The Wolf Of All Streets - Bitcoin Explodes, Wall Street Capitulates, Trump Cashes In On Memecoin Frenzy

Episode Date: May 23, 2025

Friday Five is THE show about the main news in crypto! Bitcoin just smashed through $111K as Wall Street finally gives in — even JPMorgan is letting clients buy in. Meanwhile, Trump is cashing in big with a $148 million memecoin gala packed with top crypto whales. And with the U.S. Senate advancing the landmark stablecoin bill, we might be entering the most explosive phase of the crypto bull run yet. ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/ ►► Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities! 👉https://archpublic.com/ ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code '10OFF' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker Follow Scott Melker: Twitter: https://x.com/scottmelker Web: https://www.thewolfofallstreets.io/ Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #FridayFive The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

Bitcoin continues to make all-time high after all-time high while melting faces. We're likely to get stablecoin legislation very soon. Trump's having a meme coin dinner, and even Jamie Dimon has capitulated and is going to allow JP Morgan's customers access to Bitcoin trading. It's the Friday 5.

Let's go. Let's go. Hey guys, it's me and it is not actually Friday. It is Thursday evening. NLW is traveling and I have a kid's Graduation on Friday morning. So I decided to do the Friday 5 on a Thursday and here we are Thursday Afternoon and boy do we have a lot to talk about right now price of Bitcoin has pushed almost to a hundred and twelve Thousand American dollars God knows what the price will be when this is actually published on Friday morning. But Bitcoin continued to make all-time high,

after all-time high, after all-time high. And of course, all of this, all of this in the face of stocks kind of wobbling, a little bit up, a little bit down, sideways, oil crashing, gold kind of sideways yields way up Dollar dropping its complete mayhem and markets Bitcoin doesn't care because it's the most beautiful Uncorrelated asset that has ever existed Well, I actually did a recording today with Mike McGlone on market Mavericks

And he basically said I got it wrong on Bitcoin. I think that's a signal we have a blue sky breakout and nothing but prices going up. Yes, on Sunday actually, I said I didn't really buy the price action, low volume. I thought maybe we would get a retracement wrong. Charts don't matter, signals don't matter when you have a fundamentally bullish asset

like Bitcoin and it is pushing. You do not want to be the complete and unadulterated dumbass who decides to try to pick up a few pennies in front of this steamroller. Don't short, don't sell, because all you've ever had to do, and I've been saying this since I started, is buy some Bitcoin and wait.

Bitcoin, new all-time highs. It's a thing of beauty and is definitely the story of the week, but there's a lot attached to that story. Of course, we have spot Bitcoin ETFs attracting 609 million in net inflows as Bitcoin renews all-time high. We've added a sustained run of inflows here, usually 500 million to a billion a day. So this isn't necessarily the biggest news, but it does show that both retail and institutions are back

and they're back in strength. Now we know that a lot of this is because of the carry trade, earning a 9% yield basically by shorting the June futures and getting long spot Bitcoin or getting long ETF, specifically a BlackRock ETF, is basically free money for a hedge fund or an institution that's looking to play that trade. That probably has a lot to do with this spot buying. Also had a lot to do with the outflows that we saw for a couple of weeks, maybe a month

ago because that trade had unwound in April. The yields were down sub 4%. Wasn't even worth it because he could just go buy some treasuries and earn 4 or 5% Quick reminder that Bitcoin now is an institutional asset and we're going to see institutional trading around it Which means that we're going to see these patterns and these trades like this that start to affect price especially of VZTFs because VZTFs are the tool that everybody's using to do it.

Now in the midst of all this mania, we have yet another huge target from Standard Chartered and this of course is because sovereigns are getting indirect Bitcoin exposure via micro strategy and that means we're going to $500,000. Okay they've showed quite a lot of evidence actually that sovereigns around the world are buying micro strategy as a proxy for Bitcoin. And the same time, we've also seen the sovereign wealth fund in the UAE by over $500 million in Bitcoin, twice, which is obviously really good news. However, I'm not sure that

sovereigns buying micro strategy is going to send Bitcoin to $500,000. I would say it's more likely that sovereigns buying micro strategy is going to send Bitcoin to $500,000. I would say it's more likely that sovereigns getting access to ETFs and actually buying Bitcoin could do this. And I believe there's a $500,000 target by the end of Trump's presidency. So this is not immediate.

I think we all know that we're eventually going there, but I think we're grasping at straws if these are the narratives that we need to say it. Guys, insane week, Bitcoin pushing all time highs, going there, but I think we're grasping at straws of these are the narratives that we need to say it guys. Insane week Bitcoin pushing all time highs. Pitch yourself. Enjoy it. You've been here for a long time.

You've been buying and holding and chilling and it's worth a celebration. One of the reasons a lot of people pointing to for why Bitcoin must have gone up this week, it had to go up for a reason, right guys? We had to have a catalyst that That catalyst is obviously not the fact that we are likely to get a stablecoin bill. I said this before, I've been asked this in a few interviews. It's amazing that the genius bill is likely to pass,

so we finally got it to the Senate floor for debate. But the deregulation of crypto and stablecoin legislation coming and the administration being pro crypto, that's been priced in for months and months and months. This is not the reason that Bitcoin is going where it is right now. It's not like this is a Bitcoin strategic reserve bill. Oh, and by the way, even when we got an executive order on the Bitcoin strategic reserve or

a strategic Bitcoin reserve price didn't even move. Right. So it is huge news. I think that we are going to get this. You guys may have remembered that not long ago it seemed like it was smooth sailing blue skies, unicorns, puppies and cotton candy for stable coins. But then a bunch of the anti crypto army got together, wrote a little letter and somehow got the first vote on this for cloture, which is a made up word that nobody's ever heard before. It's not couture and it's not closure. Apparently it's clo-ture.

Clo-ture. That vote failed by one vote because Rand, Paul, and Holly joined all the Democrats and voted against it. Well, then after that, it passed clo-ture resoundingly when they made a couple little concessions and deals because that's what you do in politics. And now it's on the floor for debate. Elizabeth Warren stood there in disbelief pointing at people

going full wicked witch of the West trying to get the Democrats on board, but they're not having it. This is going to pass. We're going to get stable coin legislation and it is going to be a thing of beauty. Our friend, Matt Hogan says stable coin bill could pave the way for multi-year crypto bull market. I'm here for it.

You've heard him say it. We don't need to dig too deeply into it, but I think he's right. And that brings us some hyperbolic predictions about stable coins. The biggest Citigroup predict stable coin supply could hit 3.7 trillion by 2030. Wow. I think we're just north of 200 and something billion right now. So there's more than a 10 X by 2030. Listen, I think that huge growth in stable coins is inevitable,

especially once they get legislated and people all around the world start to adopt them. We've seen how fast this grows. 3.7 trillion is a large number even standard chartered 2 trillion by 2028. I guess that gives us two years after that to get a couple more trillion or one more trillion and reach the prediction from Citigroup. And then JP Morgan, of course, coming in with the ice and saying, nah, bro, JP Morgan cast out

on trillion dollar stablecoin forecast, even with US regulation advancing. But to be fair, they were like, maybe this goes to a trillion, but like two and 3 point seven or too much. Okay, man, I'm fine. If we get a trillion dollar market cap for stable coins collectively, I think that we help will have done quite well.

But it looks like this legislation is coming. It is somewhat inevitable at this point. And it's yet another promise really delivered by this administration, but more importantly, by the senators and those in the House who have been pushing for this, even since the last administration. We all understand that stable coins are the low-hanging fruit to be regulated and legislated in the United States and in this industry because they basically are just dollars, right? And they're going to contribute to hyper-dollarization, to the proliferation of the dollar all around the world in countries where people are starving for dollars and can't get access to cash. This just works. Oh, and by the way, when we run out of governments to buy our debt, that's now been downgraded by Moody's and every other meaningful agency, stable coins will step in there to buy United States Treasury and make billions

doing it. White House cryptos are David's access stable coin bill will unlock trillions for US Treasury. That's the side where they're going to be buying these and mass. Oh, and by the way, in case you missed it, because the new cycle is so insane. Hong Kong also passing a stable coin bill today to establish licensing regime amid global competition is happening here. It's happening there. It's happening everywhere. It's coming. So the next story, which by my count is number three is one that's way over my head because I'm not enough of a degen to really deeply dig in but suey based token prices

plunge. I'm at 223 million Cetus protocol exploits. I was on crypto town hall this morning and they were explaining this and all the words and liquidity pools and whatever. And in my mind, I was just like I could feel myself becoming more of a Bitcoin maximalist because all of this stuff is so dumb. This is not suey's fault. This is a decks on suey to my understanding. They had a liquidity pool hacked for $223 million.

But how do you manage the risk or understand the risk of what you're doing in crypto and in DeFi if some hacker or North Korean can come in and just ruin it all for you? Like how do you even assess smart contract risk or exploit risk or all those things? It's an important reminder that the bulk of your portfolio should always be Bitcoin, even if you deeply believe in one of these platforms.

If you're going to gain exposure to any of these things, it should be relatively small to the rest of your portfolio, because there's always that nonzero risk that you just get absolutely annihilated. Here's the tweet from Cedis Protocol, which I'm going to be honest, never heard of this shit till today. As of earlier today, we have confirmed that an attacker has stolen approximately 223 million from CEDIS Protocol.

We have took immediate action to lock our contract, preventing further theft of funds. 162 million of the compromised funds have been successfully paused. Congratulations. We're working with the SUI Foundation and other ecosystem members right now on Next 162 million of the compromised funds have been successfully paused. Congratulations. We're working with the SUI Foundation and other ecosystem members right now on Next Step Solutions with the goal of recovering the remaining stolen funds. Majority of impacted funds are paused and we are actively pursuing passes. Yeah, you guys got robbed. You guys got robbed. People are losing money. Your token went down. All the other tokens went down. Just a reminder, shit happens in the crypto space.

And man, it can be really, really ugly. I mean, I've never even heard of some of these tokens that went down like 50% low five and hippo. I'm out, bro. And speaking of things I'm out on, Donald Trump draws global crypto investors with $148 million meme coin dinner, 222, 211, just north of 200 of the highest holders of Trump coin that sit down and have dinner. It's 220 with Donald Trump. So we obviously saw this being bid up by the likes of Justin Sun

right here obviously is very involved in World Liberty Financial with the Trump sons. And he is the number one holder proudly I wonder if he's bringing that banana I hope he is bananas for all now but obviously Justin Sun saying hey proud to be number one and I'm here for it. I'm gonna be there at the dinner now There's been a lot of attention drawn to this dinner Of course because obviously a it made the price of the Trump token go up as people bid to be a part of it

but be First of all hundred and eleven million of this comes from the top 25 who gets some extra benefits and tours and access to the president But be is that more than half the people apparently although they're attached to addresses so this isn't confirmed are foreign nationals are not United States citizens. This is pissing off a lot of people in the government listen you all know that I'm no huge fan of the Trump meme coin. I was one of the first people to say that I thought it was a

gratuitous grift when it came out days before his presidency Never comfortable with it. But listen with Trump. This is what you get We get all the deregulation the best parts of the legislation We get his deep belief in this and him delivering his promises, but you always get a hint of grift That's gonna be personal profit that comes with that and he's a businessman. It's what we expect I'm not even saying it is a criticism. I'm saying that That's what you get when it comes to the Trumps and their family being so deeply involved

in crypto. Some people say that most of his net worth at this point is in crypto, but leading many to wonder if these people are buying the token to sit down at a dinner to potentially have influence on the president if this is a way for a foreign government to grease his pockets, they can get things that they want. First of all, that ladder, okay, maybe, but like, I don't think anyone's sitting at this dinner and like, pitching something to Trump that he's buying. So I

think that's nonsense. Listen, I think that this is just a bit of utility for his meme token away for them to make a whole bunch of extra money. And away for people who are super fans of Trump to get closer to him. But Maxine waters definitely doesn't agree. Even Cynthia Lummis, by the way, said it gave her pause. So this isn't particularly popular with his party. I don't think it's a great idea.

The optics are bad, but it's Trump. Man, there's what he does. Waters bill targets crypto corruption hours before Trump's meme coin gala. Now, get the name of this bill. Stop trading retention and unfair market payoffs and crypto act of 2025 like dude, couldn't you have just chat GPT this to we don't like Trump making money in crypto act because that's all this is basically saying that the bill would ban the president, vice president,

lawmakers and immediate family members from owning a proportion of a digital asset that would allow them to unilaterally make changes to the digital asset among other requirements. Trump's crypto con is not just a scam to target investors. It's also a dangerous backdoor for selling influence over American policies to the highest foreign bidder. For all we know, Russia, China or even North Korea can be buying Trump's crypto to secure favors from the White House. First of all, dude, if you got money and power,

you can get in touch with politicians anyways, so I'm really not buying that part. And I remind them as a nonpartisan that no politician should be profiting, not only from crypto, but also from stock trading on insider information, from companies that are overseen by committees that they rule like Nancy Pelosi and others.

Come on. Listen, I agree generally with the idea of this. But making this some specific thing about Trump and crypto is nonsense when politicians profit from literally everything that happens all the time that they have inside information on. And the final story that we have right now, This guy Jamie Diamond says JP Morgan will allow clients to buy Bitcoin, but firm will not custody it. Good news for whoever is going to custody it because this

is 90 million customers of JP Morgan having the door open to them to be able to participate. Now, we know that the wealthiest clients, JP Morgan, already had access to Bitcoin trading. Now this is going to all of their customers. Now you might scratch your head and think, Jamie Diamond, he's been a huge fan of crypto. No, Jamie Diamond hates Bitcoin.

It wasn't so long ago. They said I'd shut crypto down. That was in December of 2023. He's likened it to smoking. People have the right to smoke. Doesn't mean I support smoking. He's gotten flustered in interviews, said I don't wanna talk about this.

I'm never talking about it again. It's a scam. All the worst things you could possibly. But at the end of the day, you know what Jamie Dimon likes? Making money. And you know what Jamie Dimon hates? Losing customers.

You know what Jamie Dimon's customers are demanding? To make money in crypto. And and therefore he has to capitulate and do what's best for JP Morgan and for his customers and that's to give them a deep, deep hit of some of that sweet, sweet Bitcoin. Guys, what a week it has been. I know that we cooked through this show and it was recording a whole lot could change by tomorrow

But I did want to make sure that you got your taste of the Friday five guys It has been an honor and a journey this week and I will see you back from macro Monday 9 a.m. On Monday. See you then. Bye.