Podcast Summary: The Wolf Of All Streets

Episode: Bitcoin Supercycle Still Ahead? Institutions, Banks & Governments Accumulate!

Host: Scott Melker

Guest: Yago

Date: November 13, 2025

Overview

In this episode, Scott Melker and guest Yago dive into recent momentum in Bitcoin and the wider crypto ecosystem. They highlight regulatory changes in the US, major global adoption news, government and institutional involvement, current cycle theories, and the evolving state of privacy coins and technology. The conversation blends optimism about increased legitimacy for crypto with critical takes on outdated regulatory approaches, and forecasts the potential for a "supercycle" scenario—where Bitcoin outgrows its historical boom-and-bust patterns.

Key Discussion Points & Insights

1. Evolving US Crypto Regulation and SEC/CFTC Developments

• The US government reopening means crypto is again a legislative priority ([00:49]).
• Bipartisan moves are aiming to shift oversight of most tokens from the SEC to the CFTC, seen as more reasonable by the industry ([00:49] – [02:18]).
  • SEC Chair Paul Atkins has proposed a new token taxonomy with four buckets: payment tokens, utility tokens, commodities, and securities ([01:20]).
  • Most crypto assets would not be classified as securities, reducing SEC oversight.
• This taxonomy borrows from frameworks previously used in Europe and Central America ([02:18]).
  • Bitcoin would continue to be seen as a commodity, outside strict regulation.
• Regulatory stability is a major theme: potential new rules would be hard to reverse and could bring much-needed certainty to the space ([04:37]).
• Laws and regulations are still pending; current advances are mostly regulatory and not yet enshrined in law ([05:27]).

Notable Quote

"The SEC and the overall Trump administration are looking to introduce changes which would effectively be permanent or very, very hard to reverse even under a change in the regime…and what that does…is it brings stability."
— Yago, [04:37]

2. Security Classification, The Howey Test, and Criticisms of the SEC

• The SEC’s position leverages the Howey test from the 1930s/40s, which many see as outdated ([05:27]).

  • Potential for a “safe harbor” scenario where tokens begin as securities but, as networks decentralize, lose that status ([06:28]).

• Yago remains skeptical of the SEC’s depth of understanding, citing major projects (XRP, Solana, TRON, BNB) that still require active, managerial efforts ([06:56]).

  • The term “security” is now a weaponized label in the industry ([08:47]).
  • SEC’s crypto oversight is criticized as ineffective:

  "If we can get the SEC out of this, because their involvement has been absolutely horrendous and they've protected no one from anything."
  — Yago, [07:35]

• Fraud remains a core enforcement issue, regardless of asset class ([08:14]).

3. ETFs, Populist Narratives, and Retail Excitement

• XRP ETF launches, potentially riding the enthusiasm of the XRP “army” and Lindy effect (the idea that longevity breeds confidence and adoption) ([09:38]).
• Trump’s proposed $2,000 stimulus draws parallels with Covid-era checks that spurred retail flows into crypto ([10:58] – [12:09]).
  • Estimated 10% of previous stimulus flowed into Bitcoin.
  • Both parties talk fiscal responsibility but continue deficit spending:

  "You don't get voted in by spending less. You get voted in by spending more. It's just a question of how you're going to spend it."
  — Yago, [12:09]

4. Governments, Institutions, and the Bitcoin Reserve Trend

• Momentum for government-held Bitcoin:
  • Taiwan lawmakers consider a Bitcoin strategic reserve ([13:01]).
  • UK’s Nigel Farage and the Reform Party propose eliminating taxes on Bitcoin and introducing a sovereign Bitcoin reserve ([14:02]).
  • Czech Republic’s law: Hold Bitcoin for more than three years, pay no capital gains tax; central bank has a $1M pilot crypto reserve ([14:38]).
• Institutional demand persists regardless of short-term price action:

  "61% of institutions plan crypto allocation boost into Q4…clear accumulation of crypto assets, clear interest still in the class…none of them…are spooked by price action."
  — Scott Melker, [15:18]

5. Debating the Supercycle and Market Sentiment

• Anxious anticipation over whether the traditional four-year cycle is ending or has already ended ([16:23]).

• The possibility of entering uncharted waters for Bitcoin if prices hold steady into the new year ([16:23]):

  "If Bitcoin's price is holding up in the new year, then we are in totally new territory…no one…will be able to still argue that the four year cycle is playing out at all as expected."
  — Yago, [16:23]

• The significance of market psychology and narrative—both admit daily price obsession may be counterproductive but psychologically influential ([17:15]).

  • The four-year cycle model persists in shaping expectations ([17:33]).

6. Privacy Coins, Narratives, and Tech

• Zcash’s surprise surge and speculation on the drivers—potentially proof-of-stake pivot, or coordinated buying and narrative building ([20:31] – [21:07]).

• Interest in privacy features grows as regimes tighten oversight.

  • New UK rules suggest a cap on stablecoins and a harsher stance than the US ([21:28]).
  • The role of privacy for both small and large transactions emphasized:

  "Anyone trying to spend small money to buy medicines or, or big money to do significant trades on an institutional level absolutely needs to have confidential transactions."
  — Yago, [21:47]

• Zcash and Monero have both advanced privacy tech but face adoption limitations ([24:19]).

  • Zero-knowledge proofs are being integrated more into Bitcoin and Ethereum ([24:53]).
  • Regulatory chill around privacy projects (Samourai, Tornado Cash) makes development more perilous ([25:05]).

• Yago’s platform, BOS, is working on confidential transactions for institutions, ultimately benefiting individuals' privacy needs ([25:21]).

7. Real-World Adoption and Project Updates

• Czech National Bank becomes the first central bank to buy Bitcoin for a test portfolio ([26:14]).
  • Hosts humor over not remembering the Czech currency—eventually corrected to “Koruna” ([26:35]).
• BOS platform (Yago’s project) sees a strong uptick in trading volume, with hundreds of millions in recent days ([27:09]):

  "191 million in the last 24 hours. I'm looking at it right now. That's a lot."
  — Scott Melker, [27:25]

Notable Quotes & Moments

• "Fraud is fraud. This is not meaning lax enforcement, it just means that we're defining it."
  — Scott Melker, [08:14]
• "I remember when the Republican pitch was fiscal responsibility. And they still say they're fiscally responsible while at the same time floating $2,000 stimulus checks. The smoke and mirrors of our government on both sides is just astounding to me."
  — Scott Melker, [11:53]
• "If the four-year cycle is dead…that would be remarkable because it would mean that nobody knows anything anymore."
  — Yago, [18:55]

Key Timestamps

• [00:49] — Regulatory optimism: government reopening, crypto on legislative docket
• [02:18] — SEC’s new token taxonomy: payment, utility, commodity, security
• [04:37] — Regulatory change and industry stability
• [06:56] — Limits of the “decentralization” test and SEC’s effectiveness
• [09:38] — XRP ETF launches, retail vs. institutional demand
• [10:58] — Trump’s stimulus proposal and potential effects
• [13:01] — Global trend: governments and strategic Bitcoin reserves
• [15:18] — Institutional accumulation and indifference to price drops
• [16:23] — Supercycle “watch” and cycle theory debate
• [20:31] — Zcash privacy coin hype and speculation
• [21:28] — UK’s restrictive stablecoin policy, growing need for privacy
• [24:53] — Zero-knowledge proofs and privacy in Bitcoin/Ethereum
• [25:21] — Building confidential Bitcoin transactions for institutions
• [26:14] — Czech National bank’s crypto pilot
• [27:09] — BOS platform growth

Conclusion

This episode captures a bullish yet critical perspective on the state of crypto in late 2025. Scott Melker and Yago frame the current moment as pivotal: regulatory clarity and global adoption are gathering speed even as cycle narratives are questioned, institutions and some governments accumulate, and privacy technology advances. The conversation reflects both skepticism toward regulatory bodies and optimism for a maturing, increasingly legitimate crypto ecosystem—potentially moving into a true “supercycle.”