Wolf Of All Streets worries about a world where Bitcoin hits M: Hall of Flame

Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame

Published

2 years ago

July 20, 2023

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Scott Melker is the host of The Wolf Of All Streets Podcast and author of The Wolf Den newsletter.

“If I tweeted about a small cap [crypto] of some sort right now, the price would probably change by like 50%,” says Scott Melker, better known to his 904,800 Twitter followers as The Wolf Of All Streets.

Melker says he takes this responsibility seriously and won’t share tweets that might “impact the market” – but this makes Twitter “a lot more boring” from his end. In fact, Melker declares that Twitter “stopped being fun” when he reached 100,000 followers.

“That’s when I went through a phase of a real love-hate relationship with Twitter because that’s when I guess 10% of the people who respond to comments were trolling at any given time.”

All you can really post to 900,000 followers is “Bitcoin and inspirational quotes” because “everything else” will land you in hot water.

After graduating from Penn State University with an Anthropology degree in 1999, Melker tried his hand at a “million” other things — finding the most success in his 20-year stint as a DJ.

Shortly after finishing university, he also started his own magazine in Philadelphia called 101 Magazine, focusing on street culture and city vibes.

It caught the attention of a “huge” magazine called Frank 151, which acquired it, and Melker became the editor-in-chief of both.

During that time, he had the opportunity to attend “insane” parties and rub shoulders with legendary acts like the Wu-Tang Clan and Outcast.

The music industry led him to try crypto trading in the first place.

“I just happened to look into crypto because there was a bunch of DJs trading it,” he says.

He first started trading on the Gemini crypto exchange in 2016 and recalls buying Bitcoin to send it to another exchange, Bittrex, so he “could buy Ethereum and Ripple.” ETH was “under 20 bucks” back then, he notes in a cheeky humble brag.

Rather than some lofty higher purpose, he says the main attraction was making cold hard cash.

“I was really just trading, trying to make money to support a new family; it had nothing to do with what Bitcoin was or what the asset class was.”

What led to Twitter fame?

Melker initially started stacking up followers when he was “trading the market well” and posting about it on Twitter. At that point in time, his content was “100% charts and trades.”

However, Melker didn’t want his account to be based on trades because it’s “fickle.”

So, he transitioned toward a more holistic approach to his content within the crypto industry.

“I would love to tell you there was some strategy that I took to grow my account, but it was always just me doing whatever I enjoyed doing the most at any given time.”

Melker has observed a direct correlation between his follower growth and the performance of the crypto market.

During previous bull markets, he has experienced an insane influx of daily followers.

“There was a time when I was getting a hundred thousand [followers] in two months,” he says.

Melker used to “literally respond to everybody” who commented on his tweets or messaged him, but that ship has now sailed.

“That’s like a full-time job, and then you just get to the point where you literally can’t open all your DMs anymore,” he says.

But it’s best not to refer to him as an “influencer.”

“I hate the term influencer because, to me, I’m just a student of crypto, and it’s something I’m passionate about and want to learn more about.”

What type of content do you do?

Melker’s content revolves around crypto news and keeping people up-to-date with what’s happening in the market.

He likes to share his take on what’s important, and “what’s kind of noise and not signal.”

“[My content includes] all the lessons that I’ve learned in my streams and podcasts, but I would say it’s generally educational/informational content about this market.”

Melker emphasizes the overwhelming pressure he faces whenever he decides to “fire off a tweet,” considering how many followers he has amassed on Twitter.

“Twitter is like a movie where you throw a grenade in a room and walk away, and there’s a huge explosion behind you. That’s how I feel every time I send a tweet now,” Melker says.

Extreme beef: Gary Gensler

Melker is not a fan of United States Securities and Exchange Commission Chair Gary Gensler.

He admits that his Twitter is filled with many “angry tweets against Gensler.”

“I literally contributed to aggressively getting #firegarygensler trending on Twitter,” he declares.

He explains that his problem with Gensler is his recent regulatory actions, which he perceives as a “massive overcorrection” targeting crypto firms.

He believes that it stems from a sense of embarrassment over the fact Gensler was meeting with Sam Bankman-Fried before the collapse of FTX and didn’t realize “he was a fraud.”

Spicy beef: ZachXBT

ZachXBT, a pseudonymous on-chain researcher, accused Melker of pumping and dumping shit coins to his followers in 2021. It was a troubling time for Melker, who received threats and became the target of white-hot anger.

Melker vehemently refuted the claims and announced he would steer clear of tweeting about projects with small market caps altogether.

Melker says he doesn’t want his audience to get the wrong idea and prefers to focus on the educational stuff. He reiterates that he “was passionate” about trading altcoins, but says it can be difficult to navigate the boundaries of what you should and shouldn’t talk about as your following grows.

“You don’t just show up with 900,000 followers one day and understand what you can and cannot tweet about.”

Price predictions?

“There’s nothing that makes you look dumber than a price prediction,” Melker states. He should know, given he took an optimistic swing at predicting Ethereum would hit five figures in 2021.

Politics

Trump exempts select tech products from tariffs, crypto to benefit?

Published

4 hours ago

April 12, 2025

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Trump exempts select tech products from tariffs, crypto to benefit?

United States President Donald Trump has exempted an array of tech products including, smartphones, chips, computers, and select electronics from tariffs, giving the tech industry a much-needed respite from trade pressures.

According to the US Customs and Border Protection, storage cards, modems, diodes, semiconductors, and other electronics were also excluded from the ongoing trade tariffs.

“Large-cap technology companies will ultimately come out ahead when this is all said and done,” The Kobeissi letter wrote in an April 12 X post.

Cryptocurrencies, Bitcoin Price, Economics, Economy, United States, Donald Trump — *US Customs and Border Protection announces tariff exemptions on select tech products. Source:* *US Customs and Border Protection*

The tariff relief will take the pressure off of tech stocks, which were one of the biggest casualties of the trade war. Crypto markets are correlated with tech stocks and could also rally as risk appetite increases on positive trade war headlines.

Following news of the tariff exemptions, the price of Bitcoin (BTC) broke past $85,000 on April 12, a signal that crypto markets are already responding to the latest macroeconomic development.

Markets hinge on Trump’s every word during macroeconomic uncertainty

President Trump walked back the sweeping tariff policies on April 9 by initiating a 90-day pause on the reciprocal tariffs and lowering tariff rates to 10% for countries that did not respond with counter-tariffs on US goods.

Bitcoin surged by 9% and the S&P 500 surged by over 10% on the same day that Trump issued the tariff pause.

Macroeconomic trader Raoul Pal said the tariff policies were a negotiation tool to establish a US-China trade deal and characterized the US administration’s trade rhetoric as “posturing.”

Bitcoin advocate Max Keiser argued that exempting select tech products from import tariffs would not reduce bond yields or further the Trump administration’s goal of lowering interest rates.

The yield on the 10-year US Treasury Bond shot up to a local high of approximately 4.5% on April 11 as bond investors reacted to the macroeconomic uncertainty of a protracted trade war.

“The concession just given to China for tech exports won’t reverse the trend of rates going higher. Confidence in US bonds and the US Dollar has been eroding for years and won’t stop now,” Keiser wrote on April 12.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Politics

Bitcoin still on track for $1.8M in 2035, says analyst

Published

10 hours ago

April 12, 2025

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Bitcoin still on track for .8M in 2035, says analyst

Bitcoin remains on track to surpass $1.8 million by 2035 despite recent price corrections and waning investor appetite caused by ongoing global trade tensions, according to Joe Burnett, director of market research at Unchained.

Speaking during Cointelegraph’s Chainreaction live show on X, Burnett said that Bitcoin is still in a long-term bullish cycle and could potentially rival or surpass gold’s $21 trillion market capitalization within the next decade.

Despite tariff uncertainty limiting risk appetite among investors, research analysts remain optimistic about Bitcoin’s (BTC) long-term prospects for the next decade.

“When I think about where Bitcoin will be in 10 years, there are two models I admire,” Burnett said. “One is the parallel model, which suggests that Bitcoin will be about $1.8 million in 2035.” “The other is Michael Saylor’s Bitcoin 24 model, which suggests Bitcoin will be $2.1 million by 2035.”

Burnett emphasized that both are “good base cases,” adding that Bitcoin’s trajectory could exceed these predictions depending on broader macroeconomic factors.

🎙Could Bitcoin really hit $10m by Q1 2035? Perhaps.

But first, we need to unravel the tangled web of the markets this week, and for both discussions, @rkbaggs and @gazza_jenks are joined today by Joe Burnett (@IIICapital) on the #CHAINREACTION show! https://t.co/hfyEwGUCsh

— Cointelegraph (@Cointelegraph) April 11, 2025

Bitcoin outlook remains long-term bullish

“The automobile industry is significantly more valuable than the horse and buggy industry,” Burnett said, adding that Bitcoin’s more advanced technological properties will make it surpass the $21 trillion market capitalization of gold. He added:

“The gold market is an estimated $21 trillion market. If Bitcoin just hit $21 trillion and had Bitcoin-gold parity, Bitcoin would be $1 million per coin today.”

Since US President Donald Trump’s Jan. 20 inauguration, global markets have been under pressure due to heightened trade war fears. Hours after taking office, Trump threatened to impose sweeping import tariffs aimed at reducing the country’s trade deficit, weighing on risk sentiment across both equities and crypto.

While Bitcoin’s role as a safe-haven asset may reemerge amid ongoing trade war concerns, physical gold and tokenized gold remain the current winners.

Bitcoin still on track for $1.8M in 2035, says analyst — *Top tokenized gold assets, trading volume. Source: CoinGecko, Cex.io*

Tariff fears led tokenized gold trading volume to surge to a two-year high this week, topping $1 billion for the first time since the US banking crisis in 2023, Cointelegraph reported on April 10.

Strong hands hold during drawdowns

Bitcoin’s volatility is falling during both bear and bull markets, signaling its growing maturity as an asset class.

While another 80% drawdown during future bear markets is still possible, this will act as a robust acquisition period for the “strongest” holders, Burnett said, adding:

“The highs bring [Bitcoin] attention, and the deep, dark bear markets move coins into the hands of the strongest, most convicted holders, as fast as possible.”

Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, predicted Bitcoin could climb to $250,000 by the end of 2025 if the US Federal Reserve formally enters a quantitative easing cycle.

Despite the optimistic predictions, investors remain cautious and continue “rebalancing their portfolios” but are unlikely to take on significant positions in the next 90 days before markets gain more clarity on global tariff negotiations, Enmanuel Cardozo, market analyst at real-world asset tokenization platform Brickken, told Cointelegraph.

“With money flowing out of Bitcoin ETFs, investors are looking for safer spots to hold their cash right now, including strong currencies. Gold’s a traditional vehicle in these cases and a go-to when markets are uncertain,” he added.

Since the beginning of 2025, the price of gold has risen over 23%, outperforming Bitcoin, which has fallen by more than 10% year-to-date, TradingView data shows.

Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8

Politics

SEC and Binance push for another pause in lawsuit after ‘productive’ talks

Published

12 hours ago

April 12, 2025

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<div>SEC and Binance push for another pause in lawsuit after 'productive' talks</div>

The US Securities and Exchange Commission (SEC) and crypto exchange Binance have asked a US federal judge for an additional two-month pause in their nearly two-year legal battle.

“Since the Court stayed this case, the Parties have been in productive discussions, including discussions concerning how the efforts of the crypto task force may impact the SEC’s claims,” both parties said in an April 11 joint status report with the US District Court for the District of Columbia.

SEC requests Binance to agree to the extension

According to the filing, the SEC requested and Binance agreed to another 60-day extension as the regulator continues to seek permission to “approve any resolution or changes to the scope of this litigation.”

“The Defendants agreed that continuing the stay is appropriate and in the interest of judicial economy,” the filing said.

The request comes not long after the SEC dropped a string of crypto-related lawsuits against crypto exchanges Coinbase, Kraken, and Gemini, as well as Robinhood and Consenys.

At the end of the 60-day period, the SEC and Binance plan to submit another joint status report. This marks the second 60-day pause the SEC and Binance have requested this year, following a previous extension granted by the judge on Feb. 11.

SEC, United States, Binance — *The recently launched crypto task force was a key reason behind the request for the second extension. Source:* *CourtListener*

The request in February came just days after crypto skeptic Gary Gensler stepped down as SEC chair on Jan. 20, with crypto-friendly SEC commissioner Mark Uyeda taking over as acting chair.

At the time, the SEC and Binance also cited the establishment of the SEC’s Crypto Task Force as a reason for the pause.

Formed just a day after Gensler resigned on Jan. 21, the task force said it aims to “help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.”

The SEC’s legal battle with Binance has dragged on for almost two years. It began in June 2023 when the agency filed a lawsuit against Binance, its US platform, and CEO Changpeng “CZ” Zhao.

The US regulator pressed 13 charges against Binance, including unregistered offers and sales of the BNB and Binance USD tokens, the Simple Earn and BNB Vault products, and its staking program.

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