Plug Into The Network

The Pomp Letter (private feed for [e-mail])

To investors,

The best entrepreneurs and investors seek efficiency. They are in a constant search for how they can do more with less resources. You see this in capital allocation decisions, supply chains, headcount, and strategic efforts. Invest the least amount of resources to get the highest amount of impact.

One of the biggest arbitrage opportunities in this pursuit is for an individual or entity to plug into the bitcoin network. When you plug into the network, you are essentially hiring millions of volunteers around the world to come work for you. They work 24/7/365 and you have to pay them nothing.

These volunteers are writing software code, securing the bitcoin network, building infrastructure, scaling payment rails, providing liquidity, conducting global marketing campaigns, and much, much more. Everyone is rallied around a single idea — usher this new digital currency to global adoption.

If you wanted to hire millions of people around the world to work for you, it would cost billions of dollars. You would have to build a massive company to support them all. You would deal with a daily nightmare of coordinating that many people to all work together. There are very few companies in the world that employ more than 1 million people.

But the Bitcoin team is more than 100 million strong.

The community has leveraged an economic incentive to coordinate immense resources globally. We have built the strongest computer network in the world. We created a trillion dollar asset out of thin air. We have taken over mainstream television, newspapers, and media outlets. Bitcoin has become a global brand with awareness that would normally take billions of dollars to create.

These assets and people are all willing to come work for you at a moments notice and they’ll do it completely for free. You just have to plug into the bitcoin network.

Do you want to hire thousands of software engineers? Plug into the network. Do you want to hire one of the world’s best marketing teams? Plug into the network. Do you want to hire a world-class security team? Plug into the network. Do you want to hire a central bank to protect your purchasing power? Plug into the network. Do you want to build a global brand? Plug into the network.

This is true for technology companies and non-technology companies alike. Take Tahinis Restaurant in Ontario, Canada. They have 8 locations and employ a relatively small team, but they have built a global brand that results in bitcoiners from around the world traveling to Ontario to come eat at their restaurant. How did they do it? They simply plugged into the network. The team behind Tahinis purchased bitcoin on their balance sheet (plugging their capital into the network!) and then got on the internet and told people about it. Bitcoiners took care of the rest.

This is the beauty of the network. Once you plug in, Bitcoiners will take care of the rest. We have seen the community throw their support behind individuals, institutions, corporations, and even nation states. When you plug into the network, you’re hiring millions of people around the world to start working for you.

We will protect your purchasing power. We will build your brand. We will support your software. From all corners of the Earth, Bitcoiners will join your team.

The single most important decision a company can make right now is when and how they plug into the bitcoin network. It is the highest ROI chess move that you can make. Hire millions of people and pay them nothing. You just have to gain the courage and conviction to do it.

Plug into the network. We’ll take care of the rest.

-Pomp

THE RUNDOWN:

US Treasury Department Says Cryptocurrencies Could Undermine Sanctions: The U.S. Treasury Department said on Monday in a report that cryptocurrencies could undermine the effectiveness of U.S. sanctions. The report, which followed a six-month review of U.S. sanctions against countries with whom it is at odds or suspects of being behind illegal activity, noted that “digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all potentially reduce the efficacy of American sanctions.” Read more.

Australia Has Third Highest Rate of Crypto Adoption in the World: Australia is more bullish on cryptocurrencies than most other countries around the world, according to a survey published by comparison site Finder on Sunday. The survey, based on the site’s Cryptocurrency Adoption Index, measures the growth of crypto globally through a regular survey of over 41,600 individuals across 22 countries. Finder’s survey found Australia has the third-highest rate of crypto ownership at 17.8%, beating out countries such as Indonesia (16.7%) and the city of Hong Kong, a special administrative region of China (15.8%). Read more.

DraftKings Steps Further Into Crypto With Plans to Become Polygon Validator: DraftKings tapped Polygon for its marquee non-fungible token release with Tom Brady’s Autograph back in August. Now the sports betting giant is going all-in on the Ethereum layer-2 solution with a partnership that could make it one of the blockchain’s largest governors. Read more.

Invesco Drops Efforts to Launch Bitcoin Futures ETF: Would-be bitcoin exchange-traded fund (ETF) issuer Invesco is pulling out of the race to issue a bitcoin futures product. The company said Monday that it would no longer attempt to launch an ETF linked to bitcoin futures, a day before a competing product by fellow issuer ProShares begins trading. Read more.

Former SEC Official Expects More Bitcoin ETF Approvals: Lisa Bragança, a former U.S. Securities and Exchange Commission branch chief, said in an interview that she expects the SEC will approve more exchange-traded funds. “I’m expecting that the [SEC] will allow additional ETFs to get registered because they don’t want just one, they want customers to have lots of choices,” Bragança said. Read more.

LISTEN TO THIS EPISODE OF THE POMP PODCAST HERE

Eric Balchunas is Senior ETF Analyst at Bloomberg and James Seyffart is the ETF Research Analyst at Bloomberg Intelligence.

In this conversation, we discuss ETFs, Bitcoin, Futures vs Spot, ETFs vs Trusts, Grayscale, the SEC, and future capital inflows.

LISTEN TO THIS EPISODE OF THE POMP PODCAST HERE

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