Podcast Summary: The Wolf Of All Streets
Episode: Texas Buys $10M In Bitcoin & JPMorgan Manipulation Continues!
Date: November 26, 2025
Host: Scott Melker
Guest/Producer: Ryan Rollo
Episode Overview
This episode covers significant, headline-making news in the crypto space: Texas becomes the first U.S. state to buy Bitcoin ($10 million worth), and ongoing maneuverings by JPMorgan in the Bitcoin ecosystem. Scott welcomes his producer, Ryan Rollo (formerly of Data Dash), for an insightful discussion on how institutional and governmental adoption is shifting the landscape, while also critiquing legacy finance reactions, regulatory moves, and current crypto narratives. The tone is informal, energetic, and often skeptical of traditional finance's sudden crypto embrace.
Key Discussion Points & Insights
1. Texas’s Strategic Bitcoin Purchase (00:18–04:18)
- Historic Move: Texas has bought $10 million in Bitcoin via the iBit BlackRock ETF, making it the first state to hold BTC in a strategic reserve.
- Community Reactions: Bitcoin purists are disappointed it's through an ETF, not direct spot BTC, but both Scott and Ryan emphasize it's still a major precedent.
- Quote (Scott, 01:11): “Texas becomes the first state to buy Bitcoin, investing $10 million into its strategic reserve… can’t we just enjoy anything ever, right?”
- Significance: Given Texas’s status as an economic powerhouse (would be the world's 5th largest economy if it were a country), this move outweighs most nations adopting Bitcoin.
- Potential Ripple Effect: Discussion of whether Florida or other states will follow. Ryan notes Florida’s future plans to enable silver and gold use in everyday transactions.
2. Global Adoption Trends
Bolivia’s Crypto Integration & Stablecoins (04:18–05:59)
- Bolivia’s Next: Bolivia is integrating crypto, starting with stablecoins, signaling a trend among developing nations.
- Stablecoins in Africa: Ryan highlights that African countries lead in stablecoin usage, bypassing the limitations of traditional banking.
- Quote (Ryan, 04:50): “All you need is a five dollar smartphone, really be able to have your own bank.”
- First vs. Third World Adoption: Prediction that second/third world countries will pressure developed ones to keep pace.
U.S. Taxation Ideas (05:59–07:22)
- Novel Proposals: Warren Davidson’s suggestion to let Americans pay taxes in crypto, building a strategic digital asset stack.
- Skepticism: Both hosts doubt people will actually pay taxes in Bitcoin but welcome the legislative creativity.
3. JPMorgan’s Ongoing Manipulation and Entry Into Crypto (07:22–13:29)
- JPMorgan Research & Asset Class Shift: The bank claims crypto is maturing into just another macro asset, less driven by “cycles” and more by global liquidity.
- Quote (Scott, 07:22): “JP Morgan… are not our friends. I just like to remind people of that.”
- Hostility & Flip-Flopping: Ryan details personal experience being de-banked for crypto activity, illustrating double standards for retail vs. elite customers.
- Quote (Ryan, 08:20): “They ultimately want to keep their, their average consumers poor in my opinion. They don't want them to have the opportunities...”
- Irony: Despite years of public criticism, JPMorgan is now launching a Bitcoin-backed bond, creating MicroStrategy-like products, and even accepting BTC/ETH as collateral.
- Quote (Scott, 11:42): “JP Morgan has filed to launch a bond backed by Bitcoin. So basically they're trying to go and steal the Saylor playbook, right?”
- Institutional Motivation: Both hosts warn that JPMorgan’s moves are about control, not belief in decentralization.
4. Cathie Wood’s Crypto Investments (13:29–16:32)
- Recent Activity: Wood’s Ark Invest spent ~$100M this week on Circle, Coinbase, Bullish, and Block—major crypto-adjacent firms.
- Evaluation of Picks: Ryan feels these are strong long-term buys; Bullish is a mysterious project, but Circle and Coinbase are “no brainers.”
- ICO Nostalgia & Critique: Discussion of how giant ICOs like EOS accumulated Bitcoin and funneled money into new ventures without building much, compared to the likes of Musk/Bezos.
5. Tokenization and Regulatory Progress (16:32–18:58)
- SEC Steps Up: On Dec 4, the SEC will discuss tokenization of equity securities—significant progress for mainstreaming RWAs (Real World Assets) on blockchain.
- Quote (Scott, 17:27): “Clear evidence that we're continuing on the path towards clear legislation and regulation…”
- Chainlink’s Role: Ryan predicts RWAs and tokenization (potentially via Chainlink) signal the next major industry phase.
- Quote (Ryan, 18:23): “Link's definitely the one that I have high conviction in.”
6. Prediction Markets & Gambling Risks (19:05–23:02)
- Robinhood Push & Polymarket Approval: Robinhood to launch a derivatives exchange for prediction markets; Polymarket gets CFTC approval for intermediated U.S. trading.
- Concerns Over Gambling Culture: Both hosts express alarm that derivatives on prediction markets may exacerbate risky speculation, especially among younger people.
- Quote (Scott, 21:32): “This is for the gambling generation… I’m going to go gamble it on the weather tomorrow… now, with leverage, you'll be able to say, I can 100x the weather bet.”
- Quote (Ryan, 20:24): “Predictions… are a very, very slippery slope. And I don't see us going down a, a good path with that at all.”
7. Bitcoin Options Expirations & MicroStrategy Resilience (24:16–25:25)
- 14B in BTC Options Expiring: Could create volatility but likely a non-event due to the holiday.
- MicroStrategy Debt: They reassure against fears of forced liquidation, pointing to a robust buffer even if BTC price drops drastically.
8. Zcash and the Privacy Coin Narrative (25:25–28:17)
- Institutional Zcash Move: Reliance Global consolidates its treasury into Zcash for privacy; hosts are skeptical about true motivation being privacy.
- Quote (Scott, 26:41): “I think privacy is really important, but I don't think anyone cares about it. I think they care about the number going up.”
- Speculation on Privacy Coin Trends: Ryan foresaw a privacy coin narrative, sees caution required at current prices.
9. DOGE ETF Launch & Institutional Maturity (28:17–29:29)
- Quiet DOGE ETF Debut: $1.44M first-day volume—muted compared to Solana/XRP launches.
- Feeling Positive: Dogecoin’s lack of institutional adoption is seen as a signal that crypto is maturing.
Notable Quotes and Memorable Moments
- On Texas’s Move:
- Scott (01:11): “Can’t we just enjoy anything ever, right?”
- On JPMorgan’s Motives:
- Ryan (08:20): “They ultimately want to keep their, their average consumers poor in my opinion.”
- Scott (11:42): “JP Morgan… trying to go and steal the Saylor playbook, right?”
- On Gambling & Prediction Markets:
- Scott (21:32): “I'm going to go gamble it on the weather tomorrow and try to now, with leverage, you'll be able to say, I can 100x the weather bet right tomorrow as opposed to...”
- On Privacy Coins:
- Scott (26:41): “I think privacy is really important, but I don't think anyone cares about it.”
- Ryan (26:49): “At the end of the day you definitely have to respect the pump because that thing pumped, man.”
Timestamps for Key Segments
- Texas Buys Bitcoin—Historic Move: 00:18 - 04:18
- Bolivia & Global Stablecoin Usage: 04:18 - 05:59
- US Crypto Taxation Ideas: 05:59 - 07:22
- JPMorgan’s Manipulation & Product Launch: 07:22 - 13:29
- Cathie Wood Buys Crypto Firms: 13:29 - 16:32
- Tokenization, SEC, Chainlink: 16:32 - 18:58
- Prediction Markets, Gambling Risks: 19:05 - 23:02
- BTC Options, MicroStrategy Resilience: 24:16 - 25:25
- Zcash, Privacy Coin Narrative: 25:25 - 28:17
- DOGE ETF & Crypto Maturity: 28:17 - 29:29
Closing & Future Content (29:29–32:30)
- Programming Note: Thanksgiving break and new hosts (especially Dave Weisberger) coming soon.
- Vision: Ambition to rival CNBC and Fox Business with accurate, crypto-meets-tradfi content, expanding coverage and improving quality.
For listeners interested in the intersection of traditional finance and crypto, state-level adoption, and honest skepticism about institutional motives, this episode is required listening—a balance of excitement, caution, and realistic analysis.