What's going on, guys? Today we got a great episode with John Pompilano. In this conversation,

we get deep into the details. So what's going on with the DFI mullet, how stable coins are taking on the traditional financial system? We talk about the US-China trade deal. What's going to happen when Scott Besson, Donald Trump, Howard Ludnick, and the entire administration get that deal done, why investors are becoming very bullish, how you should think about Bitcoin and gold in the relationship of a Bitcoin bull market going into the end of the year.

And then we end up talking about White House asset management, how they're very active in the market, what that means for you as an American and what it means for markets. All that and much more in my latest conversation with John Pompeiano. All right, John, what's first topic? All right, you had an excellent piece this morning in the pomp letter about the DFI mullet. What is the DFI mullet? Well, I can't take credit for this. I recently did an episode with Max Bransberg, who is the head of consumer business products at Coinbase. And I was looking forward to the conversation, but then he dropped this line on me. One, it just is very memorable.

It's kind of visually you can see like a mullet, which is cool.

Anyone who's got a mullet usually a pretty cool person,

cigarette at the side of their mouth.

But when he was talking, he basically described it as the easy Coinbase experience on the front end,

the interface, the thing that you use from a technology standpoint, but Defi in the back. And what it got me thinking about is kind of the collision between this crypto world, you know, Bitcoin, stable coins, all this stuff, with the traditional financial

system. And historically, I think that Bitcoiners and the kind of crypto community

thought that these were parallel systems. And in some way, they have been until recently.

But now what we're seeing is the convergence.

And actually what we're finding is that convergence between these two systems

means that, one, the crypto industry is dead.

It is RIP, see you later.

Within a decade, you're not going to be hearing people talk about crypto.

Instead, what you're going to start hearing is people talk about finance. And my example that I used is, let's take, for example, BlackRock. I keep saying, is BlackRock a Bitcoin company? No one's describing as that. They're just a financial institution, right? Is Robin Hood a crypto company? Well, nobody describes them that way. They would talk about a fintech, a neobank, you know, brokerage business, whatever, but they're starting to incorporate all of this infrastructure. They're looking at stable coins. They're going really hard in tokenization, right? Prediction markets are kind of crypto adjacent. All that stuff is coming. So my point being that whether you are a hardcore crypto company or a crypto native firm, like a Coinbase, you know, Crackin, a Gemini, a Binance, whatever, you're trying to get the legacy assets onto your platform.

So now you're looking at tokenized securities and stuff like that.

If you're one of these fintechs, what you're trying to do is you're trying to sit with, we want a digital native experience for

people who, you know, want to use these kind of new types of products, but we also want the

legacy system. We want crypto assets and public equities and prediction markets all to sit in the

same place. The legacy guys are the most interesting to me because they have really big

customer bases. They have trust. They're not new. They've been around for,

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