Podcast Summary: "Super Bullish: Bitcoin Mania Returns! S&P Embraces Crypto, Meta Preps Stablecoin"

The Wolf Of All Streets
Host: Scott Melker
Guest: NLW
Release Date: May 16, 2025

Introduction

In this high-energy episode of The Wolf Of All Streets, host Scott Melker, also known as the Wolf of All Streets, welcomes guest NLW to discuss the resurgence of Bitcoin enthusiasm, significant movements in the cryptocurrency market, and broader financial trends impacting the crypto landscape. Despite minor technical glitches at the start, the duo dives deep into several critical topics shaping the crypto world in May 2025.

Tariffs and Inflation

The episode begins with an analysis of recent economic indicators, particularly focusing on the Consumer Price Index (CPI) report for April, which showed lower-than-expected inflation rates.

Scott Melker opens the discussion:
"We had a CPI report for April that came in lower than expectations, meaning that those who are expecting tariffs to have an immediate effect on inflation has not happened." [01:02]

NLW provides context on the Federal Reserve's stance:
"The Fed is watching both inflation and potentially softening labor markets really, really closely." [01:59]

They delve into the implications of the CPI report, highlighting how markets are interpreting these figures as a positive sign, potentially easing fears of rampant inflation and influencing the Fed's interest rate policies.

Scott Melker adds:
"Markets just want an excuse to go up." [04:11]

Coinbase Mania: S&P 500 Inclusion and Data Breach

A significant portion of the discussion centers around Coinbase’s historic inclusion in the S&P 500, marking a pivotal moment for the crypto industry.

Scott Melker emphasizes the impact:
"Coinbase stock source 24 is inclusion in S&P 500 singles. Dramatic turnaround for crypto industry." [04:26]

The conversation highlights that Coinbase wasn't just added to the S&P 500 but ranked among the top 150 companies, causing a substantial surge in its stock price. This inclusion means even skeptics of crypto now have indirect exposure through mainstream investment vehicles.

However, the celebration is tempered by Coinbase’s recent data breach. Scott notes:
"They have an admitted data breach, tried to get ransom for $20 million." [05:31]

NLW discusses the market’s reaction:
"Market's reaction to it is fairly muted... the bigger deal is Coinbase entering The S&P500." [05:45]

Despite the breach, the overarching sentiment remains positive as the inclusion in the S&P 500 signifies broader institutional acceptance of cryptocurrency.

IPO Mania: Galaxy Digital and eToro's Success

Scott and NLW shift focus to the booming Initial Public Offering (IPO) market within the crypto sector.

Scott Melker outlines the developments:
"Galaxy Digital going public today... but perhaps the biggest story is the success of the eToro IPO." [06:15]

The Galaxy Digital IPO is noted for its significant losses, yet it represents continued investment in crypto-focused enterprises. In contrast, eToro’s IPO is celebrated for its stellar performance, opening at $45, closing at $67 on the first day—a rare triumph in recent financial history.

NLW reflects on the trend:
"I think a lot of companies who were maybe holding back from their IPOs are now saying, is this the window?" [08:42]

The success of eToro may reignite interest in IPOs, potentially signaling a revitalizing phase for crypto-related public offerings.

Robinhood’s Expansion into Canada and Acquisition of Wonderfi

The discussion also touches upon Robinhood’s strategic moves to expand its footprint in Canada through acquiring Wonderfi, a notable development signaling Robinhood’s commitment to the crypto market.

Scott Melker comments:
"Robinhood's acquisition of Wonderfi this week in Canada... going crypto first, it's kind of a signal of the same thing." [08:42]

NLW adds humor and insights:
"I had nothing to do with that particular deal... Mr. Wonderful, seriously cashing in once again." [09:12]

This acquisition is seen as a strategic step to consolidate Robinhood’s position in the North American crypto trading space.

Bitcoin Treasury Companies: Mergers and Risks

A critical discussion ensues around the trend of companies integrating Bitcoin into their treasury strategies, citing recent mergers and significant Bitcoin acquisitions.

Scott Melker highlights major moves:
"they raised about 700 million... cooking through these Tether buys 459 million Bitcoin in Bitcoin..." [10:34]

NLW raises concerns about market sustainability:
"There's structural risk that Bitcoin did not have before... if Bitcoin goes down 50, 60%, these people are going to be aggressively tested as to their willingness to sell." [12:28]

The conversation underscores both the bullish stance on institutional Bitcoin adoption and the inherent risks, particularly the potential for forced selling in the event of significant price downturns.

SEC’s Crypto Broker Rule Overhaul and Safe Harbor

The episode progresses to regulatory developments, focusing on potential overhauls of the SEC’s crypto broker rules and the introduction of safe harbor provisions.

Scott Melker introduces the topic:
"SEC's crypto broker rule likely to get overhaul... conditional exemption for tokenized securities." [13:28]

NLW expands on the implications:
"The safe harbor idea... allow for these sort of opportunities without wrecking retail." [15:40]

They discuss Paul Atkins’ keynote address at the Crypto Task Force Roundtable, emphasizing the importance of regulatory frameworks that support innovation while protecting investors, potentially paving the way for a new era of crypto growth in the United States.

Stablecoins: Expansion and Meta’s Return

The final major topic is the burgeoning stablecoin market, marked by increased issuance and Meta’s renewed interest in deploying a stablecoin.

Scott Melker notes the expansion:
"Tether supply crosses 150 billion... Meta is coming back with a wallet potentially and a stable coin." [16:26]

NLW analyzes the strategic moves:
"If big tech companies are allowed to issue stable coins, they will all do it... Meta coin or Instagram coin." [17:14]

They explore the potential for major tech companies to integrate stablecoins into their ecosystems, while also addressing regulatory hurdles and political resistance, particularly from figures like Josh Hawley who oppose big tech’s increased influence through financial instruments like stablecoins.

Scott Melker questions legislation prospects:
"Do we believe that we're going to actually get this legislation now that it's been halted?" [18:28]

NLW expresses cautious optimism:
"I think we will get there with something... but we'll see." [18:35]

Conclusion

Scott and NLW wrap up the episode by reflecting on the dynamic nature of the crypto market, the balance between innovation and regulation, and the persistent optimism fueling Bitcoin and broader cryptocurrency adoption.

Scott Melker concludes:
"We cooked through it despite the technical issues... amazing to be honest." [19:15]

NLW echoes the sentiment:
"Later." [19:27]

The episode underscores a bullish outlook on Bitcoin and the crypto industry, tempered with realistic assessments of regulatory and market challenges.

Notable Quotes

• Scott Melker [04:11]: "Markets just want an excuse to go up."
• NLW [05:45]: "The bigger deal is Coinbase entering The S&P500."
• Scott Melker [08:42]: "It's crypto through and through."
• NLW [12:28]: "If Bitcoin goes down 50, 60%, these people are going to be aggressively tested as to their willingness to sell."
• NLW [15:40]: "It creates a lot more inertia for someone to have to unwind that later."

This episode of The Wolf Of All Streets offers listeners a comprehensive look at the current state of Bitcoin and the broader cryptocurrency ecosystem, highlighting both the unprecedented institutional adoption and the ongoing challenges that lie ahead.