The Wolf Of All Streets

Host: Scott Melker
Episode: The $7.5 Trillion Catalyst That Could Send Bitcoin To ATHs!
Date: October 23, 2025

Episode Overview

This episode dives into the record $7.5 trillion sitting in money market funds and whether this massive liquidity could be a future catalyst sending Bitcoin and other crypto assets to new all-time highs. Scott is joined by Yago to unpack market narratives, predictions for Bitcoin’s price, the importance of legislative clarity in the US, evolving trading dynamics, and the future of tokenized real-world assets. The episode also features commentary on cultural views of Bitcoin's creator and emerging tech for investment, finishing with a look at the explosive growth in stablecoins and prediction markets.

Main Themes and Discussion Points

1. The $7.5 Trillion in Money Markets: Hope or Hype?

[00:01–03:01]

• Context: A record $7.5 trillion is sitting in money market funds, drawing attention as a potential catalyst for risk assets once yields decline.
• Scott’s Satirical Take:

  “Every single one of those dollars is going directly into bitcoin. Correct. I read Twitter and that's what it said. 7.5 trillion coming directly into Bitcoin. It's going to 5 million tomorrow.” (01:12)

• Interest is growing in how this capital will move when rates inevitably drop.
• Reality Check: The panel stresses this is a long-term catalyst, not imminent: “This is not an immediate catalyst … This is a long term conversation.” (01:23)
• Analogy: Yago likens money market funds to a pool filter that keeps filling up with “the leaves of fiat”—central bank money printing finds its way here, and the filter is rarely emptied (02:15).

2. Volatility, Range-Bound Bitcoin, and Market Predictions

[03:01–07:44]

• Discussion of shifting Bitcoin price targets for the year.
  • Mike Novogratz now suggests $100k–$125k as a reasonable range, down from more exuberant predictions.
  • Yago observes: “The easiest prediction to make is always nothing ever happens. Right. Whatever is the situation today is the situation tomorrow. And you'll be right 90% of the time, but you’ll never be interesting.” (04:51)
  • Volatility in Bitcoin is at historic lows, suggesting a “coiled spring” or a maturing asset class.
• Altcoin Correlation:
  • Increase in correlation between Bitcoin and altcoins may hint at coming alt cycles or a return to traditional crypto market rhythms.

3. Bitcoin's Creator Debate and Cultural Misunderstandings

[07:54–12:01]

• Tucker Carlson is referenced doubting Bitcoin’s legitimacy due to its anonymous creator, suspecting a CIA plot.

  • “You're telling me to invest in something whose founder is, like, mysterious and has billions of dollars of unused bitcoin. Like, what is that? … It matters to me, right?” —Tucker Carlson (08:15)

• Rebuttal:
  • Jack Mallers: “If you think knowing who created bitcoin matters, you don't understand it. Bitcoin is open source ... Bitcoin is neutral technology, like math. Who invented math?” (08:48)
  • Yago jokes: “I'm sure Tucker invests in gold. And its founder is also mysterious and possibly dead, which I think was Jesus.” (09:19)
• Key Point: The open-source, decentralized nature of Bitcoin makes its individual creator irrelevant to its function or trustworthiness.
• Memorable exchange:
  • A: “Isn’t this the beauty of it though? Like, shouldn’t somebody knock him on the head and say the whole point is that it can’t be [controlled]?” (11:03)

4. The US Crypto Regulatory Landscape – Clarity Act

[12:01–24:29]

• Live update: Brian Armstrong (Coinbase) expresses optimism on bipartisan support for crypto market structure legislation.

  • “There is strong bipartisan support and will to get this market structure legislation done ... 90% of the issues are already aligned on and agreed and there’s draft text going back and forth.” —Brian Armstrong (12:33)

• Significance:
  • If passed, the bill ("Clarity act") could legitimize US crypto operations, creating a framework for things like tokenized securities, and potentially open new fundraising models.
  • Yago: “I think it will have significant impact on crypto generally ... That is literally replacing the rails of the ... core rails of the financial system with native crypto rails.” (14:47)
• Coinbase’s $350M+ acquisition of Echo (an ICO platform) is viewed as a strategic move to create a blockchain-based NASDAQ alternative.
• The definition of “decentralized” in the act may create fresh pathways to public markets via tokenization, bypassing traditional IPOs.
• Potential for DAOs & Tokenized IPOs:
  • Real companies could become DAOs with widely distributed ownership, launching “ICOs” instead of IPOs:

    “It might be that some years from now, some of the biggest IPOs that are happening are not happening on NASDAQ. They're not happening as IPOs. They're happening as ICOs. That would be nuts.” (19:30)

• Scott draws attention to the risk that “we could get a full reversal on all the progress crypto’s made in the United States if we just have some regime change.” (18:10)

5. The Evolution of Tokenization and Real World Assets

[20:37–24:45]

• Debate over how traditional companies may benefit from launching tokens versus traditional IPOs, exploring legal/regulatory implications and real-world use cases.
• Yago: “There’s no doubt in my mind that the Clarity act is going to ... substantially change not just crypto, but tradfi. ... The implication is huge here because up until now crypto has been this casino ... But if you start seeing real world brick and mortar software companies ... placing their equity ... in some kind of Dow structure potentially in the US ... the amount of real-world activity ... is really, really going to change how people start investing and thinking about the value of Bitcoin.” (21:20–23:39)
• Bitcoin seen as the most reliable settlement network and “substrate” for long-term, real-world asset infrastructure.

6. Stablecoins and Transaction Boom

[24:48–26:20]

• Stat: Stablecoins processed $46 trillion in transactions over the past year—nearly triple Visa’s volume and approaching US ACH system numbers.
  • Scott: “Stablecoins processed 46 trillion in transactions over the past year. Nearly three times Visa's volume and closing in on the ACH network...” (25:12)
• Yago’s contrarian take:

  “I think this might be bullish for Visa ... While in the long term I think this completely eliminates MasterCard and Visa ... in the short term ... they become the primary conduit between stable coins and merchant payments ... potentially a huge opportunity here.” (25:12)

7. Prediction Markets Surge & Crypto as an Information Tool

[26:20–27:49]

• Noting the meteoric rise in valuations for prediction market platforms (Polymarket, Kalshi, Jupiter, Robinhood).
• Yago: “Prediction markets are awesome ... a way to distill global information about what is likely to happen ... honesty machines for people who are, you know, making all kinds of claims about the future. … as the Internet becomes more ... full of disinformation, prediction markets might prove to be one of the best tools that we have in sort of separating the truth from the [noise].” (26:44–27:49)

Memorable Quotes & Moments

• Scott (mocking the narrative):

  “Every single one of those dollars is going directly into bitcoin. Correct. I read Twitter and that's what it said. 7.5 trillion coming directly into Bitcoin. It's going to 5 million tomorrow.” (01:12)

• Yago on market inertia:

  “The easiest prediction to make is always nothing ever happens. Right. Whatever is the situation today is the situation tomorrow. And you'll be right 90% of the time, but you’ll never be interesting.” (04:51)

• Yago on the decentralized creator debate:

  "I'm sure Tucker invests in gold. And its founder is also mysterious and possibly dead, which I think was Jesus." (09:19)

• Yago on crypto regulation:

  “I think it will have significant impact on crypto generally ... replacing ... the core rails of the financial system with native crypto rails.” (14:47)

• Scott on legislative risk:

  “...we could get a full reversal on all the progress crypto’s made in the United States if we just have some regime change.” (18:10)

• Yago on the future of investing:

  “Onchain becomes the place that actual ... world's financial activity occurs. ... Bitcoin ... is the only network that you know is going to be reliable 30 years from now, 50 years from now, even, or even exist in that time frame.” (23:00)

• Yago on prediction markets as ‘honesty machines’:

  “Prediction markets are awesome ... honesty machines for people who are ... making all kinds of claims about the future.” (27:03)

Notable Timestamps

• 00:01–01:23: Opening discussion on the $7.5T in money market funds
• 03:01–04:41: Market prediction videos; discussion of likely year-end scenarios
• 07:04–07:44: Bitcoin volatility at historic lows
• 08:10–09:08: Tucker Carlson’s segment about Satoshi and Bitcoin’s legitimacy
• 12:33–13:28: Brian Armstrong on Capitol Hill legislative progress
• 14:47–15:26: Coinbase strategic acquisition & the tokenized future
• 20:37–23:00: Potential for DAOs and tokenized ownership structures to disrupt finance
• 25:12–26:20: Stablecoins surpassing Visa in transaction volume
• 26:44–27:49: The rise of prediction markets as a truth-finding tool

Tone and Style

• The show weaves irreverent banter (“Jesus created gold...”), market skepticism, deep dives into regulatory structure, and a sardonic approach to narrative hype.
• Both hosts offer a skeptical, seasoned, but open-minded take, especially regarding industry news and personalities.
• Memes and running jokes lighten technical, sometimes complex discussions (“pool filter” for fiat leaves, gold’s mysterious creator, etc.).

Conclusion

Scott and Yago explore the crossroads of macro liquidity, crypto market maturity, regulatory evolution, and new financial technology—from stablecoins to prediction markets. There’s sober realism about which catalysts matter, optimism about the Clarity Act’s potential to transform U.S. crypto, and enduring skepticism of hype and poor takes—even (or especially) from cultural commentators. The episode closes with plans for a deeper future discussion on Bitcoin DeFi and a reminder that despite the recent lull, everything is in rapid flux.