Podcast Summary: The Wolf Of All Streets
Episode: "$123,000 Bitcoin🔥! Will The Fed Turn The Printer On 🖨💴? | Macro Monday"
Release Date: July 14, 2025

In this episode of The Wolf Of All Streets, host Scott Melker reunites with Dave Weisberger, Mike McGlone, and James Lavish for an in-depth discussion on the meteoric rise of Bitcoin to $123,000 amidst a broader macroeconomic surge. The panel delves into the factors driving this unprecedented bull market, the potential actions of the Federal Reserve, and the implications for various financial markets and assets.

1. Bitcoin's Historic Rally

Overview: The conversation kicks off with Dave Weisberger highlighting Bitcoin's surge to an all-time high of $123,000, noting that it's trading just below this peak at $121,845, less than 1% off. This rally is set against a backdrop of widespread market optimism, with altcoins either keeping pace with or outperforming Bitcoin.

Notable Quote:

Dave Weisberger [00:01]: "Bitcoin hit another all-time high. $123,000 in the midst of a macro pump across the board and rumors that Fed Chairman Powell may resign and the money printer may come back on faster than many anticipated. Crazy bull market happening."

Key Points:

• Institutional Involvement: Significant inflows from treasury companies and ETFs signal robust institutional demand.
• Market Sentiment: The panel acknowledges the seemingly irrational market behavior, pushing assets higher despite global uncertainties such as geopolitical tensions and economic contractions.

2. Macro Economic Factors

Discussion: Mike McGlone provides a comprehensive overview of the current macroeconomic landscape, referencing Anna Wong's expectations for core CPI and retail sales. He emphasizes that inflation indicators are below consensus estimates, suggesting a potential contraction in the economy.

Notable Quotes:

Mike McGlone [02:03]: "She expects core CPI at 1/10. They're below estimates and expects year over year around 2.8%. So they're really below consensus."

Mike McGlone [05:23]: "What's happening? We're in a paradigm shift. What's happening in terms of commodities being replaced by technology most notably in petroleum crude oil less so, maybe a little bit natural gas."

Key Points:

• Inflation and CPI: Core CPI is expected to remain low, indicating subdued inflationary pressures.
• Retail Sales: Anticipated to show a slight pullback, hinting at a contraction in consumer spending.
• Commodity Trends: A shift towards technological advancements is exerting downward pressure on traditional commodities like crude oil and copper.

3. Federal Reserve and Government Policies

Discussion: The panel explores the potential resignation of Fed Chairman Powell amid pressures from the administration, particularly from President Trump. Mike McGlone expresses skepticism about the likelihood of Powell stepping down, citing his enduring legacy and the structural need for the Fed to remain active in managing liquidity.

Notable Quotes:

Mike McGlone [19:11]: "Paul's gone in 10 months anyhow."

James Lavish [18:07]: "All that matters now when people say oh inflation's okay, stock market economy is okay is that that's all irrelevant."

Key Points:

• Powell's Tenure: Speculation around Powell's potential resignation due to conflicts with the administration, though McGlone doubts his departure.
• Monetary Policy: Ongoing debates about interest rate adjustments and the Fed's role in sustaining liquidity to avoid deflationary spirals.
• Government Spending: Continued deficit spending and its implications for inflation and economic growth.

4. Commodity Markets and Institutional Demand

Discussion: James Lavish and Mike McGlone analyze the dynamics of commodity markets, particularly focusing on gold and copper. They discuss the deflationary pressures on commodities and the role of institutional investors in sustaining demand.

Notable Quotes:

James Lavish [11:29]: "There's an air pocket there, so just be aware of that. If you're trading around this thing then that's something to be aware of."

Mike McGlone [06:36]: "You're literally seeing the grains in person this weekend, this week?"

Key Points:

• Gold's Resilience: Despite Bitcoin's surge, gold continues to hold its value as a traditional store of wealth.
• Copper's Potential: The US market for copper shows significant disparities, with high prices domestically versus globally, indicating potential for future declines.
• Institutional Inflows: ETFs and treasury companies are major drivers of demand in both the Bitcoin and commodity markets.

5. Stablecoin Legislation and Crypto Ecosystem

Discussion: The panel shifts focus to impending stablecoin legislation amidst a politically charged Crypto Week. They debate the potential impact of such legislation on the crypto market, emphasizing the benefits of integrating stablecoins with traditional financial instruments like US Treasuries.

Notable Quotes:

Scott Melker [52:58]: "Once you have stablecoin legislation, then companies will be able to offer payments that are cheaper, more efficient and better than what we have today."

James Lavish [53:48]: "The first principle of it is that the stable coins buy U.S. treasuries. So you're effectively using the stable coin as currency and bypassing the dollar."

Key Points:

• Efficiency and Integration: Stablecoin legislation could revolutionize payment systems, making transactions faster and more cost-effective.
• Treasury Bonds: Regulations may mandate stablecoins to invest in US Treasuries, increasing demand for these government securities.
• Market Transformation: Enhanced liquidity and integration between crypto and traditional markets could lead to significant growth and stability in the crypto ecosystem.

6. Future Outlook and Conclusions

Discussion: As the episode progresses towards its conclusion, the panelists share their perspectives on the sustainability of the current bull market, the potential for Federal Reserve actions, and the long-term viability of Bitcoin and other cryptocurrencies as investment vehicles.

Notable Quotes:

James Lavish [45:04]: "The whole system is trapped because the entire system runs on liquidity. It needs more liquidity."

Scott Melker [56:31]: "Bitcoin is still clearly a risk on asset. It's up. Stock market's up. Got it. Gold is typically more of a risk down asset. That's why everything's kind of discombobulated this year."

Key Points:

• Sustainability Concerns: While Bitcoin's rally is impressive, concerns about market liquidity and the potential for a deflationary abyss loom large.
• Asset Correlation: Bitcoin's performance remains highly correlated with traditional risk assets, though its relationship with gold suggests potential for divergence.
• Investment Strategies: Emphasis on understanding the motivations behind institutional investments in Bitcoin and the importance of distinguishing between fundamentally sound tokens versus speculative altcoins.

Final Thoughts

The episode wraps up with a reflection on the interconnectedness of global markets, government policies, and the evolving landscape of cryptocurrencies. The panel underscores the importance of vigilance and informed investment strategies in navigating the complexities of today's financial environment.

Closing Quote:

Dave Weisberger [62:21]: "Thank you guys as always for showing up. Thank you everybody for listening and I hopefully it'll be all of us together moving into the future."

Conclusion: This episode provides a comprehensive analysis of the current state of Bitcoin and the broader financial markets, intertwined with macroeconomic insights and speculative forecasts. The panelists offer a balanced view, acknowledging the optimistic surge in Bitcoin's value while also highlighting the underlying economic challenges and policy uncertainties that could shape the future trajectory of both crypto and traditional financial assets.