Episode Overview

Podcast: The Wolf Of All Streets
Host: Scott Melker
Episode: Bitcoin, Gold & Silver Collapse Amid EXTREME Market Pressure! Worst Yet To Come?
Date: January 30, 2026

In this solo episode, Scott Melker dives deep into the extreme volatility and simultaneous crashes in the Bitcoin, gold, and silver markets, examining the possible causes and wider implications for global markets. Scott also touches on macroeconomic developments, crypto regulation and politics, the rise of speculation, and the current status of AI and its impact on markets. The tone remains witty, direct, and sometimes irreverent throughout.

Main Themes

• Sudden Collapses in Bitcoin, Gold, and Silver
• Speculative Mania and Market Leverage
• Political & Regulatory Changes in Crypto
• Debates About ‘Digital Gold’ and Bitcoin’s Narrative
• AI Market Hype and Its Economic Impact
• Outlook for Crypto, Traditional Markets, and Regulation

Key Discussion Points & Insights

1. Market Meltdown: What Happened?

[00:01 – 09:25]

• Extreme Downturn: Bitcoin, gold, and silver all experienced dramatic crashes, erasing trillions from markets.
  • “Bitcoin, gold and silver absolutely crashed and collapsed… What the hell is going on with global markets?” (Scott, 00:01)
• Mass Liquidations: Crypto alone saw $1.8 billion liquidated in two hours, which dwarfs the carnage from the infamous FTX collapse (then $1.2 billion).
  • “Yesterday we once again had many multiples of the FTX liquidations... 1.8 billion in a matter of two hours” (Scott, 08:28)
• Silver’s Insane Moves: Silver, historically “boring,” swung in 22% range in 36 hours—a behavior Scott likens to the shadiest shitcoins of 2021-2022:
  • “Silver is supposed to be boring… here we are, Silver showing why it's aptly named the Devil's metal.” (Scott, 02:27)
• Not Fundamentals—Speculation: These moves are not driven by fundamentals but by rampant speculative behavior and leverage.

2. Global Price Disparities & Mania

• Regional Price Gaps: Silver prices diverged widely across regions:
  • Shanghai and India witnessed significant premiums ($10–$22 more than the West).
  • Reminiscent of the “kimchi premium” in Bitcoin’s 2017 run, where coins traded at much higher prices in South Korea.
• Healthy Market? Nope:
  • “All I can tell you is that's not a sign of a healthy market... Silver and gold are just going up, wildly up and down because speculators have lost their damn minds.” (Scott, 06:47)

3. Political & Leadership Shifts: Trump and the Fed

[10:15 – 15:26]

• Trump on Crypto (clip with Jim Cramer – [10:15]):
  • Trump emphasizes the need for US leadership in crypto and AI, “We're going to be ahead of AI… We're going to do great things in crypto.”
• New Fed Chair Nominee: Kevin Warsh:
  • Surprising pick with mixed hawkish/dovish credentials.
  • Notably positive about Bitcoin:
    • “Bitcoin doesn't trouble me. I think of it as an important asset that can help inform policymakers... not a substitute to the dollar, but often a good policeman for policy.” (Kevin Warsh, 13:17)
    • “If you're under 40, Bitcoin is your new gold.” (Paraphrased by Scott, 15:26)

4. Gold, Bitcoin, and the “Debasement” Trade

[15:26 – 19:36]

• Gold Surging, Bitcoin Lagging:
  • Gold has lived up to its role as a debasement hedge; Bitcoin has not participated in this rally, much to Scott’s chagrin.
  • “Gold is doing what gold's supposed to do. Sadly, bitcoin has not participated.” (Scott, 16:54)
• Paper Gold vs. Bitcoin:
  • Tokenized ('digital') gold exists but lacks the self-custody and trustless properties that make Bitcoin unique.
  • “Do not conflate those two things… it's wildly untrue.” (Scott, 17:52)
• Gold Bug Perspective:
  • Clip of Peter Schiff predicting the dollar’s collapse and gold’s replacement as reserve currency ([19:36]).
  • Scott pokes fun but admits Schiff has been right about much of gold’s price action.

5. The “Rotation” Myth & Retail Behavior

[20:17 – 22:30]

• No Natural Rotation:
  • Scott debunks the idea that profits from gold/silver automatically rotate into Bitcoin.
    • “People who buy things speculatively don't rotate. They… ride the roller coaster all the way up and then all the way back down.” (Scott, 22:07)
• Speculation, Not Fundamentals:
  • Flows into gold and silver appear to be driven by retail mania, not deeper conviction or utility.

6. Regulatory Progress & Clarity Act Stalemate

[24:00 – 29:15]

• Senate Clarity Act Update:
  • The Clarity Act moves forward but is deadlocked and likely “dead on arrival.” Partisan disputes remain, with Democrats demanding ethics clauses barring Trump and family from benefiting from crypto ([24:40]).
• SEC/CFTC Cooperation:
  • For the next three years, crypto-friendly regulators (both SEC and CFTC) may drive de facto positive change for the industry, even without legislation.
  • “We basically have a guaranteed three year period right now, at least with favorable regulation.” (Scott, 27:50)
  • This is a “Goldilocks moment” for the industry to prove itself “too big to fail.”

7. Anti-Crypto Sentiment & Political Threats

[30:00 – 32:50]

• Elizabeth Warren & ‘Anti-Crypto Army’:
  • Senator Warren and other Democrats pursue conflicts-of-interest attacks, implying regulatory rollbacks are due to crypto lobbying.
  • Scott pushes back hard: “No, it's because it's sensible to roll these things back. And maybe they're just smart people who think crypto's okay. And not an industry that needs to be destroyed every five minutes.” (31:58)

8. The AI Bubble?

[32:50 – 37:30]

• OpenAI's Cash Burn:
  • Losses are projected to reach $14 billion by 2026, with a possible shortfall by 2027.
  • AI hype in the market is compared to previous bubble cycles, with mounting debt and overbuilding in data centers.
• No Dot-com Bust, But...:
  • Bank of America predicts years of “sluggishness” from excessive AI investment.
• Nvidia and the AI 'Circle Jerk' ([34:50]):
  • Scott presents a tongue-in-cheek ‘chart’ of major AI firms investing in each other, calling out the mutual bag-pumping as “a massive washing machine of money.”

9. Market Sentiment, Strategy, and Scott’s Outlook

[37:30 – End]

• Bitcoin Rebounds Modestly:
  • “Bitcoin's back at a healthy price of $83,000. Feels good, man.” (Scott, 37:45)
• Long-Term Confidence:
  • Scott maintains bullish conviction and encourages long time-horizon thinking over short-term price worries:
    • “If you are a long term believer and you think that bitcoin is important, you should be buying the hell out of it at this price.” (Scott, 38:58)
  • “Either you are a speculator and a tourist and a short termer here convincing yourself somehow that you're in for the long haul, but actually we obsess about the price every day or you actually think this thing is going to go up massively over the next few years…” (Scott, 39:40)
• Preparation & Realism:
  • Scott admits to prepping episodes minimally and relies on his deep, continuous immersion in the sector.
  • “I believe that if you stay ready, you don't have to get ready.” (Scott, 39:10)

Notable Quotes & Memorable Moments

• “The price action on silver is reminiscent of the worst shitcoins that we had in the most volatile alt seasons in 2021 or 2022.” (01:57)
• “Silver is rising for the same reason that altcoins rose in the past. It's because it catches a bid. There's fomo. Your grandma calls her friend who's also a grandma, and she buys silver. Who tells the Uber driver to buy silver.” (04:00)
• “Bitcoiners are smart, 87% more attractive to women. We smell great and people love us.” (15:46)
• “Paper gold that you're trading still requires a trusted third party to custody that gold somewhere. This doesn't solve any of the problems of self custody and freedom that bitcoin solves.” (17:45)
• “Retail does not make money on speculative frenzies. It just does not happen.” (21:51)
• “Matt Hogan... said, listen, if we don't get this legislation... this is the three year period when the crypto industry actually needs to prove its worth and that it's viable and that it's an important technology...” (27:57)
• “If you are a long term believer and you think that bitcoin is important, you should be buying the hell out of it at this price.” (38:58)
• “I believe that if you stay ready, you don't have to get ready.” (39:10)
• “I just literally rambled about absolutely nothing for 40 minutes. I don't, I blacked out. I don't even know what happened. Felt good though. Solo shows are good.” (39:15)

Important Timestamps

• Market collapse overview: [00:01–02:00]
• Silver’s wild price action: [02:00–06:00]
• Crypto market leverage and liquidations: [08:00–09:25]
• Trump’s crypto stance (clip): [10:15–10:38]
• Fed Chair nominee Kevin Warsh on Bitcoin: [12:50–15:26]
• Peter Schiff (gold bug) on economic crisis (clip): [19:36–20:17]
• Speculation & lack of “rotation”: [21:00–23:00]
• Clarity Act breakdown: [24:00–26:30]
• SEC/CFTC “Project Crypto” regulation: [27:30–29:15]
• AI meltdown and market speculation: [32:50–37:00]
• Scott’s big-picture advice & closing: [37:30–39:56]

Conclusion

Scott Melker’s solo episode covers the most dramatic market corrections in years—across crypto, gold, and silver—unpacking why they happened, what the hell it means, and where things go from here. He explores the role of runaway speculation, new political realities, and the challenges of making sense of markets in a “fourth turning” environment rife with uncertainty. Despite the chaos, Scott remains bullish on Bitcoin (and on the importance of long-term conviction), offers biting commentary on policy and personalities, and leaves listeners with a stark reminder: now is the time for the crypto industry to “prove its worth”—the next three years could be decisive.