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Bitcoin ETF Options Could Send Bitcoin Much Higher
Today’s letter is brought to you by The Art of Reading!The most successful people I know spend a lot of time reading, yet few realize it’s a skill that can be honed, making it a competitive edge in an age of shrinking attention spans. My friend Alex & Books, who reads 2+ books a week and has 1,000,000+ followers on social media, created a course to share tips on efficient reading. The Art of Reading teaches you, in less than 2 hours, how to: Develop a consistent reading habit that allows you to read 25-50+ books a year Effectively take notes in print books, ebooks, and audiobooks Avoid distractions and focus on your book for hours Improve information retention–remember what you read! More than 500 people have already taken his course, which has been recommended by bestselling authors such as Morgan Housel and Tiago Forte. If you want to develop strong reading habits, become a more productive reader, or just rekindle your love for reading, check out Alex’s course, The Art of Reading. Get 50% off The Art of Reading Today To investors, I published a conversation with Jeff Park, Head of Alpha Strategies at Bitwise, on the podcast yesterday. The episode has been very popular. It also led to a spirited debate that I think is worth covering in today’s letter. First, my conversation with Jeff was centered around the impact of bitcoin ETF options. These options were recently approved by the SEC and should be rolled out in the coming months. My immediate reaction when I heard the news was the new ETF options will bring more adoption, which will continue the trend of diminishing volatility. Jeff had a very different view, so we decided to set up a conversation to discuss the various perspectives. This is the beauty of the bitcoin industry. It is all about learning. Learning by studying and learning from each other. Second, Jeff points out that bitcoin is unique since the volatility goes up as the price of the digital currency goes up. Traditional assets have the inverse occur. A higher price usually leads to lower volatility. This takes some time to get used to, but it serves as a strong incentive for people to buy the asset in bull markets. Momentum is a hell of a drug. Third, Jeff points out how important ETFs were for the adoption of bitcoin. This happened despite more than a decade of bitcoin onramps like crypto exchanges being present. Jeff explicitly states “sometimes fixing the conduits for a financial wrappers for access matter a great deal.” So many people thought the ETFs would not matter. They were wrong. ETFs unlocked access to bitcoin for an entirely new cohort of investors. Jeff explains that the new bitcoin ETF options will do something similar. There have been bitcoin options available to investors for years, but they were not in the venues (nor the wrappers) that sophisticated, institutional investors are used to. Now that options are coming to those trusted venues, we should expect increased adoption of the financial instruments. Lastly, Jeff explains what could happen in a gamma squeeze, especially since no one can create more bitcoin to satisfy a significant increase in demand. Think of what happened with Gamestop, but without the corporation issuing new shares. Gamestop saw their stock price soar. They issued more shares to temper the volatility and put cash on their balance sheet. If no one can create more bitcoin, then the thought process is a gamma squeeze could send the price of bitcoin much, much higher in a short period of time. Regardless of whether you believe Jeff or not, you should listen to this episode. This conversation has something for everyone — the bitcoin bulls will be excited about potential future price appreciation. The bitcoin bears will complain that bitcoiners don’t understand financial markets. Long-term holders and critical thinkers will use the information to learn about the new ETF options and how they may impact the market. Give this episode a listen and let me know what you think. Hope you all have a great day. I’ll talk to everyone tomorrow. -Anthony Pompliano Founder & CEO, Professional Capital Management 🚨 Talk or Hang Out With Anthony Pompliano 🚨I want to meet you. In order to get the meeting scheduled, you have to purchase a certain amount of my new book, How To Live An Extraordinary Life. You can do one of the following: Buy 25 Books: We will have a 30 minute video call to discuss anything you want. Buy 100+ Books: I will speak virtually at your event or company meeting. Buy 500+ Books: I will speak in-person at your event or come to your office. Buy 1000+ Books: You get to spend an entire day with me in-person, including breakfast, lunch, and dinner. I will also speak at your event or to your team. You can use this link to purchase up to 100 books and then use this link for a discount on bulk buys over 100 books. Here is how it works: You purchase the necessary amount of books. You reply to this email with the receipt or screenshot. I will send you potential days/times for the call, meeting, or visit. I have already done a few calls with people and spoken at different events. It is just as fun for me as for you, so I look forward to meeting many of you as well. Jeff Park is the Head of Alpha Strategies at Bitewise Asset Management. In this conversation, we discuss the big deal about bitcoin ETF options, bitcoin volatility, why Bitwise recently bought 2 companies, what he expects to see in public markets, how Wall Street is using bitcoin ETFs, and what that means for you. Listen on iTunes: Click here Listen on Spotify: Click here Jeff Park Breaks Down Bitcoin ETF OptionsPodcast SponsorsBetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit. Domain Money makes financial planning straightforward and accessible.They tailor plans to your personal priorities and goals, whether it’s buying a house, funding college, or taking that dream vacation. Gemini is the safe and secure way to trade crypto. Use code Pomp100 and start trading crypto to earn $100 in BTC. Xapo - Xapo Bank is the only way to bank with Bitcoin. CrossFi isthe Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted. ResiClub - Your data-driven gateway to the US housing market. Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here. You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. You're currently a free subscriber to The Pomp Letter. For the full experience, upgrade your subscription.
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