The Wolf Of All Streets - Bitcoin Volatility EXPLODES | Trump To Announce The Strategic Bitcoin Reserve?

Episode Date: March 6, 2025

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Bitcoin traded as high as $93,000 almost this morning and is once again back below 90,000 still chopping around these levels after seeing insane volatility over the past five days. All of this leading into Trump's crypto summit at the White House tomorrow, although I don't think Trump himself will be attending, which will be a star studded gala with regulators David Sachs and of course, the leaders of the crypto industry. Because we can't agree on anything, nobody can even get the list right for who's going to actually be attending. We'll discuss that today.

But very clear that a lot of big news likely to be dropped tomorrow. Will we actually get a strategic Bitcoin reserve? Will we get an announcement on how taxes will be structured or will this be yet another political nothing burger for the industry? What is up everybody? I'm Scott Melchor also known as the Wolf of all streets. Before we get started, please subscribe to the channel and hit that like button that is right down below. The good news, Iago, is that as we've loosely called the show Bitcoin and bullshit, I've

been hearing a lot less about the bullshit side over the past couple of weeks. It seems like after Libra, it's just been a complete washout. Well, we're in a very interesting phase, right? So it feels very much like meme coins have, Trump killed meme coins. And then so- That was his plan, guys. It was all to kill meme coins. It wasn't because he wanted to make money.

I actually think this is quite reflective of a lot of what it seems that Trump is doing, which is to take very, to do extreme and unexpected things, which through the chaos, maybe create the change that we, change we can believe in. So, it's hard to understand some of the rest of the activity without that frame of reference, right? It's hard to understand some of the rest of the activity without that frame of reference, right? So like the fact that the tariffs are on the closest allies

rather than on anyone else, the fact that he's gone to war, not just gone to bet, it seems for Russia, but is going to war with all of Europe. It's hard to interpret this as, you know, a... I think the most charitable interpretation is that he is causing chaos so that he can finally force people to sort of pay attention to what they should have always been paying attention to. So if it's Europe, they should have always been paying attention to the fact that they should have been building out their own defenses and providing greater contribution to world security. And if it's meme coins, it's to the fact that people should have always paid attention to

the fact that this is going to, you know, scammers are going to scam. Did your invite get lost in the mail for the crypto summit tomorrow? Mine got lost in the mail, I think. Yeah, I'm very disappointed in the mail, I think. Yeah, I'm very disappointed by the fact that I wasn't invited. I also wasn't invited to the Royal wedding. And I feel like I'm being ignored on both sides of the Atlantic.

Yeah, I just didn't respond to my invite for the Royal wedding, but I got mine obviously. But here's who we have so far. So there's been a lot of debate, so much fake news. There's a fake spreadsheet going around X, it says it's CZ is going, and all these other people, to my knowledge, this is from conversations I've had with the team at the White House that we could could get in touch with, and from Eleanor Territt,

who's been covering this very closely, this is as close as we can get right now. The only one that I know is not true here is that Charles Hoskinson basically has confirmed that he wasn't invited as far as I know. But otherwise it looks like it's going to be Michael Saylor, David Bailey, Matt Wayne, JP Richardson, Kyle Simone, Zach Wyckoff, Sergey from Chainlink, Brian Armstrong, Vlad from Robinhood, Arjun from Kraken, Chris from crypto.com, which people didn't believe me when I posted it, he confirmed that and Brad Garlinghouse, CEO of Ripple. Of course, this means that the Bitcoiners are extremely pissed about everything.

Right? So they're very pissed about everyone not named Michael Saylor. Half of them are happy that David Bailey is going to be there. Half of them don't think that David Bailey for some reason qualifies. And the rest of this obviously is VCs CEOs and you know, shit coiners as they like to call all of us who like these things. What? What do you mean? I've got a I've got a bit of a rant here. But before I go into

the rant, let me say a few positive things. You know, I think the fact that David Bailey is going well deserved. I think he's the one who made this is going, well deserved. I think he's the guy. He's the one who made this all happen, of course. Yeah, absolutely. Great representative for the industry, great representative for Bitcoin. JP Richardson, JP from Exodus. That is, he's a guy who just grinds, has been working for years, has built a publicly traded wallet that has become a publicly traded company,

is incredibly successful. And what a lot of people don't realize about Exodus, it is the largest, most popular wallet in the world for Bitcoin holders. People don't recognize that. I'm really glad to see that JP is going to be there. He's like honest family man, you know, salt of the earth entrepreneur. As for some of the rest, here's my rant. For years and years, I have been saying, and you've been saying, and a whole bunch of people have been saying, that Bitcoin needs to build its own native economy. It can't just be this token that doesn't do anything and that all of the innovation, all of the entrepreneurship, all of the entrepreneurship, all of the activity, all of the investment is happening

in other parts of the crypto space. Because if that's what happens, then what you end up with is a summit at the White House where you've got Brad Garlinghouse and you've got Vlad Tenev and you've got Sergey Nazarov, who I think has built cool stuff and is a cool guy, but certainly is not a Bitcoiner. You get a summit of alt-coiners instead of Bitcoiners.

And this winching is just such, Bitcoin maxis have been playing checkers for too long when they should be playing 3D chess. If we do not build a Bitcoin native economy and Bitcoin does not become a productive asset, this is what happens. You can out coin some of it. And so, you know, the work that we're doing with Bitcoin OS, the work that we've done with Sovereign and just generally the work that people like David Bailey and others in the space have been doing to build

a native Bitcoin economy is crucial to maintaining the value and the prestige of Bitcoin going forward and forever. So what I hear there, and at least my take is that I have no problem with these people having a voice in politics for their interests. Whether they've earned it through donations or through building big things that's viable and fair, we're just conflating the two and should have a Bitcoin summit and a crypto summit. But I think that that's just kind of wishful thinking when you have Trump as president. Obviously, you know, that nuance is a little bit lost on him and probably just doesn't care enough.

That's a personal wishlist. You know, here also, there's just like a really big difference, which could be, you know, and people point to all kinds of things and like, why is Bitcoin different from XRP and what about Sol and etc etc. But the very big difference really between all of these systems in BTC and all of the people who are sort of promoting BTC versus XRP or whatever, is that the people who are promoting BTC are the people who are buying BTC and the people who are promoting BTC are the people who are buying BTC, and the people who are promoting XRP are the people who are selling XRP. That's the real difference. And so it's weird, right?

It would be weird, it would be upsetting if, you know, the White House and the world more generally was not able to see that very, very stark difference. And I think that's the way we should be explaining that difference is really simple. BTC is promoted by those who buy it. XRP is promoted by those who sell it. So then the question remains, you have the. Sailors and Bailey's who are obviously Bitcoin buyers at any

price, as you just described, then you have maybe a Garling house or a Sergey who. I don't know whether they're sellers or not, Garlinghouse is certainly a seller, I can't speak to Sergey, I'm not saying that, but who had some sort of allocation from creating a company, basically like founder shares, if you want to make an equivalency to stocks,

who obviously wouldn't be buying their own stock, they're selling it when they get the opportunity. But then you have all these other people in between who have built effectively, I mean, it's exchanges, right, exchanges and VCs, like call Samani, obviously one of the biggest VCs at multi coin, they were the first investors and raised for Solana. Then you have Brian, Vlad Arjun from set the Chris from crypto.com. I mean, these

are all the leading exchange guys in the United States. So where do they fall? They're kind of in the in the in between. I mean, to me, they're not in the in between. They've called this a crypto summit and fair enough. What is crypto? Crypto is much bigger than Bitcoin, right? It's basically the idea that we can create cryptographically secured property rights, right?

And that's much better than equity. It's much better than, you know, shares which are secured by the courts of Delaware, because the courts of Delaware can just one day choose that you can't actually award shares to your CEO or whatever, despite the fact that the shareholders voted to do it. So I think the fact that we are building an alternate system

for resource allocation, for funding innovation, all of that is potentially very, very good, even though it also has opened the doors to many, many scams. And I think that there's a really, really clear distinction between this commodity asset, which is BTC, which nobody controls and it doesn't change, versus all of these other things which need VC capital, that doesn't turn them into a bad thing. The world's best medications, the world's best technologies, the world's largest, most successful companies were all funded by venture capital. It's a good thing. It means that people are taking risk on new technologies and new innovations. It just doesn't mean that they're building Bitcoin. They're building something totally different.

Which leads to a lot of conjecture about what will actually be announced tomorrow. Obviously we don't know. We had the crypto reserve proposed by Trump on Truth Social on Sunday, right? He said XRP, Solana and Ada specifically, and then followed up obviously with Bitcoin and Ethereum clearly will be there. Honestly, I was surprised that Ethereum was so obvious, because I had not seen

mention of that before, but he believed obviously Ethereum was obvious. Then you had Lutnick sort of backing off of that as Commerce Secretary saying we view it as Bitcoin, these other things are great, but they're different. We're going to get a framework and announcement on Friday. So tomorrow it seems like if they're being truthful, we're going to get a lot of clarity on what this reserve would look like and how they're going to treat Bitcoin versus altcoins.

I mean, really interesting because the secretary of commerce is saying something very different than the president said in a truth social message. Look, I mean, I wouldn't call myself the biggest Trump fan, but I will say that generally speaking, Trump seems to be, for good or ill, extremely transparent. He does what he says. He does what he says. So it wouldn't surprise me if we end up. And then what also often happens is that people in an administration walk it back,

and then he will, like in a speech or on a, you know, truth social message, sort of walk back there, walk backing. So it wouldn't surprise me if we actually end up with a reserve of Sol and Trump coin and who knows what else. Should that, you know, I would like to see the government either not involved at all, or if they are involved with the reserve of BTC, because I just don't, you know,

I don't think that governments outside of sort of sovereign wealth funds should be holding equities. But, or anything that's similar to an equity, right? These- I keep saying that we should have a strategic Bitcoin reserve and if they wanna, you know, play around in the shit coin casino that we all love so much, maybe not you, that should be in the sovereign wealth fund. Go ahead and throw that in there with TikTok shares.

I think fundamentally there's something that we should all realize about the crypto industry, which is that Bitcoin has been a phenomenal success, a once in 10 generations success. But so many projects, even if they're building something valuable, are trying to pretend to be Bitcoin because they want to ride on the coattails of that success. And so the reason there's sort of this confusion between Bitcoin and the rest of the assets out there, and people try to make them seem very similar, is because they want to be able to say,

yeah, we should also have a multi-trillion dollar market cap. I think that's unnecessary because if you're building something truly innovative and valuable, you could potentially have a multi-trillion dollar market cap, right? Like Google, like Meta, like Tesla, like Amazon. So I think you can build multi-trillion dollar market cap things around Bitcoin as it continues to grow. Be that as it may, this confusion has worked. And so, you know, the boomers of Congress and the boomers in the White House

and the boomers in corporate seats of power, really can't make the distinction. And in fact, even a lot of people in the crypto space don't really make the distinction. So it's worked. I think over time that is dissipating. And what's really been interesting about this market cycle has been how Bitcoin has really disentangled itself from all of the rest. And I think that is a sign. Bitcoin is a bullshit. Yeah, that is a sign. Bitcoin is a bullshit.

We're starting to mature. People are starting to get it. Yeah. And listen, this is actually really interesting because David Sachs, the crypto and AIs are who's holding this conference, just tweeted this actually less than an hour ago. You'll love this. Over the past decade, the federal government sold approximately 195,000 Bitcoin for proceeds of 366 million the government held that Bitcoin would be worth over 17 billion today That's how much it has cost American taxpayers not to have a long-term strategy now

That's obviously a very smart tweet in a vacuum But ahead of him hosting the summit where we've had both let Nick and Trump say that we will get clarity on a reserve where we've had both Lutnick and Trump say that we will get clarity on a reserve should definitely maybe be a slight hat tip to what we're going to be looking at tomorrow. Look, I think there's something else interesting that's happening in the market. Generally speaking, markets don't like uncertainty. And sort of an easy way to understand this is even if you really, really need to buy a new phone and you hear something good about phones, not even something bad, something good, like a new phone is going to come, which is going to be even better than all of the phones in the market, a new iPhone. You actually won't buy the phone, right?

So even though the news is good and you really need a phone, you're not going to buy the phone. That's sort of the problem with uncertainty. It delays decisions into the future. And so I think one of the things that we're seeing right now is we're seeing BTC and crypto sort of under priced because people are not sure should I be buying Seoul, should I be buying ADA, is this reserve coming or not coming? It seems very very likely that a reserve is coming. Trump has just been speaking about it too frequently for it to seem like a whim that

is forgotten. And the rest of his administration is talking about it as well. So whether you like it or not, it looks like a reserve is coming. And I think that the power that that will signal is immense. Yeah, I absolutely agree. It's been interesting that we haven't seen those altcoins sort of fly, but I think that the waters are so muddied right now with what will or won't that people are just gun-shy to, at this point, take every tweet from anyone at its word and try to trade that.

But Bitcoin will be there. I think it's important. So the obvious trade is just keep buying Bitcoin. But I will say the other thing that they've been doing over at World Liberty Financial, which I would argue Donald Trump has no part in, but it's certainly the company that represents him in the crypto market and certainly his sons are involved. But they've been buying up everything and mostly Ethereum. So as of before these buys yesterday, I think it was about 56, 58% of

their holdings were Ethereum. Well, they basically tripled that they just bought another 10 million worth of Ethereum, 10 million worth of WBTC and then 1.5 million of move. And then today, if you didn't catch this news, it's just happened. President Trump's world Liberty Financial Partners was SUI to launch a strategic SUI reserve, which is funny, because people think that that meant the government was getting a reserve. I'm watching this all in real time while we're talking, by the way, this came out 14 minutes ago during the show. But basically saying, hey, we're going into SUI too.

But very, very clearly, World Liberty Financial, well, they're buying wrapped Bitcoin, which is a whole different kind of conversation from whether they're buying Bitcoin or not, but very heavily buying Ethereum, which I said we were kind of surprised was mentioned so passively as part of the strategy and investing a lot in the tech side, layer ones and such. Yeah. Move, you know, is going to be the hot new thing. Apparently that's the language at Aptos and I believe sui are built on.

They're tech investing. Yeah, look I mean they're spreading bets fairly wide. I don't know how much that impacts policy but it wouldn't be surprised if it does impact policy. A lot of Ethereum though. I mean this is you know it's the bulk of it is Ethereum to you know everybody seems to be super depressed about Ethereum. I mean, mostly you can look at this. I mean, from a technical perspective, it's the most undervalued it's been in 17 months, you know, if you look at any chart, whatever, by various metrics just seems like the beaten down it's going to zero, malady narratives maybe mean that you got an opportunity here. Yeah, I'm not sure that they're buying more ETH than BTC from an asset perspective.

They might be. But it's hard to say, right? I mean, because World Liberty Financial was launched on Ethereum. And so the most obvious thing you would buy would be ETH. And so it's actually kind of interesting that the in equal amounts are also buying WBTC. They're certainly a focus there on majors. One of the other interesting things that happened recently was there was you know,

I think it was last week, who knows the movie, the news moves so quickly now, everything feels like it was months ago, but by a bit I think the hack was last week. That 1.5 billion in ETH has already been converted to BTC. Tells you what North Korea thinks about these assets. Yeah. And so, yeah, and then sort of that conversion also happened through Thorchain and a couple of other sort of semi-dexes.

One of the interesting things that I think has happened here is that Thorchain shut down deposits and withdrawals because they were underwater, right? They had liabilities that exceeded their assets for a while. You called it out and then you backed off to be nice. I remember that. water, right? They had liabilities that exceeded their assets for a while. You called it out and then you backed off to be nice. I remember that. Yeah. Well, they managed to get rid of that problem by basically defaulting on the liabilities, which I'm not sure, you know, you wouldn't be able to do- I mean, it sent their price down 70% of rune to have the token so but usually what you would see is sort of like the the stakeholders or the equity holders take the

take the first sort of beating beating not not the debt holders with thought chain it was separate it was the exact opposite but the other thing is they allowed North Korea to transact without stopping deposits and withdrawals. And so there's something interesting there, right? I think we're in crime season. And that's just- Although, I mean, yeah, you might, my guys might remember people by the name

of Charlie Schramm and Ross Ulbricht doing very much less gratuitous versions of that landed them both in jail. Yeah, yeah. So I first of all, if you know, I would be concerned if I was a thought chain founder about doing this, because even though it might fly right now, it's not this is the kind of thing which is evidence that sticks around for a good decade with the statute of limitations. And then the second thing is, if I was a holder of the token, I would be equally concerned,

because one of the problems is they've demonstrated the ability to actually stop deposit-semitrails. So it would be one thing if they said, we can't, we're actually decentralized, we can't stop deposit and withdrawals. But the fact that they've already demonstrated it and just two weeks later, they were not willing to take action for, a sanctioned, the most sanctioned entity in the world. I think that that's risky.

Yeah. I mean, tornado cash are just some guys who programmed some code and allowed the world to do it without knowing who was using it and for what and He's still I mean, maybe he's out now. I can't even remember but that case is still ongoing those guys potentially could be in jail for a very very long time and they Just created the code right? I didn't know who was using it and for what. And nothing happened.

They launched the system and nothing happened for five or six years before they were arrested. So yeah, these things sometimes they take time to play out. I'm hoping. Look, one of the ethical questions that we have is if we build truly decentralized systems, truly cannot be evil systems, the systems that really are immutable,, truly sort of cannot be evil systems, the systems that really are immutable, uncensorable, cannot be shut down, then there's nothing to stop

anyone, North Korea or otherwise, from transacting. But right now we're in this weird middle ground where these projects actually do have that in their power to stop the transactions and they choose not to and that is that is very shaky ground Yeah, and in the midst of this because it's the season for everything that can happen Well, we also have Mount Gox while I'm moving 12,000 BTC worth 1 billion I mean you've preceded Mount Gox FUD in this space, but I haven't it's been here since the day I arrived and it's never materialized into anything meaningful. The selling part of it. I'm not saying Mount Cox itself. Look, the importance of it has been diminished all the time. Like a billion dollars today

of Bitcoin, it's a drop in the bucket, right? It's one week of Michael Saylor alone. So, or for that matter, it's, you know, one week of North Korea. It's a drop in the bucket. So, you know, it's never really been impactful in the past and it's unlikely to be impactful in the future. Right, decreasingly less impact with the size of the market increasing.

I guess maybe not trying to predict what will necessarily happen tomorrow, but I think everybody clear that from a price perspective, we're likely to see a lot of volatility, right? I mean, even just in advance of this, we've seen swings of $12,000 on Bitcoin up and down on back-to-back days, right? I mean, really some of the craziest price action that we've ever seen. A lot of that just obviously in the context of the market uncertainty in general that you've discussed. But the reason this feels a little different to me is because there's a firm expectation

that we will get clarity tomorrow on certain things. And every time we've had those kind of expectations, it becomes a political nothing burger where a bunch of people sit in a room and shake each other's hands and give hugs and high fives and you don't get an answer. So like if tomorrow we are all now expecting because of what Nick and Trump,

we are getting a Bitcoin strategic reserve announcement tomorrow and they're like, we're looking at it, kind of like with the executive order, that could be pretty uh pretty ugly um you think we just go up 20 000 because yeah you think you think btc could drop because it's nothing we don't get any more clarity because it's more of the same and everybody's expecting it i always think markets like trade you know verse expectation not reality yeah i think that's true i don't look think, look, I think BTC could drop further because of overall macro and sort of US market issues, right?

Inflation's going up. The market looks more and more likely to be already in recession, if not in recession soon. So, you know, I think the money spigot right now hasn't been turned on. It's likely to be turned on in the second half of this year. So I think BTC does well in the second half of this year, regardless of whether or not we get a reserve.

If we get a reserve, it's going to be everything, but with methamphetamines mixed in. So I don't know. Yeah. So my main thing is I wish I had more fear right now. I want to always always I bought a little bit like 82 and 79. So I'm pretty happy with that. But man, I would have liked to buy a lot more at 82 and 79. And then people think they're like, you're nuts, it's going to 74, 70.

Okay, I'll try to find some more money to buy them. Good. Please. Look through the cushions of the cabinet. I would love that. But so I guess in context of all of this then, just for you, Bitcoin OS, A, hasn't the sale is starting, correct?

We allowed the community members, people who are already part of the community members to participate in some kind of sale. There may be a sale coming soon. If that's of interest, people can follow the project. We haven't offered a public sale of tokens. But yeah we're making great progress and we're very very excited because I think, look Bitcoin is sort of a breakout win. I think it's not only a breakout win for sort of the crypto industry or the financial industry, I think it's also going to be a breakout win for the AI industry. We've sort of spoken about this, but I think AI is going to be commoditized. And the one thing that's going to be scarce in this new digital environment is going to be BTC. So I think Bitcoin's got years and years and years ahead

of it of just winning. And what we need to do is also build an economy around that and provide people with more ways to use their Bitcoin so that people don't have to sell their Bitcoin. They can borrow against their Bitcoin. They can actually use their Bitcoin. And so, you know, that's coming. And that's ideally what we need. You can end this war that exists between Bitcoin and crypto and crypto and crypto. Like all of crypto is at war with each other. And I think we can do that by integrating all of these systems with Bitcoin as a unifying hub for all of crypto. I'm not sure if Nick Carter said it or he quoted it, but there was some quote that I think I saw on his ex

and it was something to the effect of, you know, it was asked in an article, like, why is there no solidarity? He was like, because crypto people hate each other. They just hate everything else more. So together every once in a while to like get rid of, you know, a bad SEC. But the minute that's gone, it's, you know, it's back at each other's throats and full cannibalism. It's just, it's not

a, it never will be. Because I fundamentally, and I think at the most basic level, like people disagree on what Bitcoin crypto should be, but these, these groups are never getting along. You're not getting like Brad Darlinghouse and Michael Saylor like high five about Ripple. You know what I mean? Like it's ended up Bitcoin to some degree. But I have a bit of a simpler, I think, explanation. And I think it comes back to what we were talking about, between about the confusion between Bitcoin and everything else. Because if everything is like

Bitcoin, then it's a zero sum game, right? One of these things is going to be like the world currency and everything else sort of doesn't matter. And even if things do matter, if Bitcoin is a little bit higher, then Sol and Ether are a little bit lower and vice versa. But if these are systems that are actually creating value, then you're in an expanding pie. And so the reason that people who hold Google shares don't hate people who hold Tesla shares or Novartis shares is because each of those things is actually producing something regardless of whether or not the other one does well. Money is a fixed pie, whereas everything else is an expanding pie. And so the more things try to compete with Bitcoin and get confused for Bitcoin, the more hate there is, and the more things are actually generating real value for Bitcoiners and for everyone else, the less hate there is. And so if we can turn Bitcoin into a productive asset and integrate

the rest of crypto into that turbine of, you know, monetary energy, I think we can reduce the hate and we can end on that note of Kumbaya. So yeah, and like the ability to safely for whatever degree, you know, as safely as possible to be able to borrow against your Bitcoin and never sell it, especially if they don't change the tax code, that will be the biggest thing I think that happens to this industry period. I mean, listen, I'm not saying I want Bank of New York, Mellon or State Street or Goldman or whatever, but for your average American investor who's not a libertarian deeply down the Bitcoin rabbit hole, who does view it just as an

investment or an asset class, for them to be able to just put that in their Schwab portfolio next to their Tesla shares and their, you know, mutual funds and borrow against it and not take a taxable sale and just treat it as every that's when we're going to have made it do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that.

I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that.

I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that.

I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I even I'm like I can't anymore. You know, like I need like a we need a Bitcoin and bullshit like quick trailer. You ask bullshit and I go Bitcoin and then it's like you need something unique for us as long as you commit to sticking around with me here on Thursdays. All right, let's do it. Awesome. Thank you. It will be interesting to see what happens tomorrow. Everybody give Yago a follow and otherwise we'll see you next week.

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