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.
“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.”
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.”
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.
However, he is bullish on Bitcoin hitting six figures in the next bull run.
“I think the next cycle would be somewhere between 100 (thousand) and 250 (thousand),” he declares.
But Melker believes that after that, the market will see another huge decline before it hits half a million.
“Then we drop down to 60 (thousand), and it’s boring forever. Then, we pop up to half a million, like we continue these four-year cycles.”
However, Melker doesn’t want “to live in a world where Bitcoin is a million dollars.”
“The faster it happens, the worse the world is,” Melker says.
“Because if Bitcoin goes to a million dollars. It means that everything else has exploded, including the United States dollar, and we’re living in some Mad Max dystopian future.”
“Where you and I are those guys without faces painted going to gas town, fighting off the enemies,” he describes, referring to the 2015 movie Mad Max: Fury Road.
Wes Streeting has suggested he is confident the government will now win a crunch vote on welfare cuts after Sir Keir Starmer made a number of concessions to prevent a damaging rebellion.
The health secretary told Sunday Morning With Trevor Phillips the alterations to the controversial welfare bill meant those in receipt of benefits now had “peace of mind”.
Asked whether he was confident the government would now win a vote on the reforms scheduled for Tuesday, Mr Streeting said: “Yes.
“I think the changes that were made this week have put us in a much better position, not just on the vote on Tuesday, but on the substance of the package – because as a result of the changes, it means anyone watching this morning who’s in receipt of PIP, Personal Independence Payments, now has the peace of mind of knowing that their situation is protected.”
More than 120 Labour MPs had signalled they were prepared to vote down the bill next week after they signed an amendment that would have stopped its progress through parliament – citing concerns about the impact on the most vulnerable and the lack of proper consultation with disabled groups.
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The scale of the rebellion – and the fact it spanned all wings of the party – alarmed Downing Street and led to Sir Keir making a number of changes to diffuse the anger.
Originally, the bill set out to tighten the eligibility criteria for PIP – money that is given to people, some of whom are in work, who have extra care or mobility needs as a result of a disability.
People who claim it are awarded points depending on their ability to do certain activities, such as washing and preparing food, which influences how much they will receive.
Currently claimants need to score a minimum of eight points across a range of tasks to qualify for the daily living element (there is a mobility element that is not affected by the plans). Under the new rules people will need to score a minimum of four points in at least one activity to qualify.
However, the changes made by Sir Keir mean existing PIP claimants will now be exempted from the stricter new criteria.
Alterations to Universal Credit, another type of benefit, mean that the health top-up will only be cut and frozen for new applications, as opposed to existing ones.
Mr Streeting declined to say whether he thought those who decide to vote against the bill should lose the party whip, which would force them to sit as an independent MP in the Commons.
He said it was “not my decision”, but added that there was an “expectation that Labour MPs vote for the whip”.
In a series of interviews over the weekend, the prime minister acknowledged there had been some mishandling of the welfare debate and said he was “heavily focused” on world affairs before he was forced to U-turn on his welfare bill.
In a piece in The Sunday Times, Sir Keir said he was occupied with the G7 and NATO summits and the escalating tensions in the Middle East for much of the past two weeks.
“Getting it right is more important than ploughing on with a package which doesn’t necessarily achieve the desired outcome,” he said, adding that all the decisions made were his and that “I take ownership of them”.
It was only 10 days ago that embattled Welfare Secretary Liz Kendall, trying to convince MPs to back her reforms, said ministers were “firm in our convictions”.
People on Personal Independence Payments (PIP) and universal credit were too often being “written off”, while the welfare bill was becoming unsustainable.
After an unprecedented rebellion by Labour MPs forced the prime minister into a significant retreat, today sees an interesting shift in those convictions.
Ms Kendall’s colleague Wes Streeting, who was drafted onto calls with angry backbenchers, tells Sky News he didn’t want disabled people in his constituency surgeries on a Friday, telling him they were worse off when that was not the intention.
This is exactly what many Labour MPs and disability groups were arguing was inevitable if current claimants were stripped of their benefits.
Sir Keir Starmer, in a series of Sunday newspaper interviews in which he reflects on mistakes, says he now believes there was no point ploughing ahead with something which “doesn’t necessarily achieve the desired outcome”.
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Having rushed forward these reforms to save £5bn in the spending review, it now seems ministers are admitting the package needed more thought.
The welfare bill is rising sharply, and many voters broadly support the idea of tackling it.
But even if the draft legislation, which will affect new benefit claimants only, is voted through (and that’s still an “if'”, with dozens of Labour MPs still weighing it up), this debacle – for many MPs at least – goes to the heart of whose side the government is on.
The health secretary has told Sky News the government’s plans to tackle obesity by introducing a health food standard for supermarkets are a “world-first approach” and not “nanny statism”.
As part of an initiative aimed at taking some pressure off the NHS, food retailers and manufacturers will “make the healthy choice the easy choice” for customers in the UK, which has the third-highest adult obesitylevels in Europe.
Supermarkets will be required to report sales data and those that fail to hit targets could face financial penalties, suggested Nesta, the innovation agency which initially developed the policy.
Speaking on Sunday Morning With Trevor Phillips, Wes Streeting said: “Instead of traditional nanny statism, where we regulate more heavily on price or marketing on what’s sold, we’re taking a world-first approach, which is working with supermarkets using data they already collect about the nutritional value of their shopping baskets and shopping trolleys, the average shop.
“We’re going to work with them to reduce the amount of unhealthy food in trolleys and baskets by setting targets on the healthy value of your shopping trolleys and baskets.”
He said if obese people cut their calorie intake “by about 216 calories a day – the equivalent of a bottle of fizzy coke, we’d halve obesity”.
“We’ve got one in five kids leaving primary school with obesity, it’s costing the NHS £11bn a year, and obesity has doubled since the 1990s,” he added.
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He also said: “If we reduce calorie intake in this country by just 50 calories a day, that would lift 340,000 children out of obesity.”
Mr Streeting said supermarkets will decide through the combination of where they put their products, how they do price promotions, and what products they choose to put on the shelves.
“They will work with us to make sure that we nudge people in the right direction, without any of us even noticing,” he added.
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UK may have reached ‘peak obesity’
Businesses will be free to choose how to implement the new healthy food standard, which aims to make their customers’ average shopping healthier.
Measures could include reformulating products and tweaking recipes, changing shop layouts, offering discounts on healthy foods, or changing loyalty schemes to promote healthier options.
Obesity is one of the root causes of diabetes, heart disease and cancer.
The new scheme, announced on Sunday by the Department for Health and Social Care, is part of the forthcoming 10-Year Health Plan, through which the government is seeking to shift from sickness to prevention to alleviate the burden on the NHS.
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1:22
Weight loss drugs ‘changing way we see obesity’
An ‘important step’
Michelle Mitchell, Cancer Research UK’s chief executive, said: “Businesses can play a major role in supporting people to make healthy choices, and this important step could help to reduce rising obesity rates.
“Being overweight or obese is the second biggest cause of cancer in the UK, and is linked with 13 different types of the disease.
“The UK government must introduce further bold preventative policies in both the upcoming 10-year Health Plan and National Cancer Plan, so that more lives can be saved from cancer.”
Image: Tesco is among the supermarkets which have welcomed the government’s announcement. Pic: iStock
Some of the UK’s biggest supermarkets appear to have reacted positively to plans for a new standard of healthy food, with Ken Murphy, Tesco Group CEO, saying: “All food businesses have a critical part to play in providing good quality, affordable and healthy food.
“At Tesco, we have measured and published our own healthier food sales for a number of years now – we believe it is key to more evidence-led policy and better-targeted health interventions.
“That’s why we have called for mandatory reporting for all supermarkets and major food businesses and why we welcome the government’s announcement on this.
“We look forward to working with them on the detail of the Healthy Food Standard and its implementation by all relevant food businesses.”
Simon Roberts, chief executive of Sainsbury’s, said: “We’re passionate about making good food joyful, accessible and affordable for everyone and have been championing the need for mandatory health reporting, across the food industry for many years.
“Today’s announcement from government is an important and positive step forward in helping the nation to eat well.
“We need a level playing field across the entirety of our food sector for these actions to have a real and lasting impact.”