Podcast Summary

The Wolf of All Streets

Host: Scott Melker

Episode: Crypto Bounces, BTC Dominance Rises To 60% | CryptoTownHall

Date: October 23, 2025

Episode Overview

In this lively roundtable, Scott Melker gathers a panel of seasoned traders, analysts, and crypto veterans to discuss the latest volatility in Bitcoin and crypto markets, the recent surge in BTC dominance (~60%), bitcoin’s resilience, the outperformance of certain assets, the evolving role of stablecoins, and breaking news regarding Binance founder CZ. The discussion weaves macro perspectives, market psychology, comparisons to gold and Treasuries, and the ever-present debate: bitcoin versus everything else.

Key Discussion Points

1. Crypto Market Cycles, Volatility, and Maturity

[00:01–03:48]

• The panel, consisting largely of 40–60 year-olds, notes how their experiences through multiple market cycles add perspective.
• Volatility is contextualized; “The hyperbole of looking at Bitcoin trading within $1,000...after a significant move…there’s no reason to panic one way or another.” (C, 01:19)
• Gold vs. Bitcoin: Both are framed as speculative “risk assets” despite their safe-haven reputation.
  • Gold and silver see wild speculative surges linked to central bank activity and leverage.
  • Classic market advice: “You’re not supposed to be buying when they’re yelling.” (E, 03:48)
• Silver as an Altcoin: An amusing analogy likens silver’s second-tier volatility to Ethereum’s.
  • “You made the joke. But it’s not a joke that silver is effectively an altcoin. Well, sure, it’s Ethereum.” (C, 02:53)

2. Bitcoin’s Resilience and Altcoin Depression

[06:59–08:16]

• Flows from Bitcoin don’t seem to move into altcoins as expected, but rather into precious metals.
  • “People waiting for alt season...it went from bitcoin rally to precious metal season, not alt season, because that’s where the money flows went.” (C, 06:59)
• Discussion of retail “lining up” as a market top signal, referencing conference behavior in Dubai where booths for precious metals drew more interest than crypto.
• Market’s cyclical ebb is emphasized: alt seasons will return, but supply churn must resolve first.

3. The Narrative Power and Institutionalization of Bitcoin

[09:16–12:25]

• Critical view of Tucker Carlson’s conspiracy that "Bitcoin is CIA-created.”
  • “Bitcoin’s open source and so you could verify it, which basically means it’s as verifiable in its supply, in fact, more so than gold...No one cares who invented gold.” (C, 10:09)
  • “If in fact the NSA, CIA or whatever created it, then effectively we already have a Bitcoin strategic reserve.” (C, 10:49)
• Diverging views on government ownership of Satoshi coins: cypherpunk vs. pragmatic (“From a pure asset point of view, the overhang risk disappearing is bullish; from a cypherpunk point of view, hell no.”) (C, 11:47)
• The “bitcoin vs. everything else” debate:
  • “In my view, there’s Bitcoin and there’s everything else. That doesn’t mean there’s anything wrong with everything else. But they are not the same asset class.” (A, 28:38)

4. Macro: Bitcoin, Gold, Treasuries, and Stock Market

[14:38–19:43]

• Institutional signal: Rick Reeder (BlackRock) includes bitcoin in his fixed income fund—a sign of mainstream acceptance.
  • “To have the world’s largest fixed income fund say it’s now an asset in there...I think that's one of the bigger signals.” (G, 13:05)
• Mike McGlone’s caution: bitcoin and gold are now highly correlated to the S&P, with risk managers noting diminished returns and high volatility.
  • "Now we have the highest potential dependency and correlation to the US stock market in history...Bitcoin is up about the same as S&P 500 and trades two times the volatility." (D, 14:38)
  • His “next big trade” thesis shifts toward Treasuries, noting their historic cheapness versus gold and warning of bubble-like euphoria and “Hopium.”
• Wealth concentration and two-tiered economy visible in all-time-high corporate profits, but low wages (C, 18:26).
• Bitcoin’s sustained bid and ability to recover post-liquidation is highlighted: “If you were right Mike, then the liquidation event that happened last week would have pushed bitcoin way the hell lower...there’s a real bid and that real bid mattered.” (C, 18:26)

5. Fundamental Value: Meme Coins, Narrative, and the Nature of Money

[19:43–28:38]

• Meme coins evaluated: are they brands, speculative vehicles, or empty vessels?
  • “If Pudgy Penguins is a brand...I can kind of get it...if your meme coin literally has no marketing value...it’s worse than Beanie Babies.” (C, 20:25)
• Bitcoin’s “meme status” considered in a different light:
  • “Bitcoin is a meme. It’s just shared belief.” (G/A, 21:00)
  • The U.S. dollar is also a meme—a matter of collective faith.
• Tomer reframes: Bitcoin’s memes serve as vessels for foundational truths (“scarcity and unseizability”), unlike disposable meme coins.
  • “Bitcoin’s story is about scarcity and unseizability and permissionlessness...bitcoin’s really here for the long term and here to stay.” (H, 22:52)
  • “Not your keys, not your coins”—memes are condensed, enduring truths. (H, 24:21)

6. Stablecoin Supremacy, Crypto Rails, and Adoption

[28:38–42:01]

• Staggering Transaction Volumes:
  • “Crypto stablecoin transaction volume in the past year was $46 trillion—three times the Visa network, over half of ACH, which powers the entire banking system.” (A, 29:22)
  • “There’s no question that stablecoins are eating the world right now.” (A, 29:58)
• Invisible Adoption:
  • “Maybe people don’t realize they’re using them...I saw the same thing with the internet...” (H, 30:22)
  • Stablecoins are poised to be abstracted away, running as rails for payment apps—regardless of blockchain.
  • “Once it’s just PayPal or Venmo...and it’s happening on crypto rails and it’s completely abstracted away, and you don’t know about it...it’ll be hundreds of trillions.” (A, 31:10)
• Platform Wars and Token Value:
  • Debate on whether chains (Ethereum, Tron) benefit in value from being stablecoin platforms.
  • “You need the gas of that token in order to send a stablecoin...so tracking which chain is getting adopted is a marker of which gas token will drive adoption and value...it is a value. It’s like saying there’s no value in oil.” (B, 35:25)
  • Counterpoint: As VCs subsidize many chains, true winners will emerge only when actual, sustainable economic models are achieved.
• Decentralized vs. KYC’d Rails:
  • Critical tension: If mega-corps (USDC, JPMorgan) build private rails, the unique value of permissionless, censorship-resistant stablecoin rails could be lost.

7. Where Does Value Accrue? Tokens vs. Networks

[42:01–48:00]

• Does stablecoin traffic create enduring value for the underlying gas token (e.g., Tron or Ether)?
  • “If [gas utility] is the only value of the token, it’s limiting...Tron does more stablecoin transactions...and is what, an eighth the value of Ethereum?” (F, 44:37)
  • “This is one of the metrics to look at: hey, which chains are tradfi companies using as rails for stablecoins? That’s a metric.” (B, 45:28)
  • Staking adds another layer of utility and value dynamics in networks like Tron and Ethereum.

8. Narrative and Investment Cases: Lessons from History

[50:16–52:09]

• “Arguably the most important force in investing...is narrative. Narratives drive massive changes in investments.” (F, 50:16)
• “History constantly, if not repeats, it certainly rhymes...the narrative about stablecoins is one based on change, and it’s going to make a very big deal.” (F, 51:33)
• Investment value in crypto and stablecoins will depend on digging deeper than hype or transaction volume—focus on where and how value truly accrues.

9. Breaking News: CZ Pardoned by Trump

[52:09–54:54]

• Breaking: “CZ was just pardoned by Trump.” (A, 52:09)
  • Panel banter about the implications: “That’s interesting. Is that bullish?” (F, 52:18)
  • BNB token responds immediately, catching a bid. “BNB/Aster, anything sort of CZ related is catching a bid...just all systems go for crypto in the US for now.” (A, 55:14)
• The panel muses—semi-seriously—on whether SBF might be next.
• The event is seen as one more “green light” signal for crypto innovation and acceptance in the U.S.

Notable Quotes & Moments

• On market cycles:
  • “The one benefit of having us all on this is that we’ve all seen market cycles before.…” (A, 01:01)
• On gold and speculation:
  • “It's called the devil’s metal for a reason. It trades two times the volatility of gold.” (E, 03:32)
  • “You’re supposed to be selling when they're yelling.” (E, 03:48)
• On Bitcoin’s government origins conspiracy:
  • “Bitcoin's open source...it's more verifiable than gold.” (C, 10:09)
  • “If...the NSA, CIA or whatever created it...we already have a bitcoin strategic reserve...” (C, 10:49)
• On stablecoins transforming finance:
  • “Stablecoins are eating the world right now.” (A, 29:58)
  • “It’s amazing how these things happen somewhat invisibly...everything’s been subsumed” (H, 30:22)
• On narrative as investment driver:
  • “The most important force in investing is narrative. Narratives drive massive changes in investments.” (F, 50:16)

Key Timestamps

• Market cycle wisdom, volatility context: [00:01–03:48]
• BTC & altcoin flows, risk signals: [06:59–08:16]
• Tucker Carlson/BTC origins, strategic reserve debate: [09:16–12:25]
• Macro view: BTC, S&P, gold, treasuries: [14:38–19:43]
• Meme coins, nature of value & money, bitcoin memes: [19:43–28:38]
• Stablecoin adoption & rails: [28:38–42:01]
• Network vs. token value, gas utility: [42:01–48:00]
• Investment narratives & lessons: [50:16–52:09]
• CZ pardon breaking news: [52:09–54:54]

Final Thoughts and Tone

The episode blends seasoned market perspective, a touch of irreverent banter, and pragmatic skepticism toward hype. The hosts and panel are candid—sometimes blunt—about the difference between bitcoin and broader crypto, the realities of token utility, and where value may (or may not) accrue in this rapidly evolving ecosystem. The tone is lively, often humorous, and brimming with market-tested realism.

For listeners seeking:

• A nuanced, well-grounded view of recent bitcoin and crypto market developments
• Insight into stablecoin adoption and its implications for crypto networks
• Lively “bitcoin vs. everything else” debate, with a dash of macroeconomic context and a breaking news twist—this episode delivers.