and eventually it's going to
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go pass gold. So that would
be over a million dollars a coin because
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bitcoin is a tenex improvement on gold, and if you're a tenex improvement,
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to be two times the market cap
would make it. So you're bullish,
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very bullish. I'm hitting I know
I'm gathering that, and no matter,
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you know, you know my feelings
on this, and I have not been
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quiet. I'm still going to get
grief for questioning you at all from from
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the whole boat. And that's the
other thing. No one's selling. If
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we could be wrong, but if
the network isn't producing any and no one's
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selling, then where the hell these
ups is going to get? That's a
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bit point. So that's all we
could be wrong. But the probability that
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it's going higher, Anthony, thank
you. The probability is that it's going
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higher. Let's actually dive into that. So why are we at this point
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now with crypto ripping well, okay, as Anthony referred to, okay,
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global liquidity to going up. Some
weird things going on in China. People
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might want a store of value outside
of their local native currency because of debasement.
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That makes sense in a higher level
view. But really the excitement has
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come from in January. Mid January, the spot ETF approval, you had
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eleven new kids on the block,
and the top one, black Rock ibit,
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already has eleven billion dollars in assets
under management. This is the highest
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appetite asset we've ever seen in Wall
Street. This is heading into now mid
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April when we have the HAVING.
Historically, the Having has been very very
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bullish for bitcoin. So we have
the spot ETF approval, we have the
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upcoming HAVING, and then later on
we're going to have loosening of monetary policy.
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That's what happens when we're what thirty
four billion dollars in debt. That's
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what happens when you have a one
point five billion dollar deficit. That's what
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happens when you're in a political election
year, when the people within power are
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just going to act like drunken sailors
when it comes to the money printer to
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get a couple more votes, not
realizing that it's prompting more inflacement, more
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in debasement. Of course, there
is going to be desire for something that
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has the store of value, and
then when the ass when the aspects and
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the nuances of that thing, i
e. Bitcoin have very limited supply twenty
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one million, that's the max,
ever, and it's estimated that anywhere from
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two to six million of those have
already been lost from people's keys forgetting death,
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all that stuff. Obviously, that's
the theoretical max. But the number
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is going to be lower, and
it's just going to keep driving lower.
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This is a very very basic supply
versus demand issue. When you have supply
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that has max value, and if
it is anything dwindling and demand but is
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doing nothing but going up, price
has to pick up. This is the
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most rudimentary supply demand crossover chart and
the fact that this is somehow lost on
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a lot of mainstream media, especially
within the financial sector. It blows my
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mind. This is one of the
easiest mathematical equations to explain why bitcoin would
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go up, and yet some people
are very dubious of it, and at
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a certain point you want to shake
them, be like, how would you
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not understand this? But who cares? The price action itself is proving that
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people missed out on it. Okay, you missed out on it. If
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you don't get it, you don't
get it. And if like, they're
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gonna get really interested when it keeps
going higher and higher and higher. It's
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funny people are unwilling to buy it
when it's sub twenty k, but then
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when it goes over one hundred,
they're gonna be chasing after it like no
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other. If anything, they're perfectly
timing it the wrong direction. They're gonna
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buy it when it's extremely high and
forget about it if it takes a hit,
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and they're doing the exact opposite.
And we've seen this cycle historically.
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It's going to repeat into the future, and at a certain point you just
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hope more people would finally wake up
to what's actually legitimately going on,
