The Pomp Podcast - #1581 Anthony & Polina Pompliano | The Bitcoin Bull Run Is Far From Over

Starting point is 00:00:00 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. 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

Starting point is 00:00:40 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. What's going on, guys? Today, we got a great episode with Polina Pompliano. In this conversation, we talk about Bitcoin. Why is the price doing so well? What's going on with the all-time new high hash rate? And also, what's going on with the tariffs? Why is the American economy still king on the global stage? And why does everyone want our debt, our equities, and our dollar? All that and much more in this conversation with Polina Pompliano. All right, Polina, what's the first topic? Okay, Bitcoin's price is sitting at $118,000.

Starting point is 00:01:20 We're currently watching the Bitcoin hash rate hit an all-time high as the asset primes itself for another move up. You recently went on CNBC and talked about this. Tell us more. Well, first you got to ask yourself, does price lead hash rate or does hash rate lead Bitcoin's price? It's chicken or egg.

Starting point is 00:01:36 There's different debates about that. But look, Bitcoin is a decentralized computer network that is measured the security of it by hash rate. And it is by far the most secure computer network in the world. If you were to take all of the computational power of Microsoft, Azure, Google Cloud, and Amazon's AWS and collectively put those three things together, it would not be equivalent to 1% of the Bitcoin network. That's how big this network is in

Starting point is 00:02:02 terms of size, scope, and strength. Now, the fact that Bitcoin's hash rate continues to hit all-time highs means that the strongest computer network in the world is getting stronger. And so that is part of the beauty is this architectural design of Bitcoin and the incentive system for these miners. There's over $100 million a day that goes to miners right now in terms of that mining reward. And so they are being paid very well to continue to secure this network, which now is protecting two plus trillion dollars, like $2.3, $2.4 trillion worth of value. And so whenever you see kind of the size and scope of the Bitcoin network, one, you got to be in awe of the fact it's not just this like software-based asset that's got a ticker attached to it. And all the

Starting point is 00:02:43 finance folks are like, ooh, it goes up, it goes down, look how shiny it is. You have to remember that we have been able to collectively, as a community, build the strongest computer network in the world by a mile and do so with no centralized coordination. There's no CEO, there's no board of directors, there's no management team, there's no marketing budget, there's no anything. And so people around the world found out about this idea of Bitcoin. They knew that there was an economic incentive and they were able to go buy the hardware and equipment, find energy, plug themselves in, and start to mine Bitcoin. And in exchange for that, they helped create the strongest network in the world. And so I think that the fact that Bitcoin

Starting point is 00:03:22 is sitting near all-time highs and hash rate is hitting new all-time highs tells you that Bitcoin is not just some speculative tool. It is actually something that has real-world conversion of energy into economic store of value kind of product feature or capabilities. And so from that standpoint, I think that Bitcoin is very, very well primed for not only price appreciation in the future, but more importantly, to remain secure. And if Bitcoin remains secure, then Bitcoin's value over a long period of time will probably become realized. Well, and what's surprising to me is like this time Bitcoin is like holding steady at 118,000. There was no like crash after the all-time high.

Starting point is 00:04:05 Well, I mean, look, what you get is you get kind of these run-ups, you get some consolidation. consolidation every once in a while, if you get a little overheated, right, you'll have these corrections 15 to 30%. Now saying 15 to 30% to somebody in the traditional world. Yeah, that's a lot. Right. To the Bitcoin world, like that is a normal, healthy drawdown during a bear, during a bull market for Bitcoin. And so I think that the fact that it's run up and kind of consolidated is telling you that there's a lot of demand, right? There's kind of this persistent bid in the market. Now, two things I'm going to call people's attention to. The first is that there's this great chart that shows you have these kind of big booms, busts, booms and busts, right? Kind

Starting point is 00:04:42 of the bull markets and bear markets all the way up until the ETFs get approved. Since the ETFs have been approved, it has pretty much been a 45 degree angle grind up in price. Now that doesn't mean that we won't still get some sort of blow off top and a correction, but it does mean that the market seems to have significantly changed in terms of structure. And we now have constant inflows into Bitcoin, which means that the volatility is being muted. You're not getting these huge run-ups in terms of 20, 30, 40% at a time. You're getting more kind of 5% to 10% moves up, but you're also not getting significant drawdowns. If you think we've really only had one 30% drawdown in this bull market so far, in 2017, we had six of them. So that volatility is

Starting point is 00:05:29 starting to come down and become something that is actually key to unlocking the institutional capital. They don't want an asset that goes up 10,000% and down 80%. What they want is they want something that continues to grind upwards. That's what Bitcoin has now become. It's very good for the existing holders. It's very good for eliciting new capital coming in the market. The second thing I want to call people's attention to is if you look at how much Bitcoin is being bought, I can't remember if it's the ETFs and the treasury companies, or it's just the treasury companies, but more than 600% of the daily incoming supply is being bought on a daily basis. So the way to think about this is you have six times more buyers showing up than, quote

Starting point is 00:06:07 unquote, producers of the Bitcoin, right, on a daily basis. Well, if that's the case, Bitcoin's price has to continue to go up. There's more buyers than sellers. So what happens? The price has to adjust to accommodate everyone, especially because Bitcoin is a finite asset. And so from a structural standpoint, Bitcoin is looking excellent. And yes, Bitcoin is up something like 80% or 90% over the last year. Yes, Bitcoin is up about 25%, 30% year to date, but Bitcoin is still in a bull market.

Starting point is 00:06:35 Bitcoin is still coiling. And I think that we will see much higher prices through the end of the year. Now, does that mean that we're going to see $400,000 Bitcoin price? That seems a little bit less likely to me, but I could easily see us hitting $150,000 or so before the end of the year. Some people are not excited about that as a return. They say, what do you mean? I wanted to have hundreds of percent of upside.

Starting point is 00:06:55 That's just tens of percent. But I still think that now what you are talking about is a $2.3, $2.4 trillion asset. And if it goes up, let's say something like 30% or 40%, that is a heck of a lot of market cap that's getting created. And so I would expect Bitcoin to use these things to its advantage. There's more buyers and sellers, and it's going to continue to go up in price over the coming months. Okay. Let's talk tariffs. So Donald Trump met with the president of the European Commission, Ursula.

Starting point is 00:07:25 um and they announced a flat 15 tariff on european goods eu goods hilarious um hundreds of billions in weapons and energy purchases in the opening up of all the european countries according to the terms the eu agreed to a 15 um across the board tariff buying hundreds of billions of dollars in u.s military equipment a 600 billion dollar 600 billion dollars in investments in the U.S., buying $750 billion of U.S. energy and opening their markets to U.S. products. One of the things that Trump said during his first campaign, which turned into a meme online, is we're going to win so much you're going to get tired of winning, right? And it's just kind of one of these, it's like Eric Adams type line, right? It's just like, you're like, okay, like

Starting point is 00:08:13 hilarious. Let's see if it actually happens, right? But hilarious line. This is what winning looks like in a international trade deal okay i mean this was like a uh four game sweep in the nba championship this was like showing up to the uh nfl super bowl and all of a sudden you're winning so bad that you take your starters out and you let your second string play their best players yeah just to get your guys some time in the super bowl right i mean we wiped the floor with the eu in this deal they got nothing but why we got everything why was he able to achieve this Because the EU is a museum and America is the future. That's point blank, period.

Starting point is 00:08:55 People may not like it, but that's true. What's going on, guys? One of the most important trends in all of finance is the rise of the retail investor, what I call a self-directed investor. These are people, they don't have a financial advisor or a stockbroker. They simply go and learn on the internet, and then they direct their own capital directly into the market. These people are taking Wall Street by storm.

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Starting point is 00:10:02 We have better technology. We have better capital markets. We have more innovation. We have a much more sought after kind of consumer base. And everyone wants their products to come to America. Not that many people in America are worried about selling their products in Europe. And so what we got here

Starting point is 00:10:21 was literally almost everything we asked for. Let's go through these things. They are going to buy hundreds of billions of dollars of military equipment from the United States. Do you think anyone is better at building military equipment than the United States? Probably not. Are there some good companies in Europe

Starting point is 00:10:36 that build military equipment? Of course. They actually, some of the defense contractors and defense companies in Europe turned into meme stocks earlier this year. Some people don't know that. But America is the best when it comes to building military equipment. So the EU, who, by the way, a lot of their countries, they're real worried.

Starting point is 00:10:53 And they keep yelling and screaming and begging us to come and protect them. So now they got to buy our military equipment. Makes sense. Have them pay for a service that we are providing to them. Simple. The second thing is energy. The EU has made, collectively, a bunch of their countries have made absolutely asinine, idiotic decisions when it comes to energy independence.

Starting point is 00:11:14 Countries like Germany, literally, people go back and remember, Germany was shutting down their power plants. They were trying to go to like wind and solar and all this crazy nonsense. And guess what happened? Russia-Ukraine occurred. And all of a sudden, Germany said, we're not going to buy the Russian oil. OK, fine. You know what ended up happening?

Starting point is 00:11:34 There's a bunch of studies that show that Germany actually was still buying Russian oil, but they were buying it from China. So Russia was sending the oil to China. China was literally putting the Chinese flag on the barrel of oil and then selling it to Germany at two times higher prices. And so if you make dumb decisions, you're going to end up in this situation. So now the U.S. is an energy exporter and Europe needs us. Imagine how crazy it is that you are buying energy from the United States.

Starting point is 00:12:04 There's literally an ocean between us rather than being able to source it inside of the European Union, a bunch of countries all working together, or buy it from other people who are on the same continent as you, or in a general geographic area? Shouldn't these EU countries be getting it from places that are resource rich, like the Russias of the world, like the Indias of the world, like the Chinas of the world? But instead, they're now going to come to us because we've done a great job. We are drilling for oil, we're producing renewables, we have battery storage. We have all these things that we've been working on that are putting us in a good spot. So the U.S. is winning on that front. Now, they're going to pay a 15% tariff. Remember everyone who

Starting point is 00:12:46 said they're never going to agree. They're never going to do the deal. They're never going to whatever. Bada bing, bada boom, bam, bing, bong, boom. Now, all of a sudden, they're paying a 15% tariff. Why are they doing that? Because we know that they need to access our market. So if they want access to our market, we made two demands. We said, you got to pay a 15% tariff. Why is it that you get free access to our market while we are subsidizing so much about your countries. Now, again, they help us too. They're our allies, right? This is not a zero-sum game, but what we have been living in is a situation where Europe has been taking advantage of America and America finally woke up and said, wait a second, we're the big brother. You're the little

Starting point is 00:13:27 brother. Why are you taking advantage of us? If you want to be our ally, let's get this on a more even playing field. And so now Europe's going to pay this 15% tariff. Now, in reverse, America was previously prevented from bringing a bunch of our products and services to Europe. Think how crazy that is. They had free, full, unfettered access to America. And we, not even a tariff, we just weren't allowed to sell some of our products there. Well, we're going to play around now. Let's get an even playing field. So now they're going to open up those US markets. And so now American producers can go and sell into these markets. And so what I think ends up happening here is people will look and say like, how the heck did the White House, the Trump

Starting point is 00:14:09 administration get this deal done? And here's the thing that I think is what nobody wants to really talk about is that in Europe, there's a lot of weak leadership, point blank period. I think that there's a lot of Europeans that would tell you regardless of what country they live in, that they're not super happy with their leadership. They don't feel like they have strong leadership. Go on Twitter, go on Reddit, go on any forum where the people can talk and they will talk about nonstop how much crime is occurring, how much they feel like the things that their country used to stand for is falling to the wayside, how much they feel like their quality of life is getting worse, how much they feel like there's all sorts of different things that are changing

Starting point is 00:14:52 about their country and they don't think that they're good changes. And so you say to yourself, Okay. Well, if you have that view of leadership and then you have somebody, again, whether you like Donald Trump or not, right? I think there's plenty of things to like about him. I think there's plenty of things to critique about him. Same thing with Joe Biden, right? Some things to like about him, some things to critique about. I don't care about which political allegiance they have, et cetera. I just look at what they're doing. And what I know is that we sent the leader of the free world over there and he kicked their ass in the negotiation. Now, why do I think that that happen. Well, I think they have weak leadership. I think that we have stronger

Starting point is 00:15:25 leadership, but also there's things like this. I don't know how many people saw Donald Trump went to, uh, I think it was, uh, Scotland and he has a property there. Trump, whatever it's called the golf course, the golf course. Yeah. And the European leaders who are supposed to be hosting Donald Trump in their country went to his golf course and he greeted them on the steps. It was like, they're showing up out of the car and he's coming outside to shake their hand. Like, welcome them to my home, right? Imagine in the United States of America, Donald Trump or Joe Biden or anyone not having the other political leader come meet them at their government building, their place, whatever, right? It's the symbolic kind of aspect of this. And so we literally had

Starting point is 00:16:12 our leader go to their country and then we invited them into his home as if he was the leader of their country. So again, it sounds stupid. It sounds like, oh, that's like dumb. It doesn't really matter. But if you send your leader to another country and you make all of that EU leadership come to him, who's the boss? Who's actually driving the conversation here? The image really matters, I think, in people's minds. So here's the part that I think is maybe the most interesting out of all of this, is that the EU is going to be better off for this deal. Because there's an alternative reality, an experiment that we're not going to run, thankfully for them,

Starting point is 00:16:50 which is the United States under Trump could have said, good luck, guys. We're out. Today's episode is brought to you by Bittesonship. 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 Bittesonship has built the ideal pathway to get you there.

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Starting point is 00:20:36 Let me read it for you. They're not big fans of capitalism or the things that America stands for. Well, but they're quoting an ambassador. Correct. Go ahead, read the quote. This is an incredible quote. There is no hiding the fact that the EU was rolled over by the Trump juggernaut. Trump worked out exactly where our pain threshold is. i mean that it that summarizes the entire situation right is you had a negotiation going on and one person was able to find where's the pain point and they started to press on it and

Starting point is 00:21:08 the eu cried what was what was what was the pain point well let's jack up the tariffs let's uh start talking about these defense contracts like all these little things that people are like oh it's all posturing it's all duh of course and so all the people who are saying the tariffs are a negotiating tactic. Imagine the negotiating tactic worked and we left them in place. Yeah. Right. And so, again, what do I actually wish we could live in? I wish we could live in a situation where there was complete, true, free trade. There'd be no tariffs in either direction. We would have complete unfettered trade. We do not live in that world. We need to stop pretending that that's the world that we were living in. And instead, we were living in a world where a bunch

Starting point is 00:21:47 of little brothers were running around taking advantage of the big brother. And now the big brother has stood up and said, wait a minute, I'm going to stop having you guys yapping at my ankles. And instead I'm now going to explain to you who the big brother is. And so what hopefully will happen here is that we get to a more even playing field, right? And if we can get to that even playing field, how amazing would it be for the American producers and American companies to be able to sell into Europe and the European producers and companies to be able to sell into america that would be excellent to be better for both sides of the ocean uh but that's not the world we live in and so again eu and america you know what what's the saying uh in america

Starting point is 00:22:28 we're back-to-back world champs i don't know that saying you don't know that no two world wars we're undefeated back-to-back world world champs right okay well now we're stringing together a lot of wins when it comes to geopolitical negotiations. And so Japan, EU, I mean, pretty much at this point, we're getting almost everything that we're asking for on the global stage. The question is, and I don't have an answer to this, right? Look, there's things I have a strong opinion about. I don't have a strong opinion about this. What are the repercussions? What are the negative side effects of these trade deals, right? It's very clear what the positives are and what we're getting. What's unclear is five years from now, when we look

Starting point is 00:23:10 back and we say, okay, we get the benefit of hindsight. Now, what are the downsides? What are the trade-offs that we made? Those are not as clear at the moment. And so it doesn't mean that there's zero. It just means that there are going to be things that we will look back at. And hopefully the good things outweigh the bad things. It looks like that's going to happen here. But I do think that on this global state, now, one other thing I want to talk about real quick is if you're the EU, $750 million, I think for energy, $600 million for investment in America, hundreds of billions of dollars for military equipment, right? You know, I got a small brain, but a good memory.

Starting point is 00:23:44 Those things, where are they going to get the money? Where are these countries going to get the money? Oh, I forgot. They're going to print it. They are going to print money and they're going to hand it over to us for all these goods and services. So guess what's going to happen? Global M2 supply, global liquidity is going to explode.

Starting point is 00:24:03 The more trade deals that we sign, the more money printing that other countries are going to do, which means liquidity is going to go up, which guess what? If you're an American, get long and chill. Just get long assets and chill. Stocks, Bitcoin, gold is all going higher because they all got to print money now to end up actually servicing these deals. And so the more clarity on trade deals equals more money printing. More money printing means that Americans are going to benefit from asset prices going higher. And so will Europeans. The Europeans who own assets are going to do better. The Europeans who don't own assets, they're not going to do as well.

Starting point is 00:24:35 And so investors are going to keep winning globally as long as we keep striking trade deals that force these other countries to make investments in America to the tunes of collectively trillions of dollars because they don't have to print it to be able to give it to us. It's estimated that tariffs, these tariffs with the EU could bring in $3 trillion of revenue for the United States. That's a lot. It's a lot.

Starting point is 00:24:57 That's crazy. 10% of the national debt in what? Probably like five years or something, right? Does it put a timeline on it? hold on a second uh let me see it's probably not that long right because again it goes back to over the next decade next decade all right so there you go 10 years we're gonna do three trillion dollars now by the way that's not gonna solve our national debt problem but that's just the eu then we do it with japan then we do it with india then we do it with uh china we do with mexico we

Starting point is 00:25:25 do it with south american countries china yeah oh we we still negotiate yeah then he acts like He's in the negotiating table. No, there's not a lot of stuff I pay attention to. I'm paying attention to a lot of this stuff because look, I took a huge risk earlier this year. People forget April, well, actually it really started in January. Oh, we remember.

Starting point is 00:25:50 I started talking about the fact that I thought that there was a very good shot that we could balance the budget. Now I am less confident of that today than I was in January, but I will comment that in June, we had a surplus. It's not the first time that we've ever had that, right?

Starting point is 00:26:03 But we had a surplus where we actually took in more revenue than we spent. Very good sign. So if you go back to January, when we started talking about all this tariff stuff, at first, I was very clear. I said, look, I think tariffs are inflationary, blah, blah, blah, whatever. And then I sat down one weekend, and Clinton probably wasn't very excited about this, but I went and I went deep down the rabbit hole, as I tend to do sometimes. And I came back up from the rabbit hole.

Starting point is 00:26:23 I had my hard hat on, some ashes all over me. I had my little light on, you know, from the mining expedition that I had gone on, a little pickaxe. And I said, you know what? Let me eat a sandwich and think about this for a second. I don't think that the tariffs are going to be inflationary. And then I said, I actually think so strongly about it, I'm willing to say it publicly. And I started talking about it in whatever, February, March, et cetera.

Starting point is 00:26:47 April 2nd came in. If you remember, they came out with their science projects. Remember like the big poster boards they came out and they were talking about all the big numbers and stuff? I have a tweet from April 3rd when everyone was full on panicked. Market was down significantly. people were talking about great depression they were talking about black friday shelves are going to be empty the world's going to end all this stuff and i tweeted and i said stocks and bitcoin going back to all-time highs before the end of the year very likely and so that was a huge

Starting point is 00:27:14 reputational risk to the point where planetosis we have people that we work with on a daily basis who are like hey man there's reporters at bloomberg they're reaching out to me asking if you've gone crazy there's reporters reaching out to me saying does he really believe this stuff Yeah, I did. And I was right. I'm not right all the time, but on this one, I was right. And so if you fast forward to now, what I believe is happening here is the fact that the tariffs are not inflationary.

Starting point is 00:27:40 The tariffs also have significantly improved our negotiating leverage on a global stage. And we are going to see a renaissance from an economic standpoint in America. And if this continues, we will get that economic boom, economic golden age that everyone was so excited about. I believe that we are watching that happen now. And so if we continue, I mean, just think about it for a second. How crazy is it? We are living through a time where decentralized digital currency is taking hold globally. we have reusable rockets that are going into space, coming back down to earth, and we're catching them with chopsticks. We have self-driving cars where there is not a human in the car driving it. It is just moving around all by itself. We have tunnels. They just announced another one in Tennessee that you can now use to go underground rather than drive on the street. we have genetic editing we have drones we have all kinds of hypersonic cool amazing

Starting point is 00:28:49 innovative technology at warp speed we are bringing into the world to live right now is got to be the single most exciting point in all of human history and if we can create the right conditions that will actually lead to more and more entrepreneurs starting these businesses more and more people being able to build companies that can solve these problems it means that we are going to crank on gdp growth and if we crank on gdp growth and we also can bring in tariff revenue we can cut expenses etc we can get to a much better situation economically the question is are they going to stop printing money because right now 500 billion dollars or so they've increased the national debt just in the month of july that's not good right so it's

Starting point is 00:29:32 not all rosy there's still challenges there's still things i don't like but on some of the big things i think we're heading the right direction in two minutes can we end on this sure usa still number one for what um the u.s dollar is now used in nearly 50 percent of global payments the highest level in more than 12 years ryan detrick points out that foreigners are not only buying our debt but buying socks as well will clemente posted a chart that stablecoin transactions are up and to the right political commentators changing their tune people saying yeah hey listen he said bill mark quote or a clip yeah he should get credit for it he said look the stock market is at record highs i don't see a country in a depression at all i would have

Starting point is 00:30:18 thought and i gotta own it that these tariffs were going to effing sink this economy by this time and they and they didn't bill maher sign of intelligence new information changed his mind i got no and and and took accountability for 100 look because usually people get new facts and they just change their interpretation of the fact not their belief but he he changed look i got nothing but respect for bill maher after seeing that clip kudos to him um it goes back to again the united states collectively as a country we have constructed the greatest economy ever known to mankind point blank period it's got problems it's not perfect we need things to improve we should accelerate. I get all of it, but there ain't no better system. There ain't no better environment

Starting point is 00:31:03 to go and do this stuff. Capitalism and democracy are superior to every other system we've ever tried. And so when you look at the United States of America, people want to come here. People want to invest here. People want to use our currency. So there's two ways to look at it. Half glass empty? Well, a lot of problems. We should do better. We should improve it. We should put ourselves in a better situation. Half glass full, still the best one we got. Glass half full. Whatever. Still true. Like I said, I make mistakes all the time. I'm not that smart, but I got a good memory and a couple opinions. You're very smart. And so when you look around the world, if you had a hundred dollars to your name

Starting point is 00:31:49 and you got to invest it in one country for the next decade, where are you going to put it? You're going to go put it in XYZ emerging market? I don't think so. You're going to go put it in some European economy? I don't think so. You're going to stick that $100 down to the last penny in the United States of America. And you're going to say, boys and girls, let's do what we've been doing for 250 years let's run the table and let's go build an even better economy and that's exactly what's going to happen now at some point will that end sure but the demise of america the destruction of the u.s economy all false advertising sorry ladies and gentlemen you're gonna have to postpone all of your obituaries because we're still the best and we are on the

Starting point is 00:32:40 rise. We're still climbing. And so whether people like it or not, they can call it American exceptionalism. They can call it arrogance. They can call it whatever they want. If you had $100 to your name and you had one place to invest it for the next decade, you're putting it in America. And if you say you're going to put it anywhere else, then do it. Then do it. Then go put your money in whatever emerging market. If you think it's going to do better than the United States of america over the next decade but i don't think that very many people would do it and so that is why the american capital markets continue to be the most liquid the deepest most sought after that's why foreigners are buying record levels of our debt and also our equities that's why everyone

Starting point is 00:33:26 is trying to come here because i know they're not trying to come here be like listen they're trying to come. We let people come here illegally. And there was a line out the door. Imagine if we just opened the gates and said everyone can come here legally. That was just the people who wanted to come here so bad that they were willing to skip the line. And so you go back to this idea of what America could do that would be really powerful. Let's take the American dream. Let's take the American economic machine and let's export it globally. Let's go use it to actually pull up other people alongside us. One of the things that America does better than anywhere else in the world, we do not pull up the ladder behind us. We try our best, even sometimes to our

Starting point is 00:34:10 own detriment. We help other countries. We help other economies. We help other companies, sometimes even when it hurts us. And so it goes back to this whole thing here in New York City. They got this guy saying that billionaires shouldn't exist, all this stuff. Jeff Bezos solved a lot of problems. Elon Musk solved a lot of problems. Go down the line. Most people who made a billion dollars, they solved real problems for real people and they got economically rewarded for it. Let's go get more billionaires. Let's go help every single person in America become a millionaire. Not because we're debasing the currency, but because let's educate them on how to do that so that they can benefit, so that they can achieve financial

Starting point is 00:34:52 security. And people say, that's a pipe dream. I say, well, that's what Bitcoin does. Tell me somebody who bought Bitcoin 2015, 2016, didn't sell. Tell me how their life's going. How little bit of money did you have to put in? Median home in America used to be 280,000. Now it's like 430,000. Everything got more expensive. Bitcoin used to be 664 Bitcoin. Now it's like five to buy that same median home. You could have put a very small amount of money into Bitcoin. And because the purchasing power continued to appreciate,

Starting point is 00:35:26 it actually puts you in a better position. It's the best savings technology created in the world. It will continue to be the best savings technology of our lifetime. And I think that you don't have to put everything into it. It should be risk management, be smart, be intelligent, understand what your situation is. But owning Bitcoin is now safer than not owning Bitcoin.

Starting point is 00:35:43 And I think that that is a lesson that people around the world are starting to learn. Perfect. Thank you. See you guys next week.

The Pomp Podcast - #1581 Anthony & Polina Pompliano | The Bitcoin Bull Run Is Far From Over

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