Episode Summary

Podcast: The Wolf Of All Streets
Title: Bitcoin CRUMBLES As Global Uncertainty Hits All Time High's! Should We Be Worried?
Date: February 18, 2026
Host: Scott Melker
Guest: Mark Yusko

Overview

This episode tackles the recent trend: a significant decline in individual Bitcoin holdings amid unprecedented global uncertainty. Host Scott Melker, alongside veteran investor Mark Yusko (despite frequent technical hiccups), delve into why individuals are selling Bitcoin to corporations and institutions, why global trust is in tatters, and whether Bitcoin’s original ideals are dying. The episode explores conspiracy-laden news cycles, the shifting nature of asset ownership, market cycles, wealth inequality, political corruption, and how—perhaps—Bitcoin still offers a small act of resistance in a dystopian landscape.

Main Themes & Key Discussion Points

1. Global Uncertainty, Distrust, and Distraction

Timecode: [00:01–05:00]

• The world feels more uncertain than ever: geopolitics (Iran conflict), media scandals (Epstein), and ridiculous Olympic news ("penis gates") crowd the headlines.
• Scott notes an interactive map showing that Epstein was "connected to literally everybody on earth."
• Key moment:

  "Should we be worried about Bitcoin? I don't know, but we should be definitely worried about the world right now." —Scott Melker [00:01]

• Mark quips the news is all “bread and circuses”—a medley of distraction to avoid bigger issues.

2. Bitcoin Ownership: A Paradigm Shift

Timecode: [05:00–09:00]

• The show presents data: individuals’ Bitcoin holdings down by ~700,000 coins in 2025, while businesses are up by 500,000.
• ETFs and institutional funds rapidly increase their share; individual ownership drops from 75% to 62%.
• Shift signals—contrary to early cypherpunk ideals—a slow transfer of power (and coins) to regulated, centralized hands.
• Quote:

  "The promise of freedom from centralized autocrats isn't resonating... The main narratives for Bitcoin are not resonating." —Scott Melker [07:00]

3. All-Time High Global Uncertainty

Timecode: [07:00–09:30]

• Scott presents the “World Uncertainty Index” at historical highs, vastly exceeding previous eras (COVID, Iraq war, 9/11).

  "Nobody trusts anything anymore. And hopefully, I think we got Mark back to discuss it because I circled perfectly back to the topic at hand." —Scott Melker [08:37]

4. Is the Four-Year Bitcoin Cycle Dead?

Timecode: [09:30–14:00]

• Mark muses on persistent narratives that the “four-year cycle” is broken.

• He points out we didn’t get the usual speculative mania, retail FOMO, or altcoin blow-off top this cycle.

• FTX’s collapse and excessive leverage washed out the usual "gamblers," leaving price action more muted.

• Mark:

  "Every time the price starts to go down, people throw the same tired FUD, you know, the fear, uncertainty and doubt back into the mix and we, we have these conversations again... I'm actually kind of tired of it." [11:00]

  "In the history of Bitcoin, it's never traded below the cost of electricity... so all these people talking about we're going to 25 or 15 [thousand], like, based on what?" [15:00]

• Scott notes, "We didn't get the euphoria part. Like we never got the retail participation or the blow off top..." [12:16]

5. Market Participants: Investors, Traders, Hedgers, Gamblers

Timecode: [17:00–23:00]

• Mark outlines the four classes of market actors:
  • Investors (seek value)
  • Traders (buy on momentum)
  • Hedgers (balance exposure)
  • Gamblers (parabolic, leveraged bets)
• The system flushes out gamblers in bear markets, cycles repeat.

  "Best traders cut their losers fast and press their winners... doubling down is a loser's game." —Mark Yusko [18:47]

• Their fund is now on a "weekly purchase plan" for Bitcoin and select cryptos, seeing the current market as undervalued.

6. The Altcoin Exodus & Prediction Markets

Timecode: [22:50–26:00]

• Gamblers have migrated from altcoins to prediction markets and silver.
• Scott predicts regulatory crackdowns on prediction markets soon.

  "It might be the greatest rebrand in history to change the name from gambling to prediction markets... now it's like an academic pursuit. No, it's degenerate gambling." —Mark Yusko [23:34]

7. Spoofing, Market Manipulation, and Wealth Inequality (K-shaped Economy)

Timecode: [26:00–35:00]

• Discussion funnels into how institutions "spoof" gold/silver markets, holding prices flat until a short squeeze triggers rapid gains.
• The “K-shaped recovery”: The pandemic accelerated wealth transfer from the masses to the ultra-rich.

  "It was the greatest transfer of wealth from the masses or the poor to the rich in human history... It was a controlled plan and it was planned for the better part of two decades." —Mark Yusko [34:31]

8. Conspiracies, Elites, and Controlled Demolitions

Timecode: [27:45–38:00]

• Conspiratorial discussion: Overlaps between Epstein’s network and elite global groups (Bilderbergs, politicians).
• The idea of a "controlled demolition" of cities (e.g., NYC raiding reserves, raising taxes) and governments being run by connected families.

  "It’s a big club and we’re not in it." —Mark Yusko [30:24] "These policies can't work mathematically... Socialism stops working when you run out of other people's money." —Mark Yusko [31:59]

9. Bitcoin, Tokenization, and the Future of Ownership

Timecode: [38:15–42:00]

• Mark’s portfolio startup is launching the first NASDAQ-listed on-chain share—heralding a future where all asset ownership is digital and cryptographically secured.
• He critiques tribalism in crypto (Bitcoin Maxis vs. everyone else), saying infighting and media distraction benefit legacy powers.

  "Look, not to take away anything from the incredible feat that the woman speed skater from the Netherlands... but that’s not what the stories are about. That doesn’t get clicks." —Mark Yusko [42:09]

10. Spoofing Revisited and the Illusion of Asset Gains

Timecode: [42:17–46:57]

• Spoofing in precious metals, parabolic short squeezes, and real-world consequences for retail investors.
• Mark stresses price gains in houses, gold, or Bitcoin are often a function of currency devaluation—not actual increase in intrinsic value.

  "My house did not get more valuable in the past year... Zillow says it did, but it did not. The currency got devalued." —Mark Yusko [44:30]

11. Wealth Despair & Hyperinflation Gambles

Timecode: [47:31–50:56]

• Hyperinflation and desperation lead to a gambling culture (lotteries, prediction markets), a sign of empire decline.

  "All empires end the same way... when people get desperate, they start doing desperate things." —Mark Yusko [48:11]

12. Digital Prison: CBDCs and Surveillance

Timecode: [50:56–53:30]

• Fears that AI, stablecoins, and regulatory bills pave the path for "the digital prison"—with programmable money, surveillance, and soft totalitarian control.
• Attempts to seek a geopolitical safe haven; growing concern over stablecoin regulation and private-sector surveillance.

  "We've locked in the Bank Secrecy Act into stablecoins... Now we don't even have just surveillance from the government; we have surveillance from a private company." —Scott Melker [50:57]

13. Cynicism, Conspiracies, and the Last Refuge of Bitcoin

Timecode: [53:37–57:11]

• Mark and Scott muse whether anyone outside the "club" will ever have a shot at power.
• Scott: "I’m not a conspiracy guy, but now the Epstein thing is just rocking my world."
• Mark: "There are no accidents in government... It's a big club and we're not in it." [54:09]
• Bitcoin as a non-violent, silent protest ("the silent protest is buying bitcoin").

14. Does Bitcoin Fix This?—A Philosophical Wrap

Timecode: [57:11–end]

• Mark reiterates: “Bitcoin actually does fix this, which is why they hate it.”
• Both hosts recognize regulatory battles and possible "regulatory gulags" could hinder Bitcoin’s impact, but education and awareness matter.
• The “origin story” of Bitcoin (NSA, CIA debates) is mentioned; ultimately, Mark asserts its structure is backdoor-proof.

  "The way it works, there can be no backdoor. Because of the air gap." —Scott Stornetta (as quoted by Mark Yusko) [60:39]

• The episode ends on a note of resigned hope and humor: Bitcoin as symbolic resistance remains meaningful, even if imperfect.

Notable Quotes & Memorable Moments

| Timestamp | Speaker | Quote/Commentary | |-----------|------------------|--------------------------------------------------------------------------------------------| | 00:01 | Scott Melker | "Should we be worried about bitcoin? I don't know, but we should be definitely worried about the world right now." | | 03:52 | Mark Yusko | "Bread and circuses, Scott. Bread and circuses. It's all about bread and circuses." | | 07:00 | Scott Melker | "The promise of freedom from centralized autocrats isn't resonating." | | 11:00 | Mark Yusko | "I'm actually kind of tired of it to be, to be honest." | | 15:00 | Mark Yusko | "In the history of bitcoin, it's never traded below the cost of electricity... all these people talking about we're going to 25 or 15 [thousand], like, based on what?" | | 18:47 | Mark Yusko | "Best traders cut their losers fast and press their winners... Doubling down is a loser's game." | | 23:34 | Mark Yusko | "It might be the greatest rebrand in history to change the name from gambling to prediction markets... And now it's like an academic pursuit. No, it's degenerate gambling." | | 30:24 | Mark Yusko | "It's a big club and we're not in it." | | 34:31 | Mark Yusko | "It was the greatest transfer of wealth from the masses or the poor to the rich in human history. Now that's just the law of large numbers. But it's not. It was a controlled plan and it was planned for the better part of two decades." | | 44:30 | Mark Yusko | "My house did not get more valuable in the past year... The currency got devalued." | | 48:11 | Mark Yusko | "All empires end the same way ... When people get desperate, they start doing desperate things." | | 50:57 | Scott Melker | "We've locked in the Bank Secrecy Act into stablecoins... Now we don't even have just surveillance from the government, we have surveillance from a private company." | | 56:09 | Mark Yusko | "Blackmail's... been around for a while and it's at that level. Can we fight it and bring it all back to what we love? Bitcoin actually does fix this, which is why they hate it." | | 60:39 | Mark Yusko relaying Scott Stornetta | "The way it works, there can be no backdoor. Because of the air gap." |

Timeline of Major Segments

| Time | Key Segment Description | |---------------|---------------------------------------------------------------------------------------------------------------------------| | 00:01–05:00 | Opening riff on world chaos (Olympics, Epstein, Iran), media distraction | | 05:00–09:00 | Data: Ownership shift in Bitcoin from individuals to corporations | | 09:30–14:00 | Is the four-year Bitcoin cycle dead? Why this cycle differed, no retail mania | | 17:00–23:00 | Market participant breakdown (investors, traders, hedgers, gamblers) | | 23:34–26:00 | Prediction markets, gambling, and regulatory risk | | 26:00–35:00 | Market manipulation, spoofing, and the K-shaped (wealth divide) economy | | 38:15–42:00 | On-chain assets/tokenization, why tribal infighting in crypto is counterproductive | | 42:17–46:57 | Spoofing in metals, illusion of asset "gain" via currency devaluation | | 47:31–50:56 | Gambling and hyperinflation as symptoms of failing societies/wealth decay | | 50:56–53:30 | Rise of "digital prison" surveillance (CBDCs, stablecoins), flight from the system, concerns about privacy | | 53:37–57:11 | “The big club”, political dynasties, and whether Bitcoin has any hope of fixing the system | | 57:11–end | Can Bitcoin "fix this"? The endgame for crypto, technical resilience, and concluding reflections (with humor) |

Tone and Takeaways

• The tone is candid, irreverent, skeptical—sometimes darkly humorous.
• Both speakers are world-weary but keep the atmosphere lively, with dashes of gallows humor and genuine concern.
• The episode is ultimately pessimistic about systemic reform—or even the possibility of truth and transparency in media and politics—but holds space for individual acts (like buying Bitcoin) as meaningful protest.
• The technical, market, and regulatory commentary is informed but cynical, repeatedly invoking the idea that even if “Bitcoin doesn’t fix this,” it just might be all we’ve got.

Conclusion

Should we be worried about Bitcoin?
The answer, from both Scott and Mark, is: worry more about the system. Bitcoin may have faltered in fulfilling its libertarian promise as power shifts to institutions and trust crumbles worldwide, but it remains a viable, if symbolic, tool for individual autonomy in an age of surveillance, inequality, and global disarray.

Most memorable closing quote:

"Bitcoin actually does fix this, which is why they hate it... But we as individuals can still, I think, resist a little bit by having some portion of our wealth outside that system and keep having shows like this that educate and keep raising the questions because ultimately, the questions are more important than the answers." —Mark Yusko [56:09]

For more: Listen to the full episode for the full context, Mark’s technical investment breakdowns, and the duo’s unfiltered banter.