The Wolf Of All Streets — Crypto Town Hall

Episode: Bitcoin Down, Everything Else Up. #CryptoTownHall
Host: Scott Melker
Date: January 26, 2026

Overview

This episode of Crypto Town Hall captures an urgent, candid discussion about the shifting dynamics in global markets—especially the striking underperformance of Bitcoin amid surges in precious metals like silver and gold. Host Scott Melker convenes a roundtable of regular panelists, traders, and special guest Mauricio Di Bartolomeo (Leden), to explore not just price action, but underlying narratives, macro implications, adoption hurdles, and the evolving role of credit and lending in crypto. The episode reflects a prevailing mood of market uncertainty, global political concerns, and mounting frustration among Bitcoin believers.

Key Discussion Points & Insights

1. Silver Frenzy vs. Bitcoin Stagnation

• ([00:00–05:06])

• Silver is reaching new all-time highs, likened to the "Dogecoin of 2021" for its wild, sometimes emotional, retail enthusiasm.
• Bitcoin, conversely, remains flat, with a sentiment that oscillates between boredom and despair.
• Discussion: What happens when the "hot money" from silver rotates elsewhere? Will Bitcoin benefit?

Notable Quotes:

• “Somebody said... silver is the new bitcoin... it feels like silver is like the new Dogecoin 2021.”
  — Scott Melker, [01:58]
• “The bigger ball of money is going to go someplace, and we'll see. It'll be probably at some point this year.”
  — Panelist B, [00:50]

2. Market Reactions to Global and Domestic Turmoil

• ([05:28–08:47])

• The typical “risk-off” response to global instability sees flows into gold and silver rather than Bitcoin.
• There’s institutional conviction in Bitcoin, but mass market/investor sentiment is slow to adapt.

Notable Quotes:

• “Seeing this level of instability... is drawing people away from the dollar and into risk-off commodities... gold and silver.”
  — Carlo, [05:28]
• “Bitcoin does this, and then for no explainable reason it just takes off... I can’t discount the possibility of that here.”
  — Carlo, [07:41]

3. Macro Shocks: Japan’s Yen, US Policy, and Weak Dollar

• ([08:54–14:45])

• Wild volatility in the yen due to central bank inaction and rumor of US intervention. First signals of coordinated efforts to weaken the dollar (parallels to the Plaza Accord of 1985).
• Disquiet that Bitcoin is not rallying as expected amid these moves.

Notable Quotes:

• “This is literally like the end game that... if anything would give bitcoin an Omega candle...”
  — Robert (D), [13:57]
• “It’s kind of upsetting to see bitcoin is like selling off in the face of Plaza Accord 2.0... I’m a little speechless.”
  — Robert (D), [14:31]

4. Bitcoin’s Safe Haven Narrative: Why Isn’t It Working?

• ([14:45–19:41])

• Discussion: Most non-crypto people don’t view Bitcoin as a stable or safe haven in global crises—gold and silver still dominate.
• Panelists argue Bitcoin’s properties make it superior for crisis portability (e.g., memorized seed phrases are unseizable).

Notable Quotes:

• “The majority of people... are not seeing [Bitcoin] as the most stable asset yet in situations of turmoil.”
  — Panelist E, [14:45]
• “Transport 12 words in my head and no one knows... I can transport that wealth.”
  — Robert (D), [18:04]

5. Political Polarization and Bitcoin’s Adoption Hurdles

• ([19:41–24:16])

• Bitcoin is now politically tainted in the US, with deep associations to polarizing figures and institutions, impeding adoption.
• Recurring history of Bitcoin lagging news catalysts, only to surge later (“time-based capitulation”).
• Contrarian signals: Bitcoin looks stretched relative to gold—could a bottom be near?

Notable Quotes:

• “Half of America is like, I don’t want to own this fucking thing.”
  — Panelist B, [19:44]
• “Most of the world, it’s a very small percentage... that actually has a meaningful amount of their assets in Bitcoin. Very small.”
  — Panelist B, [21:15]

6. Morose Sentiment and the Elusive ‘Alt Season’

• ([31:20–38:31])

• Market mood described as worse than ever—Bitcoin and altcoins suffer from apathy and despair.
• The classic “alt season” where all tokens pump seems unlikely to repeat; appetite for altcoins shifting to crypto public equity.
• Publicly listed crypto companies (e.g., Bit) have tanked rapidly post-IPO, exacerbating the gloom.

Notable Quotes:

• “The world of crypto is morose... bitcoin is morose... [crypto] is actually... worse than morose. Suicidal.”
  — Panelist B, [32:09]
• “The alt market is being destroyed by these public entities... It's going to suck every dollar out of the alt market.”
  — Gary, [34:14]
• “There’ll never be an alt season again like the ones we saw in the past.”
  — Scott Melker, [33:27]

7. Self-Custody: Adoption and Usability Struggles

• ([38:07–42:08])

• Complexity and fear around self-custody repel mainstream users; 3 million BTC lost to self-custody errors cited.
• Usability (UI/UX) remains a fundamental barrier to mass adoption.
• Optionality is key: self-custody should be available but not mandatory, and both exchanges and hardware wallets have roles depending on user comfort.

Notable Quotes:

• “Self custody today... the user experience absolutely sucks balls... That cannot be the foundation for a financial system.”
  — Panelist B, [38:31]
• “You should diversify. It's not a bad strategy to balance your assets between self custody and exchanges based on your comfort level.”
  — Carlo, [40:43]

8. Panel Q&A — Bitcoin Lending (with Mauricio Di Bartolomeo, Leden)

• ([49:53–68:53])

• 2025 marked a record year: 1 in 3 global bitcoin-backed loans done via Leden.
• Use cases: 30% of loans for buying more crypto assets, 30% for real estate, 20% for business expansion, 20% lifestyle/living expenses.
• US still leads in understanding/practicing credit collateralized by BTC, but international growth notable.
• BTC lending rates dropping as mainstream banks and institutions join the market.
• Lending is seen as a powerful tool for SMBs to leverage BTC reserves without risking personal guarantees; forecast for growing business adoption.
• Stablecoin lending is rising in countries with hyperinflation and volatile local currencies.

Notable Quotes:

• “We believe 1 in 3 of every Bitcoin-backed loan worldwide is done at Leden.”
  — Mauricio, [50:35]
• “I do completely expect businesses, small, medium businesses, to adopt more Bitcoin and more Bitcoin backed loans.”
  — Mauricio, [63:04]
• “There is no risk that... you're going to lose your house over a bitcoin-backed loan.”
  — Mauricio, [66:44]

9. Closing Thoughts & Macro Outlook

• ([65:58–70:59])

• Panel feels the “rage quit” among retail may actually be bullish in the long run—when the narrative swings back, sidelined sellers will have to chase in.
• Watch for upcoming SEC/CFTC harmonization and Digital Commodities legislation as key potential catalysts.
• Macro factors (especially dollar volatility, government turmoil) continue to weigh on all outlooks.

Notable Quotes:

• “I actually feel better about the potential of price appreciation this year than I did last year based on narrative and obviously macro.”
  — Mauricio, [66:44]
• “We’re beholden to the macro and legislative news agenda...”
  — Scott Melker, [69:43]

Timestamps of Key Segments

• [00:00–05:06] — Silver’s Bull Run, Bitcoin’s Flatness, “Rotation” Expectations
• [05:28–08:47] — Safe-Havens, Institutional Adoption, Patience in BTC
• [08:54–14:45] — Yen Crisis, US/Fed Policy, Bitcoin as “Non-Mover”
• [14:45–19:41] — Bitcoin’s Safe Haven Image, Physical vs. Digital Portability
• [19:41–24:16] — Bitcoin’s Political Baggage, Adoption Timeline, Contrarian Views
• [31:20–38:31] — Gloomy Crypto Sentiment, Altcoin Obsolescence, IPO Disasters
• [38:07–42:08] — Self-Custody: Problems and Necessity for Mainstream
• [49:53–68:53] — Leden & Bitcoin-Backed Lending Deep Dive (Mauricio)
• [68:53–70:59] — Crypto Legislation, Market Mood, Final Reflections

Memorable Quotes

“Transport 12 words in my head and no one knows... I can transport that wealth.”
— Robert (D), [18:04]

“There’ll never be an alt season again like the ones we saw in the past where you throw a dart and literally everything goes up.”
— Scott Melker, [33:27]

“Self custody today the technology... the user experience absolutely sucks balls.”
— Panelist B, [38:31]

“I actually feel better about the potential of price appreciation this year than I did last year based on narrative and... macro.”
— Mauricio, [66:44]

Overall Tone & Takeaways

• The episode is marked by frankness, humor, and a prevailing sense of fatigue.
• Panelists remain fundamentally long-term bullish on Bitcoin but are deeply sober about the hurdles—both in macro policy and end user adoption.
• Silver and gold’s bull runs are fueling existential reflection within the crypto space.
• The mainstreaming of crypto collateralized lending, especially among SMBs and in high-inflation regions, may represent the next major adoption trend.
• For now, timing and patience are essential, and much of the market’s fate hinges on unpredictable political and legislative events.

Summary prepared for those who seek a comprehensive grasp of the episode’s themes, arguments, and memorable moments without listening firsthand.