The Pomp Podcast - #885 Oil and Gas Will Usher In The Bitcoin Standard

Starting point is 00:00:00 what's up everyone this is anthony pompliano most of you know me as pomp you're listening to the pomp podcast simply the best podcast out there now let's kick this thing off today's episode is all about the recent developments in the oil and gas industry related to bitcoin including the exxon mobile developments and the russian energy industry i really enjoyed creating this episode and i hope that you enjoy it as well before we get into it though i want to first tell you about our sponsors. Today's episode is brought to you by Coinbase Wallet, your key to the world of crypto. Crypto isn't made to just buy, sell, and hold. With Coinbase Wallet, you can do so much more. Collect more NFTs, earn more with DeFi, and trade more than

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Starting point is 00:02:51 you can buy Arculus on Amazon today at amazon.com slash Arculus. All right, let's get in this episode. I hope you guys enjoyed this one. 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 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. Good morning, everyone. Bang, bang. The Bitcoin community has been fascinated with the oil and gas industry for years. Some of the interest was driven by Bitcoin miners providing one of the most

Starting point is 00:03:30 profitable monetization opportunities for energy producers. But another aspect was the long-term belief that various countries could eventually sell their oil and natural gas denominated in Bitcoin. These ideas seemed like outrageous, delusional dreams to Bitcoin critics. We got a fairly decisive answer to the debate yesterday, though. There were two separate milestones that are worth mentioning. First, ExxonMobil, the largest U.S. oil producer, has confirmed that they are mining Bitcoin with excess natural gas to mine Bitcoin. Without getting into too much detail, the company is taking natural gas that normally would be flared at the North Dakota facilities and diverting it to their partner, Caruso Energy, to mine the digital currency.

Starting point is 00:04:10 The reports that surfaced in the last 24 hours explain that these Exxon pilots started in January of 2021, they expanded in the summer of last year, and the oil producer is now evaluating plans to bring Bitcoin mining to their international operations. This news follows the revelation last month that ConocoPhillips was conducting a similar project to monetize their excess natural gas. My read on this situation is that we have officially crossed over to a new world. Every oil and gas company is going to pursue Bitcoin mining as a revenue stream. The economic incentive is too strong, especially since these companies can turn a previous waste stream into a profit center. Additionally, politicians and regulators will have a hard time attacking Bitcoin and or oil and gas companies for this initiative,

Starting point is 00:04:55 because it is clear that the diversion of excess natural gas from flaring to mining is preventing environmental damage. History is going to be kind to the Bitcoin community who saw this milestone as an inevitability. This was not the only development yesterday, though. According to Mackenzie Sigalos of CNBC, Russia is considering accepting Bitcoin as payment for the oil and natural gas.

Starting point is 00:05:17 Here's an excerpt from Sigalos' coverage. Quote, the chair of Russia's Duma Committee on Energy said in translated remarks that when it comes to friendly countries such as China or Turkey, Russia is willing to be more flexible with payment options. Chair Pavel Zavolanyi said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as

Starting point is 00:05:40 alternative ways to pay for Russia's energy exports. That person said, quote, we have been proposing to China for a long time to switch the settlement to national currencies for rubles and yuan, Zalvani said in translated comments. With Turkey, it will be lira and rubles. He didn't stop with traditional currencies. He also said, you can also trade Bitcoins. This is not the first time that countries have floated the idea of Bitcoin-denominated bilateral trade, but it is definitely the first time that a major player has suggested it. There is a high degree of complexity with Russia's current financial system, given the sanctions that have been levied by the United States and NATO allies over the last few weeks. No one knows how the future will play out, but in my

Starting point is 00:06:19 opinion, it is unlikely that Russia will transition their economy to the Bitcoin standard anytime soon. The higher probability outcome is that they will settle some transactions in Bitcoin, either as a way to antagonize the United States or to successfully complete trade without feeling the pain of economic sanctions. Regardless of how and why Russia starts using Bitcoin, the genie is out of the bottle. It was easy for the United States and other superpowers

Starting point is 00:06:44 to ignore El Salvador's foray into the digital currency. The Central American country only has 6.5 million citizens and the GDP is small in comparison. Russia is a different game. They have nuclear weapons. They produce a lot of oil, natural gas, fertilizer, and other commodities. The geopolitical game theory is underway. The United States and our allies can't stop Russia from using Bitcoin,

Starting point is 00:07:07 nor can we shut down the network. Our best strategy is to compete rather than complain. The United States must get in the game immediately. Our largest oil producer is now mining Bitcoin. That is not enough, though. The United States must immediately start mining Bitcoin, acquiring Bitcoin, and ensuring that if anyone benefits from the Bitcoin network, the United States benefits the most.

Starting point is 00:07:30 Bitcoin is a neutral technology. It doesn't react to politics. The network simply executes software code and produces block after block of transactions. The country that becomes the leader in this new world will benefit greatly, just as the United States benefited from being the leader in the internet age. The Bitcoin age is upon us. We must act.

Starting point is 00:07:49 Our future prosperity likely depends on it. Thanks so much for listening to today's episode. I really hope you guys enjoyed this one. Make sure you're subscribed on Apple, Spotify, or your favorite podcast player. And if you're looking to try to transition to get a new job in the Bitcoin or crypto industry, we've got you covered.

Starting point is 00:08:05 Head over to palmscryptocourse.com. We've developed a curriculum with the top teams across the industry. It's a three-week intensive training program with over 50 events packed into that three-week time period. Go to palmscryptocourse.com to learn more and I'll meet you guys for the next episode. Thank you.

The Pomp Podcast - #885 Oil and Gas Will Usher In The Bitcoin Standard

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