Podcast Summary: The Wolf Of All Streets Episode: Project Crypto: How The USA Plans To Dominate Global Bitcoin & Crypto
Host: Scott Melker
Release Date: August 1, 2025

Introduction

In this episode of The Wolf Of All Streets, host Scott Melker delves deep into the latest developments surrounding Bitcoin and the broader cryptocurrency landscape. Joined by co-hosts NLW and Matt, the conversation navigates through significant topics such as the U.S. government's strategic moves in the crypto space, regulatory shifts by the SEC, insights from financial gurus like Ray Dalio, and major industry maneuvers by entities like JP Morgan and Coinbase.

1. US Government’s Bitcoin Holdings and Project Crypto

The episode kicks off with a discussion on the recent announcement by Paul Atkins of Project Crypto, signaling the United States' ambitions to dominate the global Bitcoin and crypto market.

• White House Report Analysis:

  • NLW highlights the arrival of a 160-page White House report on crypto, describing it as a "word salad" that reiterates known information but notably omits details about the U.S. government's Bitcoin holdings.
    • "By the time we got Project Crypto, I forgot about the White House report we were waiting for for 180 days. [...] But I think the most notable part of that was what wasn't there, and that was an accounting of how much bitcoin the United States government holds." [01:39]

• Paul Atkins' Project Crypto Speech:

  • A pivotal segment covers Paul Atkins' vision through Project Crypto, aiming to make America the crypto capital of the world.
  • Matt emphasizes the SEC's evolving stance, moving away from stringent enforcement under Gensler towards a more inclusive regulatory framework.
    • "This was a pretty remarkable speech, honestly." [08:44]

• SEC’s Regulatory Shift:

  • Matt elaborates on the SEC's new approach, highlighting the desire to integrate crypto into the securities regime without blanket classifications.
    • "It was a, almost a. A re. Embrace of cryptos as a potential part of a modern securities regime that was inclusive where it needed to be." [07:07]

2. Federal Reserve and Jerome Powell’s Stance

The conversation shifts to the Federal Reserve's recent actions and Chairman Jerome Powell's remarks on interest rates.

• Fed’s Rate Decisions:

  • Matt critiques Powell's latest stance as more defiant, despite maintaining consistent messaging about waiting for economic data before adjusting rates.
    • "The tone I think was perceived or just the posture was received as more defiant, let's say." [10:51]

• Impact of Job Numbers on Bitcoin:

  • NLW connects the recent job report—73,000 jobs added in July, below expectations—to potential Bitcoin price movements, suggesting rate cuts could positively influence Bitcoin.
    • "When we get bad job numbers, number goes up for Bitcoin because that means they might cut rates." [11:33]

3. Ray Dalio’s Investment Advice on Bitcoin and Gold

The episode touches on Ray Dalio's recommendation for asset allocation amid rising U.S. debt.

• Dalio’s Proposal:

  • NLW summarizes Dalio's advice to allocate 15% of investment portfolios to Bitcoin and gold as a hedge against a potential debt doom loop.
    • "Ray Dalio recommends 15 Bitcoin and gold investment at US faces debt doom loop." [12:28]

• Market Perception:

  • Matt discusses the mixed reception of Dalio's advice, pondering whether listeners view him as a credible authority or as someone who overly predicts crises.
    • "The takeaway will not be the nuanced, you know, going back to nuance, the nuanced argument that he's making about what's going to happen next." [13:19]

4. Treasury Companies and Market Movements

The discussion moves to the volatile behavior of treasury companies, particularly focusing on Tom Lee’s treasury vehicle initiating a significant stock buyback.

• Stock Buyback Concerns:

  • NLW explains the perplexing move by Treasury companies to buy back stock after a substantial price crash, questioning the sustainability of such actions.
    • "When your business structurally is issuing stock to buy Ethereum, it makes you scratch your head a little bit." [15:49]

• Market Implications:

  • Matt analyzes the potential reasons behind the buyback, considering narrative exhaustion and its impact on future investments.
    • "Any individual treasury company sort of no longer having its flywheel working is fine. It's more a question of, you know, at what point is there narrative exhaustion." [16:54]

• Mean Reversion Theory:

  • NLW attributes the buyback to mean reversion, suggesting that excessive premiums on treasury companies' stocks would naturally correct over time.
    • "I think this was just mean reversion." [17:55]

5. Galaxy’s Sale of 80,000 Bitcoin

A significant portion of the episode is dedicated to Galaxy's extensive sale of Bitcoin and its market repercussions.

• Market Resilience:

  • Matt highlights how the sale of 80,000 Bitcoin by Galaxy did not significantly impact the market, contrasting it with Germany's earlier large-scale Bitcoin sell-off.
    • "A lot of bitcoin was sold and the market didn't really react." [20:01]

• Skepticism About Large Holdings:

  • NLW questions the possibility of one entity holding an excessively large amount of Bitcoin without distributing it, speculating on the presence of hidden holdings.
    • "What if he has 200,000 Bitcoin?" [21:18]

6. JP Morgan and Coinbase Partnership

The episode concludes with an exciting development: a strategic partnership between JP Morgan and Coinbase, set to revolutionize crypto banking and transactions.

• Partnership Details:

  • NLW expresses astonishment at the breadth of the partnership, which includes trading via API from JP Morgan accounts, using Chase Sapphire points to buy crypto, and funding Coinbase accounts with high-interest credit cards.
    • "This is, you know, a pretty powerful version of that. This isn't some like, you know, seventh out of ten bank. This is JP Morgan Chase." [24:39]

• Implications for the Crypto Industry:

  • Matt interprets this collaboration as a testament to Coinbase’s dominance and the willingness of traditional financial giants to integrate with established crypto leaders rather than creating competing products.
    • "Coinbase is the chosen partner, seemingly for almost everyone." [24:39]

• Challenges for Traditional Banks:

  • The discussion also touches on the potential internal conflicts at JP Morgan, given Jamie Dimon's likely skepticism about cryptocurrencies.
    • "Somehow, somehow, some way he's going to survive this." [25:19]

Conclusion

Scott Melker wraps up the episode by encouraging listeners to engage with the community through various platforms, highlighting the importance of staying informed and connected in the rapidly evolving crypto landscape. The hosts reiterate the significance of the discussed topics and their impact on the future of cryptocurrency in the United States and globally.

Notable Quotes:

• Paul Atkins on Project Crypto:

  • "Project Crypto, which will be the SEC's North Star in aiding President Trump in his historic efforts to make America the crypto capital of the world." [03:52]

• Matt on SEC’s New Vision:

  • "It was a pretty remarkable speech, honestly." [08:44]

• Ray Dalio’s Allocation Advice:

  • "If you are a completely average case point of view around how things are, are evolving right now, you should be 15 in hard assets." [13:58]

• NLW on JP Morgan and Coinbase:

  • "This is JP Morgan Chase." [24:39]

This comprehensive summary encapsulates the critical discussions and insights shared by Scott Melker and his co-hosts, offering a clear understanding of the current dynamics shaping the Bitcoin and cryptocurrency ecosystem in the United States.