AI & Technology - The AI sector faces a supply-demand imbalance, with demand significantly exceeding available supply [1][2] - AI models are continuously improving, indicating that the sector is not currently experiencing a bubble [2] - AI infrastructure spending is estimated at $7 trillion over a compressed 7-year period [3] - The democratization of intelligence through AI is expected to empower entrepreneurs and potentially disrupt public companies [3] - Humanoid robots are gaining traction, with potential for significant advancements and market impact, possibly comparable to the introduction of the iPhone [13][14][15] Market & Economic Conditions - The market may experience a correction before the end of the year, suggesting a need for caution among traders [4] - The bottom end of the economy is still suffering, with concerns around auto loans and student loan delinquencies [4] - There are concerns about the potential for a K-shaped economic recovery, where some sectors and individuals benefit while others lag behind [3][4] - The debasement trade, involving investments in Bitcoin and gold, is gaining acceptance as a hedge against inflation and currency devaluation [10][12] Financial Risks & Opportunities - Private credit markets are showing signs of stress, with potential risks highlighted by recent bankruptcies and investigations [8] - Factor performance is showing signs of stress, with shorted stocks outperforming quality stocks, potentially leading to increased market volatility [9] - A potential grand bargain between China and the US could positively impact the market, while failure to reach an agreement could be viewed negatively [15]

Gold may actually be like8 to $10,000 an ounce if Bitcoin didn't exist. What do you think. All rows lead to Bitcoin, right.In my opinion. That's why people also have said, you know, within the cryptovc industry like all coins have been, you know, on the margin great because at some level those who find success in all coins eventually allocate some portion back to Bitcoin regardless. Wealth creation leads to Bitcoin as part of the denominator.And so in some sense, gold is also an altcoin in my opinion becaus ...

What's going on, guys. Today we got a great episode with John Pompiano. In this conversation, we talk about what's going on with Bitcoin, why is it going higher, how Ken Griffin and Paul Tudtor Jones are so bullish, how you should be able to sleep through a storm and make sure that you're prepared for any sort of market downturn, but still be able to enjoy the bull market, and why I think asset prices are going higher, and how the government is never, ever, ever going to stop printing money.Here's my latest ...

Market Trends & Investment Opportunities - Gold is up approximately 50% this year, while Bitcoin is up about 33%, but historically Bitcoin Q4 returns average 60% [1][13] - Since 2020, the S&P is up 100%, but priced in Bitcoin, it is down 90%, indicating Bitcoin's potential as a hurdle rate for investment returns [8] - Bitcoin is increasingly being held in illiquid supply, suggesting long-term holding strategies among investors [10][11] - The market is evolving towards a digital financial ecosystem where Bitcoin serves as a savings account, stablecoins as a checking account, and other assets for brokerage accounts [23] Bitcoin's Value Proposition - Bitcoin's simple narrative of being a hedge against currency debasement is attractive to investors [6][7] - Bitcoin is backed by computing power, which is considered the most valuable commodity in the world [22] - Central banks and institutions are increasingly considering holding Bitcoin as part of their treasury reserves [15] Company Strategies - Some companies are adopting Bitcoin as a treasury reserve asset and building products/services to acquire more Bitcoin [18][19] - Companies aim to build financial institutions that focus on accumulating Bitcoin rather than dollars on their balance sheets [20]

How do you view kind of Bitcoin's rise given the backdrop of this kind of undisiplined central bank and and kind of a very heavy-handed uh intervention into the financial market? Well, a two-word answer would be the solution. Um I don't know if this can be seen on the camera. We could see it. This is a 10 trillion10 trillion note. I am fearful that we will see the erosion of nest eggs and of purchasing power. Okay. Bitcoin is a protection from the ultimate erosion we're going to have to see. What's going on ...

So I think with Bitcoin we're kind of reaching that moment where people are starting to accept it and this is one of the the benefits of it sitting around the same level for a long period of time is at some point during the next breakout if again the MAG 7 aren't working well Bitcoin has been an additive part and for people that think this has been a disappointing year for Bitcoin it's been disappointing relative to my expectations still double the S&P performance for the year >> and the year's not over >> ...

The thing that is really interesting then is hey what if we then actually do find a way to um find liquidity a funding based liquidity on the trillion dollars of gold and buy bitcoin and a trillion dollars of bitcoin is actually hugely impactful for the bitcoin market and so if there's a way to unlock the ability to build leverage on the paper gains of gold to take a call option on bitcoin there's something incredible here that could happen and the math It's pretty simple. What's going on, guys? Today we go ...

National Security & Cryptography - Zero-knowledge proofs are fundamental for secure information sharing, especially for satellites and secure networks, to prevent adversarial operations like network interference or false information injection [2] - The intelligence apparatus uses technologies like stablecoins and Bitcoin as tools, while also working to disrupt adversaries' use of the same tools [1][2] - Cryptography and automation can improve KYC processes, ensuring user information is protected even if a product is hacked [2] - Verifying cryptographic proofs on national identities is foundational for national security, linking digital finance innovations to real people and countries under actual laws [2] Technology & Scalability - ZK proofs are becoming increasingly sophisticated and performant, requiring specialized systems and networks to handle the value chain [3] - The industry is shifting from 80% R&D and 20% application to 20% R&D and 80% application, focusing on getting products into the market [3] - Ziki Verify is designed for verifying cryptographic proofs at scale, aiming to be the world's best in speed and magnitude [3] - The company is processing approximately 135 million proofs per year and anticipates scaling to billions, requiring further advancements in dedicated infrastructure [6] Cost & Efficiency - Specialization and offloading computation from expensive networks like Ethereum can lead to significant cost reductions, potentially making certain types of proofs virtually costless [6] - The company advertises a 90% cost reduction relative to Ethereum for certain types of proofs [6] Applications & Future Trends - There's a growing need for private execution environments for AI, where algorithms can train on private data without public exposure, using cryptography to verify the data's authenticity [3][4] - Digital identity for machines is emerging as a significant category, ensuring authorized machines interact correctly and don't go off the rails [4] - The vision is to support trillions of cryptographic transactions due to the proliferation of intelligent devices, machines, and humans engaging in the digital world [5]

Solana & Treasury Companies - Solana 被认为是世界上性能最高的区块链，有望在全球范围内结算证券市场、商品、外汇、衍生品等 [6] - Ford Industries 完成了 16.5 亿美元的融资，旨在创建一个专注于 Solana 的最大 Treasury 公司 [3][4] - Altcoin Treasury 公司有可能变得比现在更大，它们通过固定收益和股票账户吸引资金进入加密货币领域 [25][26] - Ford Industries 将通过 staking Solana 获得约 7-8% 的收益，并积极寻求其他方式来增加股东价值，例如代币化股票 [20][14] Market Trends & Future Outlook - 市场正在从叙事驱动转向实用性驱动，稳定币将在区块链上运行，从银行存款中转移资金 [43][44] - 稳定币和代币化的私人信贷将取代银行，成为信贷创造的来源 [45] - 美国证券市场有望转移到链上，类似于 1996 年的电信法案为互联网发展奠定基础 [73][74] - 随着稳定币获得联邦政府的认可，预计 Apple 和 Google 将在其操作系统中添加对稳定币的原生支持 [75][76] Community & Ecosystem - 社区建设是关键，类似于 MicroStrategy 通过社区创造价值 [40][41] - Ford Industries 与 Solana 基金会建立了共生关系，旨在与美国资本市场和监管机构合作，进一步提升 Solana 的利益 [48] - 娱乐金融正在兴起，通过直播创建代币并与粉丝互动，Solana 非常适合这些用例 [88][91]

Mike Cagney is the Founder and Executive Chairman of Figure. (https://www.figuremarkets.co/fm) In this conversation we discuss taking Figure public, how block-chain native securities unlock new markets, the rise of DeFi, bitcoin backed loans, and how Figure is modernizing financial infrastructure. 🖥️ From The Desk of Anthony Pompliano Check out my NEW show for daily bite-sized breakdowns of the biggest stories in finance, technology, and politics: http://pompdesk.com/ 🔊 Audio Podcast Listen to The Pomp Podc ...