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BlackRock is a publicly listed company on Nasdaq, managing over $14 trillion in assets. It holds significant shares in many major U.S. companies, including Pfizer, Moderna, airlines, and social networks. This ownership influences various agendas across these companies. For instance, when checking Amazon's stock on Yahoo Finance, it's evident that Jeff Bezos is not the largest shareholder; BlackRock and Vanguard often top the list of major holders. This highlights the extent of BlackRock's influence in the corporate landscape.

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ETFs solve problems of credit access, compliance, accounting, convenience, and reporting. There will likely be a different ETF in every city or country. If the Saudis want Bitcoin to stay in Saudi Arabia, they'll have an ETF in Riyadh. The speaker believes the avalanche of ETFs will continue, noting there are already 34 holding more than 1,000,000 Bitcoin. An ETF in Argentina could keep Bitcoin custody in an Argentine bank, preventing capital flight. When the Chinese buy $1 billion of Bitcoin, they drive up the price in New York and Argentina. ETFs are an application, as are companies on the Bitcoin standard like MicroStrategy, Cash App, and Strike, and crypto exchanges like Coinbase and Binance. Eventually, Bitcoin will be built into mutual funds, pension funds, and insurance plans. Each application wants Bitcoin and swipes it because they want capital.

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BlackRock, founded in 1988 by Larry Fink, rose to dominance after the 2008 financial crisis, advising entities like AIG and the Federal Reserve. Fink, who previously created the subprime mortgage market, was seen as a savior during the crisis. BlackRock executives have since moved into government positions, influencing policy. In 2019, BlackRock proposed a "going direct" monetary policy, bypassing traditional interest rate channels. This plan was implemented shortly after, with central banks injecting money directly into the economy. BlackRock also managed bailout programs, benefiting its own iShares ETFs. BlackRock's Aladdin software, used by numerous institutions, manages trillions in assets. The company is increasingly using AI and algorithms for investment decisions. Fink's annual letters to CEOs push the ESG (Environmental, Social, and Governance) agenda, influencing corporate behavior. BlackRock is leveraging its power to shape the corporate world and promote digital currencies. Some US states are divesting from BlackRock due to its ESG agenda. While protests have occurred, they often focus on greenwashing rather than the broader agenda. The question remains: who owns BlackRock?

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I've always been against crypto, especially Bitcoin, because it is mainly used by criminals for activities like drug trafficking, money laundering, and tax evasion. Its anonymity and instant money transfers allow it to bypass systems like know your customers, sanctions, and OFAC. If I were in power, I would shut it down. On September 12th, Jamie Dimon called Bitcoin a fraud and threatened to fire any trader buying it. This caused a 24% drop in Bitcoin's value. Interestingly, Morgan Stanley and JPMorgan, companies led by Dimon, were the largest buyers of a Bitcoin fund in Europe. It's unethical for Dimon to criticize Bitcoin while his own company is investing in it.

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"Aladdin now controls $21,000,000,000,000 of our global economy." "Aladdin is the brainchild of Larry Fink, the founder of BlackRock." "The genie is out of the bottle, and Aladdin has already reached a tipping point where one robot controls more wealth than any person or country." "On Aladdin's 20 birthday, Larry launched a top secret project at BlackRock, codenamed Monarch, led to the firing of its fund managers and replacing their funds with Aladdin's funds." "Joe Biden has appointed BlackRock executive Brian Deese as head of the National Economic Council, which basically means the oversight of Latin and BlackRock is now the responsibility of BlackRock."

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Aaron Day discusses the Epstein files’ implications for Bitcoin and global finance, presenting a tightly linked web of players and events. - The hijacking of Bitcoin is framed as a deliberate shift from Bitcoin’s original vision of peer-to-peer digital cash to digital gold and a store of value for Wall Street, with slow, expensive transactions for everyday use. The article on brownstone.org, “the hijacking of Bitcoin,” by Aaron Day, is central to this claim. - Original Bitcoin vision and early adoption: Bitcoin’s white paper envisioned peer-to-peer digital cash, a global currency usable for day-to-day purchases with low transaction fees. By 2017, major retailers accepted Bitcoin (Overstock.com, Microsoft, Expedia, Subway franchises), and Bitcoin was faster and cheaper than traditional systems. By late 2017, average transaction fees rose to about $50 and finalization times stretched to 7–10 days, leading to a shift in narrative toward Bitcoin as digital gold and a store of value. - The block size fight (2015–2017) and its subversion: The discussion centers on the block size debate and the decision to throttle Bitcoin to seven transactions per second by capping blocks at one megabyte. Blockstream, a for-profit company founded by early Bitcoin Core developers, is described as promoting second-layer solutions and benefiting from smaller block sizes. The original vision called for higher throughput and scalability, but Blockstream allegedly aligned with interests favoring smaller blocks and second-layer implementations. - MIT funding and Epstein’s involvement: Brock Pierce, who served as chair of the Bitcoin Foundation, allegedly advised Jeffrey Epstein on cryptocurrency starting from a 2011 MindShift Conference at Little Saint James Island. Epstein’s influence extended into funding core Bitcoin developers through MIT after the Bitcoin Foundation collapsed in 2015. Joy Ito, head of MIT, allegedly exchanged emails indicating Epstein’s money was earmarked to fund named developers (Gavin Andresen, Vladimir Vanderland, Corey Fields). Epstein’s funding coincided with MIT taking over developer funding as the Bitcoin Foundation waned. - Brock Pierce’s intertwined roles: Brock Pierce is linked to Epstein, the Bitcoin Foundation, Blockstream, and Tether. Pierce’s trajectory includes cofounding Tether, a stablecoin, and later pressuring the narrative shift to digital gold. Blockstream’s investors included traditional finance figures tied to Epstein’s network. Epstein allegedly invested in Blockstream before the Bitcoin Foundation’s collapse, and Blockstream benefited from a Bitcoin ecosystem that would throttle block sizes. - Tether, stablecoins, and price manipulation claims: Pierce co-founded Tether, a stablecoin whose 1:1 peg to the dollar is claimed to have been maintained without full backing. A University of Texas study reportedly found that over 50% of Bitcoin’s 2017 price appreciation was due to Tether being used to buy Bitcoin. The CFTC and New York State investigations allegedly found Tether not fully backed, with as little as $0.26 backing per $1 in circulation according to those findings. Tether’s role is tied to Bitcoin’s price rise and the store-of-value narrative. - Howard Lutnick and the Genius Act: Howard Lutnick, Epstein’s ally and neighbor, is described as having funded Tether (Cantor Fitzgerald reportedly invested $600 million), with Cantor Fitzgerald gaining an exclusive contract to manage U.S. treasuries backing Tether. Lutnick reportedly lied about his ties to Epstein during Senate testimony and later became Commerce Secretary after involvement with Bo Hines, a crypto adviser who helped draft the Genius Act. The Genius Act purportedly requires private stablecoins to be backed by U.S. treasuries and to comply with financial surveillance, benefiting Lutnick’s firm, which manages treasuries. The Genius Act is portrayed as a backdoor to a centralized, surveilled monetary system, and the act positions stablecoins as a key funding mechanism for U.S. debt (billions added to treasury issuances). - The Clarity Act and tokenization fears: A forthcoming Brown Center Institute piece on the Clarity Act is described as not just about crypto rules, but about tokenizing everything—stocks, 401(k)s, commodities, oil, agriculture, and eventually real estate—under centralized surveillance. The Clarity Act is presented as enabling programmable, trackable, censorable digital tokens for all owned assets, with BlackRock’s Larry Fink cited as indicating widespread tokenization. The Clarity Act is said to be moving through Congress after passing the House. - Broader implications and calls to action: The interview frames technocracy, digital currencies, and centralized tokenization as accelerating far more quickly than imagined. Aaron Day advocates publicizing and understanding how corrupt arrangements and tokenization schemes integrate Epstein’s network with MIT, Blockstream, Tether, and political leadership. The proposed personal strategies include exiting fiat, avoiding government-regulated stablecoins, using privacy coins, gold, and silver; exploring private healthcare and medical tourism; forming trusts; and building parallel systems to reclaim free will amid what is described as technocracy. - The conversation closes with references to continuing coverage and a promised deeper dive into the Genius Act and Clarity Act, accompanied by show notes and links at corbettreport.com/epstein Bitcoin and brownstone.org.

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Tom Lee, a stock analyst, predicts that Bitcoin will reach $200,000. Many influential firms like BlackRock, Fidelity, and Charles Schwab are interested in Bitcoin. The speaker quickly grasped how Bitcoin could benefit the unbanked and understood the concept of attributed ledgers. They question whether these firms will regret not investing in Bitcoin. The discussion revolves around whether Bitcoin is the future of money and whether it is comparable to gold. While some smart people are skeptical, the speaker doesn't believe Bitcoin will go to zero. Its longevity depends on people's belief in it.

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There have been discussions between ETF issuers and the SEC regarding a spot ETF. The level of involvement of the commissioner is unclear, but it seems to be happening at the staff level. The commissioner cannot comment on this matter. However, the commissioner has previously expressed the belief that there is no reason to prevent a spot Bitcoin exchange traded product.

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BlackRock, the world's largest alternative investment firm, has gained significant power and influence over the global economy. Founded in 1988, BlackRock has grown to manage over $21 trillion in assets, making it a major player in the financial world. The company's proprietary software, Aladdin, is used by over 200 institutions to analyze risk and manage portfolios. BlackRock has also embraced the ESG (environmental, social, and governance) agenda, pushing for sustainable investing and decarbonization. However, there are concerns about BlackRock's influence and its potential to shape the course of civilization. Some state governments have even started divesting from BlackRock due to its ESG practices.

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Cryptocurrencies like Bitcoin have allowed individuals to take the lead in the industry, particularly in front-running hedge funds. However, there is a belief that the recent criticism of crypto by Gensler is a ploy to enable hedge funds and Wall Street to enter the market and manipulate it. This strategy has been observed in the stock market as well.

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Andreessen Horowitz, a leading Silicon Valley venture capital firm, has opened its first cryptocurrency fund with a $300 million investment. This move brings more competition to the fund world, but it is seen as a positive development for the ecosystem. However, there are concerns about certain cryptocurrencies. Litecoin, for example, is considered to have no reason to exist and is seen as a riskier investment compared to Bitcoin. Ripple is also facing scrutiny as it is believed to be a security. Being labeled as a security can be detrimental to a cryptocurrency, as no crypto exchange is currently registered with the SEC.

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The speaker acknowledges that Bitcoin is not a security and that there is demand from both retail and institutional investors for access to it. They believe that approval of a Bitcoin ETF is inevitable, as the dichotomy between futures and cash products cannot continue indefinitely. The SEC has been given time to reassess and find reasons to reject the applications, but the speaker does not see any strong grounds for rejection. They mention that Chair Gensler is being scrutinized for potentially looking for ways to reject the applications despite the existence of a futures ETF. However, they also note that there is a 45-day time period for progress to be made on this issue.

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A partnership between 21Shares and the speaker's company is launching five ETFs focused on Bitcoin and Ethereum futures, as well as broader Bitcoin and digital asset equities. The speaker believes this is a dress rehearsal for a future Bitcoin ETF. They mention that BlackRock and Fidelity have also made applications, indicating a growing likelihood of approval. The SEC has started asking questions instead of outright rejecting filings, which is seen as a significant change. The speaker emphasizes the importance of patience and staying focused on financial freedom. They also discuss Gary Gensler's understanding of Bitcoin and speculate on his motivations. The speaker suggests that there may be hidden agendas at play.

The Pomp Podcast

The Bitcoin ETF | Eric Balchunas and James Seyffart | Pomp Podcast #488
Guests: James Seyffart, Eric Balchunas
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In this discussion, hosts Anthony Pompliano, James Seyffart, and Eric Balchunas delve into the evolving landscape of public market exposure to crypto assets. They emphasize the convenience and democratization that ETFs and mutual funds offer, allowing broader access to investments like Bitcoin. Eric highlights the importance of ETFs in providing a regulated and easily tradable vehicle for crypto, contrasting it with the limitations of private funds, which are often inaccessible to non-accredited investors. The conversation touches on the current products available, such as the Grayscale Bitcoin Trust and Bitwise's crypto index, noting their operational structures and the challenges they face, including trading at premiums to NAV due to lack of redemption functions. They discuss the SEC's hesitance to approve a Bitcoin ETF, citing concerns over market manipulation and oversight, while also pointing out the irony of similar issues in traditional markets. Institutional interest in crypto is growing, with many institutions exploring these products for both long-term investment and short-term premium trading strategies. The hosts speculate on the future of crypto ETFs, suggesting that once approved, they could significantly reshape market dynamics and investor behavior. They conclude by discussing the potential for a more integrated financial ecosystem, where traditional and crypto assets coexist, driven by technological advancements and changing investor preferences.

The Pomp Podcast

Big Banks Are Embracing Bitcoin?!
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In a recent conversation, Anthony Pompliano and Paulina Pompiano discussed significant developments in Bitcoin and the financial sector. Bitcoin's price reached $105,000, coinciding with JP Morgan CEO Jamie Dimon's announcement that clients can now purchase Bitcoin, despite his previous skepticism. Dimon framed this change as a way to serve clients while maintaining his personal reservations about Bitcoin's risks, such as money laundering and terrorism. The discussion highlighted the evolving attitudes of major banks towards Bitcoin and crypto, with firms like BlackRock and Fidelity entering the ETF space. They also addressed the Senate's advancement of the Genius Act, aimed at creating a regulatory framework for stable coins. Senator Bill Hagerty suggested that stable coin issuers could become the largest holders of U.S. treasuries. The hosts emphasized the importance of stable coins in facilitating international transactions and the potential for traditional finance and crypto to merge. They concluded that the landscape is changing, with banks needing to adapt to the growing acceptance of digital assets, while cautioning against the risks of holding bonds in the current economic climate.

The Pomp Podcast

RIAs Investing In Bitcoin I Ric Edelman I Pomp Podcast #469
Guests: Ric Edelman
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In this episode, Anthony Pompliano interviews Ric Edelman, a leading financial advisor. Edelman shares his journey into finance, sparked by a negative experience with a financial planner who advised him to commit fraud for a mortgage. This motivated him to provide accessible financial education, leading to the establishment of Edelman Financial Engines, which now serves 1.2 million households and manages $230 billion in assets. Edelman discusses the unprecedented challenges of 2020, including the pandemic and political turmoil, which affected clients' financial decisions. He emphasizes the importance of separating political views from investment strategies. On cryptocurrencies, Edelman highlights the need for financial advisors to educate themselves about Bitcoin and blockchain technology, as many remain skeptical. He believes that Bitcoin will have transformative effects on finance and encourages advisors to understand its implications for personal finance. Edelman has created the RIA Digital Assets Council to educate advisors about digital assets, offering a certification program. He advocates for a cautious approach to Bitcoin investments, suggesting a 1% allocation for clients, emphasizing education and informed decision-making.

PBD Podcast

PBD Podcast | EP 128 | Patron Saint of Bitcoin: Michael Saylor
Guests: Michael Saylor
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In this podcast, Patrick Bet-David interviews Michael Saylor, the CEO of MicroStrategy and a prominent advocate for Bitcoin. Saylor shares his journey into cryptocurrency, which began in the summer of 2020, driven by a realization of the economic shifts during the COVID-19 pandemic. He discusses the K-shaped recovery, where Wall Street thrived while Main Street struggled, prompting him to reevaluate traditional financial strategies. Saylor highlights the drastic increase in the money supply, stating that the Federal Reserve printed 40% of all dollars in existence in 18 months, leading to a collapse in the value of the dollar against scarce assets. Saylor explains that holding cash in a low-interest environment is detrimental, as it loses value due to inflation. He emphasizes the need to invest in scarce assets to preserve wealth, leading him to consider various options, including Bitcoin. He argues that Bitcoin is a superior store of value compared to traditional assets like gold, real estate, and stocks, due to its scarcity and portability. Saylor describes Bitcoin as "digital property" that can be held for generations without the risks associated with physical assets. He contrasts Bitcoin with gold, asserting that gold is vulnerable to government seizure and inflation, while Bitcoin is decentralized and immune to such risks. Saylor believes that Bitcoin's unique properties make it a revolutionary form of money, capable of moving value across borders instantly and securely. He argues that Bitcoin is not just a speculative asset but a necessary tool for individuals in unstable economies, where trust in local currencies and banks is eroding. The conversation also touches on the regulatory landscape surrounding cryptocurrencies. Saylor expresses optimism that clearer regulations will benefit Bitcoin by legitimizing it and attracting institutional investment. He believes that the growing adoption of Bitcoin is a response to the failures of traditional financial systems, especially in countries facing hyperinflation or political instability. Saylor acknowledges the skepticism from established financial figures like Warren Buffett and Charlie Munger, suggesting that their lack of understanding of Bitcoin stems from their limited engagement with the technology. He encourages education and dialogue about Bitcoin, asserting that it represents a fundamental shift in how value is stored and transferred in the digital age. In conclusion, Saylor positions Bitcoin as a critical asset for the future, advocating for its adoption as a means to preserve wealth and achieve financial freedom in an increasingly uncertain economic landscape.

American Alchemy

Society is Shifting Under UAP Disclosure (Ft. Matthew Pines)
Guests: Matthew Pines
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Fringe opinions on Bitcoin and UAPs four or five years ago are now increasingly like normy. The reality of non-human intelligence was fully out there, now it's coming in, and now you got psionics. Consciousness and light beings and meditative practices, it's like we're rediscovering ancient knowledge reinterpreted through a modern frame. Bitcoin, UAPs, and AI are fully at the center of what will drive major strategic dynamics over the next few years. Matthew Pines, executive director at Bitcoin Policy Institute, frames these shifts together. The conversation traces Bitcoin's arc from fringe to policy. "The Bitcoin concept sort of went from total fringe, heterodox, somewhat taboo topic and has been on this trajectory towards inside the Overton window," Pines notes. He compares this with UAPs and AI, all moving into official discourse. Bitcoin is now discussed in White House terms, with cabinet-level attention and proposed executive actions; BlackRock, ETFs, and sovereign funds are talking about allocating allocations. The system now treats Bitcoin as an emerging, decentralized institution rather than a mere asset. We also hear how UAPs pose ontological questions beyond gadgets: "are we alone" and "what is consciousness" are described as foundational. The Barber testimony is described as credible but part of a larger, unsettled puzzle: 'it's a data point that you need to stitch together into a comprehensive model.' The discussion moves through psionics, non-human craft, and the potential for minds to interface with machines, while stressing the difficulty of falsifiability and the risks of speculative narratives co-mingling with fact. On governance and institutions, the guests argue for new frameworks post-disclosure: "new institutions from the bottom up" and a cautious path to integrate technology, consciousness, and policy. Bitcoin could act as a funder and catalyst for such reforms; private philanthropy and think tanks could seed "novel institutions" to study and diffuse these phenomena. The aim is to prevent bureaucratic pathologies by designing adaptive, pluralistic structures rather than clinging to legacy programs.

The Pomp Podcast

BlackRock’s Insanely Bullish Bitcoin Take
Guests: Larry Fink, Donald Trump
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In a recent conversation, Larry Fink, CEO of BlackRock, expressed bullish sentiments about Bitcoin, highlighting its potential as a solution to economic issues like debt and dollar devaluation. Fink's comments reflect a broader acceptance of Bitcoin among Wall Street executives, contrasting with figures like Jamie Dimon, who remains skeptical. The discussion also touched on Hut 8's new subsidiary involving Donald Trump Jr. and Eric Trump, emphasizing the trend of unbundling businesses to clarify investment opportunities. On tariffs, the hosts argued that they could benefit American companies by shifting demand towards domestic products, despite widespread fears of inflation. They dismissed concerns about an impending recession, suggesting that the odds favor economic stability and potential market growth. The conversation concluded with speculation about the Federal Reserve's interest rate policies and their implications for the economy.

The Pomp Podcast

Pomp Podcast #336: Grayscale CEO Michael Sonnenshein On Investing In Crypto
Guests: Michael Sonnenshein
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Michael Sonnenshein discusses Grayscale's growth as the largest digital currency asset manager, now managing $4 billion in assets, with $2 billion raised in the last year. Grayscale offers ten investment products, primarily attracting institutional investors, particularly hedge funds, which account for over 80% of inflows. The firm provides an accessible way for investors to gain exposure to digital currencies without the complexities of direct ownership. Sonnenshein notes that the pandemic has shifted investor interest towards digital assets, with Bitcoin being viewed as a hedge against economic uncertainty. Grayscale's product offerings include single currency trusts for Bitcoin, Ethereum, and others, with increasing diversification among investors. He emphasizes the importance of compliance and sourcing assets through their sister firm, Genesis. Sonnenshein believes a Bitcoin ETF is inevitable, contingent on market maturity and regulatory readiness. He highlights Grayscale's commitment to technology and talent investment to enhance investor experiences and aims to educate the market about digital currencies, positioning Grayscale as a key player in the evolving financial landscape.

The Pomp Podcast

Understanding Bitcoin | Mitch Garber | Pomp Podcast #464
Guests: Mitch Garber
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Mitch Garber, a seasoned entrepreneur and investor, shares his journey from practicing law in Canada to becoming a prominent figure in the gaming and payment processing industries. Growing up in Montreal, he attended McGill University and law school at the University of Ottawa. In the early 90s, he transitioned from law to the burgeoning internet gaming sector, partnering with an Austrian sportsbook to establish a payment processing business that eventually became Paysafe, valued at $11 billion today. Garber later became CEO of Party Gaming, navigating the challenges posed by the Unlawful Internet Gaming Act in 2006, which significantly reduced the company's market cap. He then joined Caesars Entertainment to start a digital subsidiary, aiming to capitalize on the anticipated legalization of online poker in the U.S. However, faced with political opposition, he pivoted towards social gaming, acquiring a company in Israel that later sold for $4.4 billion. Currently, Garber serves on the boards of Rackspace and Shutterfly, reflecting on the pandemic's impact on businesses. He discusses the contrasting fortunes of these companies during the crisis, emphasizing the importance of adaptability and foresight. He also highlights the significance of building long-term relationships with successful individuals in his career. As the conversation shifts to Bitcoin, Garber expresses his curiosity about the cryptocurrency, acknowledging the generational divide in understanding it. He seeks clarity on how to invest in Bitcoin securely and the implications of regulatory risks. Garber notes that Bitcoin's fixed supply and decentralized nature differentiate it from traditional currencies, suggesting its potential as a store of value. He concludes by emphasizing the importance of education in understanding Bitcoin and its future in the financial landscape.

The Pomp Podcast

Institutions Are All-In On Bitcoin | Cathie Wood
Guests: Cathie Wood
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Cathie Wood discusses Bitcoin's growing significance as an asset class, noting its consistent rise over the years and low correlation with other assets. She recalls the initial resistance faced when introducing Bitcoin to their portfolio in 2015, highlighting the challenges from traditional financial services. Wood emphasizes the convergence of innovative technologies, including AI and blockchain, and how they will shape the future economy. She believes Bitcoin will serve as a benchmark for value, urging institutional investors to recognize it as a new asset class. Wood also addresses the potential impact of government policies on economic activity and the velocity of money, suggesting that lower tax rates could stimulate growth. She expresses optimism about a strategic Bitcoin reserve becoming a reality, driven by political support and the need for diversification. Wood concludes by noting the legislative momentum around Bitcoin reserves in various states, indicating a shift in how governments view Bitcoin's role in the economy.

The Pomp Podcast

Why Corporations Are Putting Bitcoin on Their Balance Sheet | Pomp Podcast #595
Guests: Michael Moro
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Michael Moro, CEO of Genesis Trading, discusses the increasing interest of corporate treasuries in Bitcoin, driven by macroeconomic factors and the maturation of the cryptocurrency space. He highlights that CFOs are primarily focused on capital preservation and the potential for value growth, while also recognizing the importance of digital asset education. Corporations are exploring Bitcoin as a store of value, akin to "digital gold," and are intrigued by yield generation through borrowing and lending markets. Moro notes that smaller, nimble companies are more likely to execute Bitcoin purchases, while larger corporations tend to be more cautious due to reputational risks and regulatory scrutiny. He emphasizes the importance of thorough internal diligence before executing trades, which often involve a time-weighted average price (TWAP) approach to minimize market impact. The conversation touches on the regulatory landscape, with Moro asserting that institutions prefer working with regulated entities like Genesis. He also addresses environmental concerns, stating that corporations are increasingly interested in ESG-compliant Bitcoin. Overall, Moro indicates a growing trend of corporate adoption of Bitcoin, with many companies planning to invest in the near future.

The Pomp Podcast

Is Bitcoin Ready To Explode In Q4?
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Bitcoin and gold sit at opposite ends of a currency-debasement debate, with gold continuing to hit new highs while Bitcoin has paused recently. Gold is up about 42% year-to-date, and the hosts note that gold holders and Bitcoiners are like brothers in arms against currency debasement. They explain that gold often leads and Bitcoin follows, yet both assets tend to rise when macro conditions favor easy money. Deutsche Bank recently suggested that central banks will include both gold and Bitcoin in portfolios by 2030, underscoring a broader shift among retail, institutions, and funds toward these stores of value. Over longer horizons, Bitcoin is seen as having a structural edge because large pools of capital still lack exposure, a dynamic that could push prices higher over time. The conversation then turns to a recent Bitcoin Treasury M&A deal: Strive Asset Management announced a merger with Similar Scientific, paying roughly two times the market price while Similar traded near NAV. Strive’s offer would move about 5,000 Bitcoin onto its balance sheet, aiming to accrete value for shareholders as the premium mathematics reflect premium to NAV and the strategic logic of consolidation. The discussion expands to the integration of crypto into traditional finance. BlackRock is described as a Bitcoin-focused powerhouse given the profitability of its Bitcoin ETF, and Bitwise is praised for educating advisers and pushing crypto into mainstream awareness. The speakers argue that the line between crypto and conventional finance is blurring: exchanges now offer stocks, Bitcoin, and crypto; custody providers pursue bank licenses; and even fintechs blend crypto into their offerings. The idea of Bitcoin as Bitcoin per share in treasury strategies is used to illustrate how growth expectations translate into valuation premia. Premiums to MNAV reflect beliefs about future purchases and balance-sheet expansion, and participants note that markets could compress or expand these premia as capital raises or acquisitions occur. The four-year cycle remains a debated topic, with some awaiting clarity while others favor a straightforward, buy-and-hold approach. On AI and monetary policy, the hosts contend that AI could replace the Fed because a computer can ingest data, synthesize it, and apply programmatic rules, whereas the Fed is described as reactive and political. They argue programmatic policy could fix forecasting errors and give clearer planning for capital costs.

The Pomp Podcast

The Truth About Bitcoin Treasury Companies | Will Clemente
Guests: Will Clemente, Ben Harvey
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In this episode, hosts Anthony Pompliano, Will Clemente, and Ben Harvey discuss the emerging trend of Bitcoin treasury companies, which have accumulated around 725,000 Bitcoin, approximately 3.64% of the total supply. The conversation highlights the capital structures of these companies, including their debt and equity strategies, with a total of about $9.5 billion raised in debt and $3.3 billion in preferred equity. They note that while these companies have a significant impact on Bitcoin's trading volume, averaging 60 basis points, it is less than some might expect. The report emphasizes the growth of Bitcoin per share for companies like MicroStrategy, which has increased 11x since inception. The discussion also touches on macroeconomic factors, including inflation and interest rates, and how they influence Bitcoin's market dynamics. The hosts conclude by emphasizing the innovative financial engineering these companies employ to accumulate Bitcoin, positioning them as key players in the evolving cryptocurrency landscape.
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