The Pomp Podcast - #1584 Polina & Anthony Pompliano | Why Bitcoin Is Going To $1 MILLION

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Starting point is 00:00:44 save and invest conditions apply visit scotiabank.com hisa to learn more scotia bank you're richer than you think. 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.

Starting point is 00:01:11 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.

Starting point is 00:01:35 You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only. What's going on, ladies and gentlemen? Today, we got a great episode with Polina Pompliano. And in this conversation, I hold nothing back. I just let you know exactly what's going on with the summer crypto, why Bitcoin is winning,

Starting point is 00:02:00 why so many people who are looking at the past are wrong, how people who actually understand what's changing with artificial intelligence, Bitcoin, and all of this innovative technology, why they're winning and why they're going to continue to win, why Warren Buffett's Berkshire Hathaway is taking a big fat L ever since he stepped down, and then what's going on with the banks and why the banks now all have to embrace Bitcoin and cryptocurrencies, that much more. Here's my latest conversation with Polina Pompliano. All right, Polina, what's the first topic? Okay. Last week, the SEC launched Project Crypto to help make America the crypto capital of the world. SEC Chair Paul Atkin said, we will make sure the next chapter of financial innovation

Starting point is 00:02:38 is written right here in America. What do we think? Well, first of all, America already is the capital of Bitcoin and crypto. You can check to see we have the most mining hash rate. We have all the Bitcoiners. We've got the best liquid capital markets. We've got the ETS. We've got some of the biggest crypto companies. We're winning, first of all. Second of all, how funny is it? You know that quote that says, first they ignore you, then they fight you, then you win? Yeah, but Theranos kind of ruined that one for me. No, no, it didn't. Because that's exactly what happened. Because I think it's actually, first they ignore you, then they laugh at you, then they fight you, and then you win. Well,

Starting point is 00:03:17 guess what? We're in the winning phase because they were fighting us. They were fighting us for four years. And you could just look at it. It's like a scoreboard. The old regime, L, they took that L hard. And Bitcoin and crypto won. We're inside the fort now. It was a Trojan horse. We're in there. The SEC chairman is saying the revolution will continue. The president of the United States, the revolution will continue. The banks, the revolution will continue. Everyone's on board. Everyone is now lined up and they say, this is a thing that is going to happen in the world. There's a lot of details that need to be figured out. There's regulation, there's this rule, there's that rule, there's technology that needs to be built. People need

Starting point is 00:03:57 to get convinced to buy it, hold it, store it, adopt it, whatever. But the revolution is unstoppable now. Bitcoin is going in every corner of the financial system. You're going to see every single large financial institution, they're going to participate in this game. The regulators, they're going to figure out the right rules. They're going to put them in place, say, hey, we want people doing the right things, but we want this to thrive in America. And the politicians, there ain't very many politicians dumb enough to get on the wrong side of this because they realize that some of the most engaged voters, some of the people with the most money and the people who got the longest time horizon because they're young,

Starting point is 00:04:35 want this to happen. And so it's game on now. And so Project Crypto, think about 15 years ago, people were worried about is the government going to ban Bitcoin? Now we got the regulators saying we are going to make sure

Starting point is 00:04:47 this thrives in America. Was that 15 years ago? Yeah, of course, 2009. Oh, wow. 16 years, whatever it ends up being, depending on when you start paying attention. And so if you take and you look at, okay, hold on.

Starting point is 00:04:59 For a decade and a half, you have had people who have been worried, is the government going to stamp this out? We have a Bitcoin president. Almost everyone in the cabinet of the White House owns Bitcoin in their financial disclosures. The SEC, the CFTC, the OCC, the boom, bang, bong, bong, boom. Every institution is saying,

Starting point is 00:05:21 we're going to let you do this now. And so guess what happens? Larry Fink, he's the OG of the traditional world playing in this space now. It's only been a year and a half since those ETFs. But that was the shot heard around the world. When BlackRock came out and they said, we're going to do an ETF,

Starting point is 00:05:40 everyone said, well, if Larry says that we're going to do it, I guess we're going to do it. And that completely changed the game. And so from that moment forward, there's before the ETF history of Bitcoin and there is after the ETF history of Bitcoin. Most successful financial product launch

Starting point is 00:06:00 in Wall Street history. it's the most profitable product at blackrock and all these other financial institutions they're all trying to get in the game stable coins they're coming fast and furious bitcoin they're coming fast and furious whether you like tokenization or not like game on that's all gonna happen and so comes back to what you probably got tired of hearing me say back in 2017 2018 you know if you go back and check the tape they're gonna tokenize everything tokenize the world remember that saying oh i remember yeah i told you guys it was gonna have took longer than i thought but here we are they're gonna tokenize all these assets they've now tokenized gold they've

Starting point is 00:06:37 tokenized dollars they're gonna come start tokenized equities now they're gonna keep moving down the line all gonna get tokenized on top of that now that the pandemic has transpired and gone away i for you know for five years i gave myself a five-year time out but now i can officially say it again the virus is spreading the virus is spreading i told you guys that pre 2020 yeah since pre-20 if you were not here around from uh before 2020 just to understand there was only one idea that i had i had a lot of ideas but one that really was described everything it was this is a virus if you have the virus you're a bitcoiner you understand how this works you see the world this way you meant like a mind virus well it's funny enough i didn't know this at the

Starting point is 00:07:23 time. But actually since then, many people who were into Bitcoin before me, it was told me that on some of the early forums and things like that, they actually did refer to Bitcoin as a mind virus. And so it's always this funny thing of like, you're always standing on the shoulders of giants, people who are smarter than me, who saw Bitcoin earlier, who understood it better. Like they actually came up with it. And I didn't even know that. Yeah. Right. But now you fast forward and you say to yourself, if I understand Bitcoin, I'm patient zero, maybe in my group of friends what do i do i tell you then i tell you then i tell you i won't shut up about it and i keep just hammering away and eventually now you're infected and they're infected and they're and then

Starting point is 00:08:00 guess what larry fink got infected the president of the united states got infected you know they're all going to be infected you know the virus is spreading you know who i didn't expect to get the virus and he claims he hasn't but he's got to do it is jamie diamond jamie diamond he's in baby Another positive crypto related headline is that Jamie Dimon said, so JP Morgan just did a deal with Coinbase and he said, it's what the customer wants. It's not what JP Morgan personally wants. First of all, JP Morgan, the bank is not a personal, he's talking, whatever, but that's dumb, but he's doing it.

Starting point is 00:08:38 I think that all of these banks realize you cannot take a personal stance. You cannot take a political stance. We can talk about the pressure they're about to come under all these major banks. They're about to get it's going to be mayhem on Wall Street with the banks. Because whether people want to talk about this or not, it's just it is what it is. it happened. And we can't go back and change what happened, but we can at least acknowledge what happened. And then moving forward, I'll decide that's not good. We have seen in this country multiple times in the last 20, 25 years where the financial institutions have tried to

Starting point is 00:09:25 implement their own personal or their own organizational view of the world onto their customers. They have gone and they have been abrasive. They've made things difficult. They've refused service to people. They have even targeted certain customers based on the companies they work at, the industries that they're in, et cetera. Now, some of them are matters of the bank could get in trouble. So for example, if you go back and you look at something like cannabis, if you remember, there was all these stories that used to come out about the cannabis companies dealt with a lot of cash. They had all of the armed security. They couldn't put the money in the bank. Now the banks are sitting there saying it's still federally illegal. We can't violate federal law. That's a

Starting point is 00:10:09 different story. When it came to crypto, what was happening was not, oh, we are scared of holding the crypto assets because they're really volatile and that brings risk to our business. That's not what was happening because they weren't allowed to hold the crypto assets. What they were doing is that they were actually targeting crypto companies, cash accounts. So now what you're basically doing is you are discriminating against an entire industry. And now it's coming out that they also were doing it based on political beliefs. And so I know I had conversations with many banks where they would ask me more questions or they would go and they would actually ask. There's one bank in particular who actually asked me to move public stocks

Starting point is 00:10:56 out of their bank. They've been really good to me, right? It was kind of an awkward conversation for them. But what's up with that? Public stocks? Then I have friends who actually had their bank account shut down. I have friends who had all kinds of issues in terms of that. You could even argue at the national level, we had at least one bank, at least one, maybe more, where the Regulator stepped in and they killed the bank, even though the bank was solvent, simply because they had a crypto business. So, as usually happens in these situations, they ignore you, they laugh at you, they fight you. They put up a great fight. It was painful.

Starting point is 00:11:40 There are companies who will tell horror stories for the rest of their lives. But we're the last man standing. And now what's happening is what you are seeing is that young people have an inherent distrust of these legacy players. Think about if you're, I don't know, I'll just make up a name, Charles Schwab. You're getting your butt kicked by Robinhood, right? And now all of a sudden, a company like Robinhood or public.com or Webull or Coinbase or Kraken or eToro or Gemini or name one of these businesses, they're rolling out credit cards. They're rolling out cash accounts with stable coins.

Starting point is 00:12:24 They're rolling out high interest savings accounts. They're rolling out this and that and this and that. Wait a minute. I'm starting to think, do I need a legacy bank account? Probably still, yes. 10 years from now, if the traditional guys don't innovate, if they don't change what they're doing,

Starting point is 00:12:44 what do you think an 18-year-old today is going to say? I'm just going to hold my cash in stable coins. I'm going to hold it in Bitcoin. I'm going to have a credit card with my company that gives me crypto and stock exposure. It's a whole new financial system, whole new financial players. And that's what these new challengers,

Starting point is 00:13:04 are betting on. That's crazy to think that somebody could unseat the legacy players of the U.S. financial system. Well, they're not serving their customers. And so this backhanded compliment thing, like, oh, the customers want it, we don't want it. You think that's earning you points? If the customers want it, you serve the customer. Again, sure, maybe. But it kind of comes back to this idea of, on the other hand, the people who are competing are saying, we we understand this. We realize that this is the future. They're talking the talk. They're walking the walk. They're showing people that they understand the assets. Classic innovators dilemma. Classic innovators dilemma. But now everything changed. You know why? Because now

Starting point is 00:13:49 the older people, the people with a lot of assets, they say, hey, wait a second. Hold on. Hold on. These kids are making money. I want to make money. I'm 68 years old. I got 25, 50, 100, 500 million dollars in your bank that kid's kicking my ass his portfolio is exploding i'm earning three percent on a bond what are we doing here help me get access to the stuff or i'm gonna have to go somewhere that will yeah and so it's no longer just a young person's game you now have people and i used to say all the time like oh the boomers don't get it it's all young people whatever and the comments will be filled with people i'm a boomer i got bitcoin i got this i understand this but whatever so my apologies yeah my apologies the people are right this is an idea

Starting point is 00:14:38 has nothing to do with age right sure are young people a little bit more open to trying new things they don't have a bank account yet you know or or they don't have a brokerage account so when they first get one they might be open to a tech forward one all that yeah sure but this is an idea if you got a brain you can evaluate it and if you can evaluate it and you're intelligent you're going to end up on the side of i need to adopt this i need to hold some of this and so that's where this was all going is these financial institutions are realizing it is as clear as day. If we don't embrace it, we have risk of being disrupted. And now you have companies, right? Because if you're a big financial institution, well, we don't need all those little people, those little retail

Starting point is 00:15:15 people. Who cares about them? We got the big businesses. Well, now the businesses are putting Bitcoin on their balance sheet. Now they're using stable coins. They're forcing the hand of the financial institutions or they will go elsewhere. And so I think that what used to be this game of like us versus them is now becoming a game where everyone realizes the opportunity and everyone's racing towards it. And so it's no longer us versus them in the sense of like, there's going to be mass disruption. Instead, what you're going to see is all the big banks. Jamie Dimon says they're going to do it. The Bank of America CEO says they're going to do it. All of the CEOs are saying when we get the right approvals or once we make the decisions internally like we're in

Starting point is 00:15:56 and can you just tell us really quickly what the jp morgan uh coinbase partnership is so this one is basically jp morgan clients are going to be able to transfer money more easily credit card points all that kind of stuff over to coinbase buy crypto assets on the coinbase and then vice versa is that you can go the other way now one of the big deal for coinbase don't you think it's a big deal for jp morgan yeah i mean the friggin largest most trusted crypto uh exchange brand in america they could have done it with bank of america they could have done with all these things right there's a heck of a lot of traditional banks there's only one coinbase so you look at it from that perspective is actually coinbase is way more uh kind of unique than any one bank now

Starting point is 00:16:46 Now, obviously, if you go back and you take a look at, the reverse is also true. People will be able to take their assets from the digital world and go over. I think that Coinbase is now reaching a point where it may be too large to be acquired. I think the market cap now is probably, I don't know, $100 billion, maybe $75 billion, whatever the number is, is big. And so when you look at it from that perspective, you say to yourself, Yeah, I think as a public company, this is no longer, oh, we could go consolidate these. And so what happens when Robinhood buys a traditional player?

Starting point is 00:17:25 What happens when Coinbase buys a traditional bank? Is that a future that we're headed towards? Everyone's talking about the banks will buy. Well, I don't know. Maybe it's the other way around. We're going to find out. So speaking of Coinbase, their earnings were announced in their massive, Coinbase posted at $1.5 billion in revenue in Q2 and $1.4 billion in net income. Coinbase also followed the trend of increasing their Bitcoin treasury. Brian Armstrong, the CEO, tweeted, Coinbase's long Bitcoin holdings increased by 2,509 BTC in Q2 and we keep buying more. I think that's the most important part.

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Starting point is 00:19:29 implementations like ASIC banking. Given these characteristics, it's easy to understand why Polkadot is gaining more and more traction in the cryptocurrency world. Some people even are talking about it as the AWS of Web3. Now, companies such as Mythical Games, Astro Network and over 50 other independent blockchains with hundreds of applications already leverage Polkadot's technology to power their platforms. If you're looking for a reliable, scalable and cutting edge solution polka dot seems to be the top choice for industry players go check them out today at polka dot.com is now you have a company that look they no matter how many people slice it right people like coinbase don't like coinbase think this is what they're probably one of the most

Starting point is 00:20:10 important companies to onboarding people to buying bitcoin in the history of bitcoin right they launched i think 2012 or 2013 i think they started a company in 2012 and people started using 2013 um when you go and you you look at it you say look that they were incredibly important to it. Now, did they expand past Bitcoin? Yeah. And some people don't like that in the hardcore Bitcoin community. That's fine. You don't have to like everything the company does. But they were incredibly important to onboarding people to Bitcoin. Now, they've been holding some Bitcoin on their balance sheet, but now they're starting to increase it. And I think that what you're seeing is you are going to see more and more public companies start to buy Bitcoin.

Starting point is 00:20:43 Now, the question that I have, the question that a lot of people in traditional financial system don't want to talk about, why are we not putting more pressure on these companies that are holding so much cash and treasuries. What are you doing? You're destroying shareholder value. It's crazy. Berkshire Hathaway, listen, let's have a little conversation. Okay, let's-

Starting point is 00:21:07 Come close. We know, we know. Listen, no, no, no, listen. Warren Buffett is one of the best investors of our lifetime. Point blank period, give the man a trophy, go put him in the retirement home. Because guess what happened? When he retired in May, Berkshire stock down 15%, 1.5% down.

Starting point is 00:21:24 Thank you, Phil Rosen, at opening bell for that data point. The S&P, 500 largest companies, had outperformed Berkshire by 26% since Buffett has left. Okay. So the S&P is going up, Berkshire is going down. Guess what's been happening at the same time that's been going on? Berkshire continues to hold cash. 30 percent, three zero, 30 percent of Berkshire balance sheet or I'm sorry, a value is sitting in cash.

Starting point is 00:21:53 30 percent of Berkshire's value is sitting in cash. What are you doing? What are you guys doing? Are you saying that you're not smart enough to find places to put that cash? That's basically what they're doing. So here's my theory as to why Warren Buffett gave us the peace sign. and retired. Game's up. Game is up. He's had nowhere to put the money. He has too much cash. What is he going to do with it? If he continues for another three to four years

Starting point is 00:22:29 as running Berkshire, I believe his reputation will start to be tarnished because what's going to happen is that there's a massive destruction of value to Berkshire shareholders because they operate from a world that does not exist anymore. It doesn't exist. We live in a world where they are going to debase the currency.

Starting point is 00:22:53 You cannot hold cash for long periods of time, especially a lot of cash. And so if you continue to think that you are going to take that cash and you are simply going to buy companies that are productive, you're getting your butt kicked by gold gold has outperformed the stock market the last 25 years bitcoin destroyed it the game is changing because we now have human intervention into the market

Starting point is 00:23:22 where they're going to debase the currency at a accelerated rate and therefore will buying things for less than their worth always be a good idea of course that core concept's not going anywhere if bitcoin's worth 100 grand and it's trading for 90 buying it would be a good idea But the problem is that when they are trying to buy these things, they're looking at historical valuation data. And so they say, oh, historically, there was, I'll just make up, in X industry, there's a 5X EBITDA multiple. Right now, it's trading at nine times EBITDA.

Starting point is 00:23:58 We can't buy it because it's overvalued. Okay. We're going to wait until it trades at three times EBITDA. Okay. Probably never happens. Why do I say that? Not because there's not going to be market corrections and all that stuff in the future, but because we are now living in a world where as soon as those market corrections happen, the central bank will step in. The politicians will step in. Bear markets have

Starting point is 00:24:26 been outlawed. Interesting. Prolonged bear markets are definitely not coming back. That's so interesting. And so what used to be, I'm going to wait for this big crash, like 2008, 2009. And when that happens, for six months, gold went down like 50%. Stocks went down. All this stuff was cratering. You got time.

Starting point is 00:24:48 Because part of the value investor entire strategy is to buy distressed assets. Right. Nothing is distressed anymore. There's plenty of distressed investing. It's just not in the same pockets that they're used to. And they're definitely way less opportunities at the scale that they need. And so I actually think what Berkshire should do is Berkshire, with the transition of Buffett out, should say, we understand that this change has happened. And I actually do think that they recognize it. It's just that if they change their strategy, a lot of their current shareholders will throw a fit.

Starting point is 00:25:32 And what they should say is, we now are going to expand our investment strategy to include non-productive assets that will specifically benefit from the debasement of the currency. Now, do you know why I know that they know this is happening? Because Buffett's talked about it. Buffett has talked about the debasement of the currency.

Starting point is 00:25:48 He's talked about the national debt. He's the one who came up with the idea that if we don't have a balanced budget, politicians aren't up for reelection. He knows this is an issue, right? He knows the trade deficits are issues. He's talked about that. Like, he's not a dummy.

Starting point is 00:26:03 He's actually incredibly intelligent. He understands how the system works. But the game is changing now. And when the game changes, a lot of people will say, oh, this time is different. It's the worst four words, blah, blah, blah, all that stuff. I agree.

Starting point is 00:26:15 Except for the Federal Reserve, the Treasury, the White House, and all these politicians, they learned a new playbook. And that new playbook is when you see danger, cut rates and print money. And they're perfect at it now. And it's happening all over the world. I saw a data point recently in 2022, three years ago, one third of all provinces in China, one third, one out of every three, were spending 100% or more of their provincial revenue to service their debt. So think of a province, just think of it like a state in America.

Starting point is 00:27:01 Be like New York State saying, we spend 100, 125, 150% of all revenue we collect every year just to pay the interest on our debt. well, guess what you do? You got to borrow more money. So when you borrow more money, it accelerates that. That was in 2022 was one third. I don't know what the number is now, but it's got to be higher. And so this is a global phenomenon. And so I've never talked about this publicly, but I'm going to tell you probably one of the most important realizations that I've had over the last six months or so. Every great investor has one idea that they understand deeply throughout their career.

Starting point is 00:27:47 And that they double down on. And then what they do is they go find as many different ways to express that idea in the market as possible. So we're just talking about Buffett. Buffett's entire career was predicated on one simple idea. You can buy things for less than they're worth. And then he went and found hundreds of ways to do that.

Starting point is 00:28:12 He found public companies, he found private companies, he took minority stakes, he took majority stakes, he did it off of dividends, he did all this stuff. Buying something for less than it's worth, the value investor, that was Buffett's one idea, and he killed it, killed it. He made an absolute killing on that one idea. I believe the one idea that I've been allocated, that I think this entire generation has been able to be allocated, is that they are never going to stop printing money. If they are never going to stop printing money, your job is to find as many ways to express that one idea in investment opportunities. gold, Bitcoin, real estate, certain companies, like however you want to express it.

Starting point is 00:29:09 My chosen method of expressing it originally was Bitcoin. I think there's many others that people will consider over time. You could argue that Bitcoin, Bitcoin treasury companies, Bitcoin ETF, all this stuff. The one idea is that they are never going to stop printing money. That is our generation's simple conclusion. The people who understand it are going to do amazing. the people who don't are going to suffer. They're going to fall behind. If you look at the S&P 500 priced in dollars, it is up about 100%, I think, since 2020. Pretty good. If you price that same S&P 500 in Bitcoin, it is down 85% since 2020. If you simply were to denominate the S&P 500 in a hard currency rather than a debasing fiat currency, you went from up significantly

Starting point is 00:30:02 to down significantly. That's the intelligence test. What are you going to do, kid? You're going to play the old game or are you going to play the new game? And plenty of people will hear me say this and they'll yell and scream. And they're going to say how stupid it is, how young people don't understand. They've seen all these cycles, all this stuff. Bitcoiners have seen more market crashes than actually the stock investors have. You can measure experience in years or you can measure experiences in bull and bear markets. Earlier this year, stocks went down 20%. Bitcoin went down 30 plus percent. Bitcoin in our bull markets goes down 30%, three, four, five, six times. So what you're seeing is you're seeing a bifurcation. There are investors who bet

Starting point is 00:30:59 on the world never changing, the Buffetts of the world. And there are investors who bet on the world changing. And what we are finding is that the investors who've been betting on the world changing are doing way better than the investors who are betting on the world not changing. Because what ends up happening is we go through these starts and stops in the economy. And right now we are in an economic expansion. We are in an age of innovation. And what we are seeing is an assault on every single business with new technology. So the internet was the last time we saw something like this. And Buffett and value investors were historically very slow to adopt these technology stocks because they were betting on the world not changing. Eventually, they

Starting point is 00:31:46 realized the world is changing. Artificial intelligence, Bitcoin, they are agnostic to what industry you operate in. They don't care if you're a restaurant, a grocery store, if you're some sort of tech company, if you're an accounting firm, a legal firm, it doesn't matter. Everyone can use these technologies. So what you have is you have widespread change in the economy. Naturally, the investors betting on change are going to do better than the investors betting not on change. And if an investor has bought into a company that is going to resist change, they're going to get their ass kicked. They're going to lose market share. And you're starting to see this in certain industries. And so if you look at the S&P 500, 10 companies are drastically

Starting point is 00:32:28 outperforming. There's a guy, Mike Zaccardi. He recently showed that the 10 largest companies in the S&P 500 are responsible for pretty much all of the earnings per share growth over the last two years. 10 companies. Which ones do you think are actually embracing the new technology? Which ones are funding the development of the data centers? Which are the ones that are developing artificial intelligence? Which are the ones that are leaning into innovation? And so you can want to be right or you can want to make money. But if you do not update your worldview to understand that this innovation, this acceleration of technology progress is happening, you're going to be left behind. And so sure, you can go and you can celebrate all this stuff about

Starting point is 00:33:08 these legacy businesses that are not embracing new technology. Good luck. See how long it takes for you to catch up to the companies that are growing. And so I just think that we are in a moment where the buffets of the world, the value investors, their core idea, buy things for less than they're worth, 100% I agree with. I think that's an excellent idea. But what is actually cheap? They're using historical valuations in a world where either fiat currency was not being debased or was not being debased at the rate that it's being debased now. And so they're sitting around waiting for the big crash. And instead, what we're seeing is the government will do anything necessary, including destroy their currency in order to avoid the big crash.

Starting point is 00:34:02 And so that's going to be the tail of the tape for the next 20 years. And I think young people are better positioned to understand this because they grew up in somewhat of this age of innovation to actually see what was happening with this technology. That was great. And my last point on the summer of crypto is that the CFTC will launch an initiative for trading spot crypto asset contracts. And you said in a tweet,

Starting point is 00:34:27 in a decade, we went from critics claiming Bitcoin would be banned by the government to many people realizing Bitcoin is going to save the legacy financial system. If you can't beat it, you have to buy it. That's true. Think about it. How many of these firms are now embracing Bitcoin because actually they realize that's

Starting point is 00:34:44 where the growth is, that's where new customers, new assets, new revenue come from, right? You think that Bitcoin is not going to be adopted at the sovereign nation state level? Everyone's talking about the strategic Bitcoin reserve. Yeah, they're going to buy more Bitcoin, of course. You don't think Bitbonds are ever going to get issued by the government? Come on. I don't know when it's going to happen, but it's going to happen, right? You don't think that Bitcoin is going to start infiltrating balance sheets of companies that

Starting point is 00:35:06 are not just Bitcoin treasury companies? Of course it is. You can't sit there and ignore our generation gets one idea or one idea is that they're never going to stop printing money. If you don't accept the idea, you're going to be at a disadvantage. And so what you're going to start seeing is what they call it circle of life. That's Lion King thing, right? Circle of life. what happens in uh lion king one what do you mean pops dies young simba assumes the throne remember lion king two i got kids i watched it uh our daughter simba oh old man young pup assumes the throne so guess what's gonna happen in these companies oh boy the old old lions, lionesses, they're going to be gone. They're going to retire. They're going to move out of their seats.

Starting point is 00:36:07 Yeah. Young people are going to take over. Have you seen the new Red Lobster CEO? No. He's like 32, I think. Oh, really? Killing it. He put himself in the commercials.

Starting point is 00:36:20 He put himself in the commercials. And you know what? I watched it. I said, I haven't seen a Red Lobster commercial that I remembered in years. This dude's killing it. Immediately, think about that. What regular corporate executive would be like,

Starting point is 00:36:36 let's do a campaign and I'll be in the commercial. Somebody who's 32 years old who understands how the internet works and understands how social media works and realizes that the CEO's in the ad, that the ad's not only going to play on TV, but it's also going to get a bunch of people talking online and that he's going to be the best advocate for the brand.

Starting point is 00:36:53 so your point is that the guard is changing this generation is coming in with all of its ideas of digital and the internet and bitcoin and i'm saying mufasa is moving off to the side and simba is taking the throne mufasa yes his dad's name right yeah come on all right that's it for today appreciate it Thank you.

The Pomp Podcast - #1584 Polina & Anthony Pompliano | Why Bitcoin Is Going To $1 MILLION

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