<h2>Today’s Letter Is Brought To You By <a href="http://bitcoinira.com/pomp">BitcoinIRA</a>!</h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="http://bitcoinira.com/pomp" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="345.5" src="https://substackcdn.com/image/fetch/$s_!fKYn!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85a40030-8f03-4329-aaa0-6f140c2ba059_1200x600.gif" width="691" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>Smart Investors are Trading Bitcoin Tax-Free<a class="footnote-anchor" href="#footnote-1" id="footnote-anchor-1" target="_self">1</a></strong></p><p>While most retirement accounts limit what you’re allowed to invest in, smart investors like Peter Thiel and Warren Buffet have used self-directed IRAs to accumulate millions of dollars in tax-free retirement accounts.</p><p>For years, you needed to pay for expert help to access these tools, but <a href="http://bitcoinira.com/pomp">BitcoinIRA</a> makes it easy to boost retirement savings by investing in crypto through a tax-advantaged IRA.</p><p>Since 2016, they’ve been a leader in the space, offering the best in service and security including military-grade cold storage and up to $250M<a class="footnote-anchor" href="#footnote-2" id="footnote-anchor-2" target="_self">2</a> in custody insurance.</p><p>With BitcoinIRA, investors can <a href="http://bitcoinira.com/pomp">save up to 37% on capital gains taxes</a> and get expert help from IRA specialists. Trusted by 200K+ Americans, it’s designed to make crypto retirement investing simple and secure, and it only takes a few minutes to sign up.</p><p>And Pomp readers can win up to $4,000 of rewards<a class="footnote-anchor" href="#footnote-3" id="footnote-anchor-3" target="_self">3</a>.</p><p class="button-wrapper"><a class="button primary" href="http://bitcoinira.com/pomp"><span>Get Started Today!</span></a></p><div><hr /></div><p>To investors,</p><p>The market is preparing for a ridiculous melt-up in asset prices. At least that is what history tells us is likely to happen over the next year. </p><p><a href="https://x.com/RyanDetrick/status/2063830902782701591?s=20">Carson Group’s Ryan Detrick writes</a> <em>“The S&P 500 recently was up more than 19% in two months. You ready for this one? That has only happened seven other times and stocks were never lower 1 month, 3 months, 6 months, or a year later. In fact, up more than 40% on average a year later. My oh my.”</em></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!vPWd!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5b09c3d9-3b67-4880-b935-788d18f7a17d_975x601.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="Image" class="sizing-normal" height="601" src="https://substackcdn.com/image/fetch/$s_!vPWd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5b09c3d9-3b67-4880-b935-788d18f7a17d_975x601.png" title="Image" width="975" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>This type of return would have been unfathomable just a few weeks ago when everyone was freaking out over the Iran war, but things can change rapidly in a digitally-connected world where capital and information move at the speed of light.</p><p>For example, <a href="https://x.com/WayneWhaley1136/status/2063737516021194828?s=20">only 34 times in history</a> has the S&P 500 has gone down 2% in a single day following a 10%+ move over the preceding 13 weeks. Over the next 12 months, the stock market was higher 29 of the 34 times and the average return over the next year was 17%. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!0SlU!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdefd9afc-fba9-44de-b8f5-6e996f206041_689x773.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="Image" class="sizing-normal" height="773" src="https://substackcdn.com/image/fetch/$s_!0SlU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdefd9afc-fba9-44de-b8f5-6e996f206041_689x773.png" title="Image" width="689" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>An easy way to see the ramifications of this volatility is through the misunderstanding of stock market returns. You will hear people constantly quote the S&P 500’s average return around 8%, but the truth is the index has done significantly better than that. </p><p><a href="https://x.com/PeterMallouk/status/2062157854946292140?s=20">Creative Planning’s Peter Mallouk highlights</a> “the S&P 500 has returned an average of 12% per year since 1980 and has done so despite an average intra-year drawdown of 14%, and often drawdowns that are much worse.”</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!arQw!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaac17b3-3f77-4e92-b1da-6f539933421d_984x715.jpeg" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="Image" class="sizing-normal" height="715" src="https://substackcdn.com/image/fetch/$s_!arQw!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaac17b3-3f77-4e92-b1da-6f539933421d_984x715.jpeg" title="Image" width="984" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>There are various reasons for the outperformance, including persistently higher inflation, rapid innovation in the economy, and a larger number of investors with access to the stock market. Regardless of the root cause, there is incredible wealth being created by public equities and history is telling us to prepare for even better returns over the next 12 months.</p><p>Momentum is not the only thing telling us a melt-up is coming. <a href="https://x.com/charliebilello/status/2063670313905217916?s=20">Charlie Bilello shows</a> “S&P 500 earnings are now expected to increase by 25% this year.” He says “we’ve never seen earnings growth this high outside of post-recessionary rebounds. An unprecedented boom fueled by massive EPS gains in big tech.”</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!_HF2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50088684-95fa-4c4b-8cc2-29a4e4eda5d0_840x434.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="Image" class="sizing-normal" height="434" src="https://substackcdn.com/image/fetch/$s_!_HF2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50088684-95fa-4c4b-8cc2-29a4e4eda5d0_840x434.png" title="Image" width="840" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>We are seeing signs of a market melt-up outside of public equities as well. For example, Benjamin Cowen shows the bitcoin market has just hit an important bear market milestone where the supply of bitcoin held at a loss has become a larger percent of the market than the supply of bitcoin held at a profit.</p><p><a href="https://x.com/benjamincowen/status/2063911660897665155?s=20">He writes</a> “you start looking for major market cycle bottoms *after* they cross, not before.”</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!EdyJ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F489c92a5-335d-47a7-9444-44110dbdd396_1200x487.jpeg" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="Image" class="sizing-normal" height="487" src="https://substackcdn.com/image/fetch/$s_!EdyJ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F489c92a5-335d-47a7-9444-44110dbdd396_1200x487.jpeg" title="Image" width="1200" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>If this signal holds the historical accuracy, it would show the most pure macro asset (bitcoin) is near a bear market bottom, which would likely produce significant returns over the next 12-24 months. </p><p>Whenever I see multiple markets lining up for potential explosive returns, I start to pay attention. Add in the backdrop of Kevin Warsh stepping in as the new Federal Reserve Chairman with the explicit focus on lowering interest rates and you have all the ingredients you need for the market to melt up. </p><p>The bears will disagree, which is fine. That is how markets are made. But stocks are going higher because AI is real and the dollar is fake. There really is no other way to put it.</p><p>I hope you all have a great start to your week. I will talk to everyone next time.</p><p><em><strong>- Anthony J. Pompliano</strong></em></p><p><em><strong>Founder & CEO, ProCap Financial (Nasdaq: BRR)</strong></em></p><p>P.S. Go Knicks! :) </p><div><hr /></div><h2><a href="https://youtu.be/5TTtJBwmmnM">Why Is Bitcoin CRASHING?!</a></h2><div class="youtube-wrap" id="youtube2-5TTtJBwmmnM"><div class="youtube-inner"></div></div><p><a href="https://x.com/jvisserlabs">Jordi Visser</a> is a veteran macro investor with 30+ years of experience and the author of the <a href="https://visserlabs.substack.com/">VisserLabs Substack</a>. </p><p><a href="https://youtu.be/5TTtJBwmmnM">In this conversation</a>, we discuss why bitcoin is down 50% and whether the bear market is over, why he's still buying through the dip, how AI agents will drive bitcoin adoption, and why the rotation from AI hardware to human software is the biggest investment opportunity right now.</p><div><hr /></div><h2><strong>Podcast Sponsors</strong></h2><ol><li><p><a href="https://figuremarkets.co/pomp">Figure</a> – True DeFi <a href="https://figuremarkets.co/pomp">Democratized Prime</a> to earn ~9% APY! 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We recommend you consult your tax, legal or investment advisor.</p></div></div><div class="footnote"><a class="footnote-number" contenteditable="false" href="#footnote-anchor-2" id="footnote-2" target="_self">2</a><div class="footnote-content"><p>Security, storage, wallet providers, and insurance may vary based on asset chosen and custody solution available.</p></div></div><div class="footnote"><a class="footnote-number" contenteditable="false" href="#footnote-anchor-3" id="footnote-3" target="_self">3</a><div class="footnote-content"><p>Visit https://bitcoinira.com/disclosures for more details.</p><p></p></div></div>