The Wolf Of All Streets - Breaking: Trump, Harris & Kennedy To Endorse Bitcoin?! Anthony Scaramucci: Bull Run Ahead?

Starting point is 00:00:00 We know that two presidential candidates were going to be keynote speaking at the Bitcoin conference in Nashville this week, that being Donald Trump and, of course, Robert F. Kennedy, Jr., who I'm interviewing in person today, actually in Nashville. But now the breaking news is it's possible that Kamala Harris, the third, the third presidential candidate may be speaking at the Bitcoin conference. And who better to discuss this with than Anthony Scaramucci, who I've got right now. You guys do not want to miss this show. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of All Streets.

Starting point is 00:00:51 Before we get started, please subscribe to the channel. Hit the like button for my mom's, not basement. We don't have basements in Florida, but somebody ran their car into a power line apparently yesterday here in Florida. Killed all of our internet power, which is indefinitely out. So I had to run literally to my mother's house, my mother and father's house to get some Internet for a head off to Nashville. I'm going to go ahead and bring on Anthony now. They wanted to report us pre-show, but I'm glad they didn't. We were having some political conversation.

Starting point is 00:01:27 You want to leave all the good stuff on the cutting room floor, Mel. That's right. It happens, but here it is, man. This is the, this is the big, the big breaking news. Justin, Bitcoin 2024 conference CEO David Bailey in talks with Kamala Harris campaign for her to speak at the event. They're making up their minds. We saw it actually reported that she was, but I don't think that's fact. But what do you make of this in general? Well, I mean, she wanted to come in by Zoom and David, to his credit, said, I'm sorry, you can't come by Zoom. The other two candidates have showed up. I think her team

Starting point is 00:01:58 knows that they have to relax their regulatory stance on the Bitcoin stuff. I believe that the regulatory axis of evil, which is represented by Senator Elizabeth Warren and the real life Jiminy Cricket, Gary Gensler, I think those two people are gone. I think they've embarrassed themselves. People look back on this era of US regulation and two semi octogenarians, I guess, I don't know how old Gensler is, but Warren's heading for 80. These two people tried to botch, stall, delay U.S. innovation in financial services. And so it's crazy that they would do something like that but it's entrenched very deeply inside the sec and so um i guess the good news is is that they're a little paralyzed right now uh because you could have a regime change uh you know either way because if kamala harris gets in

Starting point is 00:02:58 she's going to clean shop she's made it very clear that she's going to do that. If Donald Trump gets in, you and I both know he'll clean shop and there'll be more pro-crypto people at the SEC come November. So that's good news for the industry. I think one of the most appalling things that's happened in my lifetime in financial services is good actors like Kraken, good actors like Coinbase are being lit up by U.S. regulators for literally no reason. You know, I had the opportunity just by good fortune to be with Cameron and Tyler Winklevoss on the 4th of July. We were all at the same beach club together. And we may be on different sides of the political spectrum in terms of who our presidential candidates are, but we're not on opposite sides as it relates to U.S. regulation. And I think that the good news is we're going to have better actors in the regulatory framework, Scott. And so I'm happy

Starting point is 00:03:59 about that. I think that's good. And I just want to say this because you and I are in the industry, you're in it longer than me, but I'm older than you. I just said public service message to everybody listening in, whatever your political persuasion is, if you're with crypto, I'm with you. And so there's no need to make it personal. There's no need to fight with each other.

Starting point is 00:04:22 You're pro crypto, I'm pro crypto. You're pro fair regulation for the industry, I'm pro-crypto. You're pro-fair regulation for the industry, I'm pro-fair regulation for the industry. But I will just say this to people, you want this to be bipartisan. Because if it's not bipartisan, what ends up happening is one side will be against something that the other side is for in a knee-jerk reaction. And so Joe Biden did this with the border. Whether he liked Trump or disliked Trump, he had the border under better control in the Trump administration than the Biden administration. But the first thing Biden did was he reversed all the executive orders

Starting point is 00:04:56 to prove that he was the opposite of Trump. And so this sort of knee-jerk reaction that takes place with our political leaders is the wrong strategy. And so I'm for positive pro growth, innovative regulatory rubric. And I want it to be bipartisan. In this case, we may actually be getting the benefit of a knee jerk reaction because Trump obviously pivoted on crypto. We know that for four years. Listen, if we're being intellectually honest, the Trump administration printed more money than any administration ever had in history at that time.

Starting point is 00:05:30 He was dismissive of Bitcoin, but to give someone the benefit of the doubt. Yeah, no, I'm just saying he printed a ridiculous amount of money. And I'll just, to frame it for everybody, George Washington to George W. Bush, $7 trillion of deficit spending. Donald J. Trump, $7.8 trillion of deficit spending in four years.

Starting point is 00:05:52 So just give everybody a perspective of how bad it was. And he hated crypto. He put seven or eight different maniacal tweets out related to how much he hated Bitcoin. But he's a political operator. He's a transactionalist. And he recognizes if you have 40 or 50 million wallets in the United States, and this is going to be a very close election, why not be for crypto? I hope he means it. I mean, I'd like to see him not reverse course because he's known to do that.

Starting point is 00:06:20 But I think what I will give Donald Trump credit for, he's now pushed the debate. He's forced the Democrats to the table. Before we went live, I was talking to you about the meeting that we had in Washington with Ro Khanna, Senator Gillibrand, Anita Dunn from the White House, Mark Cuban chaired the meeting, Mike Novogratz was there, and a good cross section of industry leaders were at the table discussing with the Democrats and the administration the damage that they're doing, the unnecessary damage that they're doing to the industry. And basically people that were sitting at the table are good actors. They want, tell us what the rules are. We'll live by the rules. If you're going to enforce, you're going to use

Starting point is 00:07:06 the enforcement mechanisms to regulate the industry. I mean, that's really foolhardy, it's very costly, and it's unnecessary. Yeah, the point I was going to make is that in this case, maybe the knee-jerk reaction forced by Trump's pivot will be a net benefit on the Democrat side, as you said, right? I think that regardless who wins now, the situation is exponentially better than we would have ever imagined three or four months ago, because it's been proven now that the anti-crypto army is dead. And it's really, really politically unpalatable for effectively every constituency now. A hundred percent. And I think that that's really good news. And so I was having a really bad

Starting point is 00:07:48 year, Melker. I mean, you were one of my therapists and I want to thank you for that because you're cheaper than the New York Park Avenue therapist. But I was having a really bad year in 2022. I could have been a monkey flipping coins and made better decisions, right? I sold a piece of my business to Sam Bankman Freed. I took 40% of my business and put it into Bitcoin and Solana. And everything looked bad for me in 2022. Thank God I held those positions. And so we've experienced a remarkable 23 and 24. I think there's lessons in that about just staying power,

Starting point is 00:08:23 be disciplined, believe in the things that you own, but things are looking up for the industry. And I think we have to credit people like you, the Cubans of the world, the Winklevosses, the Novogratzes who have pushed a fair-minded agenda and a fair-minded regulatory rubric for the industry. And so I think we're just getting started here. I think you will see a Solana ETF by mid-year. And oh, by the way, if you see a Solana ETF, then definitionally it's not a security.

Starting point is 00:08:55 Okay, so the SEC is caught in a web of hypocrisy. They've talked out of both sides of their mouth. They're suing people indiscriminately. They're losing lawsuits. They're getting rebuked and criticized by judges. And I think all of that nonsense will hopefully end this sordid history of the SEC over the last four years is coming to an end. Yeah, I agree. And I just want to talk about in a vacuum how insane it is. Never would have had it on my bingo card that we could have three presidential candidates speaking, A, in the same place, but B, that that place would be a Bitcoin conference.

Starting point is 00:09:32 I mean, years ago, it was like the biggest news we had was Jack Mallers on stage is saying that El Salvador was going to add Bitcoin to the balance sheet. That was huge. But we didn't even necessarily have the president there. And how we have, I mean, I just never thought that we would be this main stage at this point in the cycle. And I mean, maybe I'm over bullish on it, but I see nothing but tailwinds, right? So the best analogy I can give to you is Uber. If you remember, nobody wanted Uber, Airbnb to a lesser extent, but nobody wanted Uber. Every regular said no. Every taxi

Starting point is 00:10:06 commission went to the mayor in their local areas and said, no, no Uber, no Uber. But Scott, the people wanted Uber. And so the people won out. And that's the same situation you have here. Donald Trump, say whatever you want about him, he's a smart politician. If you're looking at 40 million wallets and you've got somebody like Vivek Ramaswamy in your ear saying, hey man, there's 40 million wallets. Many of these people are single issue voters. Do you want to give that up to the Democrats or do you want to make that a neutral situation or do you want to react? And then look at what the Winklevoss twins did. Others in the industry, they started

Starting point is 00:10:45 lighting him up with campaign donations, signaling to people that if you're for us, we're with you. And so my message to the Democrats has been, hey guys, neutralize this situation, get out there. I think if Vice President Harris speaks at the Bitcoin conference, that is great for the industry. I don't care what side of the political spectrum you're on, whoever you would like to be president in 2025, if you're in this industry, you want that president, he or she, to be pro-positive regulatory reform that's innovative and that benefits this industry.

Starting point is 00:11:25 Can I ask you, being a part of the political process and being on the ground, do we assume that a vice president's politics and policy ideas are effectively the same as the president? Or do we, you think, see some nuance and maybe a change? Because if she's speaking at the Bitcoin conference, she's not going to talk about the anti-crycrypto army this is going to have to be an exceptionally pro-bitcoin or at least a major thaw yeah you know listen even even elizabeth warren okay as you know i've donated john deaton in massachusetts i've seen you promote him on your websites and seeing you promote him on social media. John Deaton has muted Ms. Anti-Crypto Army. She is pulled back from that because she recognizes how dangerous that is for her. And of course, the Winklevosses gave him, I think, a half a million dollars each to help him pursue the Senate race. And so, yes,

Starting point is 00:12:21 I think that the message from the vice President is going to be, we're going in a different direction. And so I would love to see her get on that stage. You'd have to imagine her schedule is very, very crampacked right at this moment. I will say this, okay, she is underestimated. And I will tell you in the 35 years that I've been involved in presidential politics, when politicians are underestimated, that's better for the politician because there's a low bar and a low standard of expectation for her. And if she outperforms that, I think it's going to be beneficial.

Starting point is 00:13:00 Can I tell a quick Kamala Harris story to your viewers and listeners? Would that be all right? Would love that. Okay. So I was on a bipartisan trip to Israel. So obviously I'm pro-Israeli, pro-Zionist, was with a group of Republicans and Democrats on a trip. We went to Yad Vashem, Holocaust Memorial, other sites together. And Kamala Harris and her husband, Doug, were on the trip with me. And they were delightful. We were in a bus together, could not have been nicer.

Starting point is 00:13:34 When we got to the King David Hotel in Jerusalem, the official photographer came over to me and Senator Harris and said, "'Hey, Senator Harris, can I get a picture of you and Anthony?' And she looked at him and looked at me and said, hey, you know, Senator Harris, can I get a picture of you and Anthony? And she looked at him and looked at me and said, no way. I'm not taking a picture with this guy. I'm not ruining my political career.

Starting point is 00:13:53 And so I cracked down. I thought it was fantastic. And I looked at her and said, am I really that bad? She goes, no, you're the mooch and you're affiliated with Trump. I'm not taking a picture with you. So I saw her when she was running for vice president in 2020 at an event, and I went over to her, I said, do you remember that day in Jerusalem?

Starting point is 00:14:11 She goes, oh yeah, I remember that day. I said, it was a very wise decision of you not to take the picture with me, Scott. So I always got a kick out of that. And I think she's got a great sense of humor and she is smarter than these people want to give her credit for. Donald Trump is making a mistake by calling her dumb as a rock.

Starting point is 00:14:30 And I want to just share this with your listeners. 20.2 million baby boomers have died since the 2016 election. So let me repeat that. 20.2 million voters have died since the 2016 election. Simultaneously, the generation Xers, okay, they have risen into the voting ranks by a tune of 40 million since 2016. Moreover, to put it very starkly, there's been 8 million new voters added, younger voters added since the 2022 midterm election. So when you're looking at the data and you poll these people, 63% of these people are

Starting point is 00:15:15 Democrats. They identify as Democrats. So they're younger people, they're more progressive people. If you have a white male calling an African-American or Indian-African woman dumb as a rock and a DEI hire, I'm going to tell you that's not going to work out super well for you. I know for certain Trump's campaign team is in his grill saying, hey, this is not Hillary Clinton. And the country, this beautiful mosaic of the country has gotten more beautiful and more colorful over the last eight years. I think that they have not been able to calibrate a message

Starting point is 00:15:52 to attack her yet. And I think calling her dumb as a rock, when she's obviously not dumb as a rock, is a really stupid decision on their part. Well, we had this interesting situation where Biden resigned and we actually saw it was a knee jerk reaction, but Bitcoin dropped about $2,000 and then it bounced back. But the narrative there obviously is that the market at least was pricing in him dropping out as an increased chance of Trump losing. I think because there was a foregone conclusion with Biden that Trump was going to win in the minds of most people. So at least the market, it seemed to think and was even pricing on poly markets that she had a better chance of beating Trump than he did.

Starting point is 00:16:33 It's really a wild situation when you unpack this. I mean, I completely agree, but I think I think the market is telling you something. Firm bid for Bitcoin. Ethereum is in place now, maybe some churn, because there'll be some people selling to get into the trust, vice versa, a little bit of churn like we experienced with the Bitcoin ETFs, but there's a firm bid. And have you looked at these numbers from BlackRock?

Starting point is 00:17:03 Have you taken a look at the numbers recently for BlackRock? You had me on the show about six months ago and I said to you, listen, I'm on Wall Street for almost four decades. And what I want to tell your viewers and listeners is that Wall Street is a selling machine. Wall Street, there will be thousands, tens of thousands of people that are in the marketplace right now telling clients 1% exposure to Bitcoin, half a percent exposure to Bitcoin, 1% exposure to Ethereum. There'll be tactical asset allocation portfolios where the recommendation will be you're underinvested in Bitcoin and so therefore you're short Bitcoin. And so therefore you need exposure to Bitcoin.

Starting point is 00:17:46 This is happening as you and I are speaking and if you're picking up a half a billion dollars of net inflows per day, that's going higher Scott, that's not going lower. Because the selling machine of Wall Street is just starting. And you typically have a one year selling cycle, meaning I call Scott Melker and say, hey, how are you? You're, you know, my client forever. They say, I want you to own Bitcoin. Well, I don't really understand it. OK, let me come and explain it to you.

Starting point is 00:18:18 And all of a sudden, six, eight months later, you're like, you know what? I trust you. Put a put a percent in my portfolio, put 2% in my portfolio my portfolio and by the way the wire houses have not even started yet and I have wires into the wire houses and you know they're gonna be coming online probably by Labor Day so you'll have places like Merrill Lynch Morgan Stanley and others legions of brokers legions of financial advisors going to their clients and saying, let's have a 1% or 2% exposure. So when I call for $170,000 price post-halving, 18 months from the halving, it's based on rising demand and less supply.

Starting point is 00:19:01 Yeah, it's pretty straightforward. Interestingly, you know, you came on this show, actually, I think it was the first time you said it, that you were the initial seeding for BlackRock's spot ETF. I broke that news on your show because it was about to be, I have a registered fund, and so it was about to come out on a filing. And so I broke the news on your show. We put $10 million into the BlackRock Trust to help them get started. Robbie Michnik came to see my partner, Brett Messing, said, listen, I think I can get approval from the BlackRock Committee here,

Starting point is 00:19:33 but we need some outside capital. And so my partner said, no problem. Why don't we start you with $10 million? So listen, this is another big mess. I'm glad you brought that up. We're in this together, okay? If you're listening to the Wolf of All Streets, we are in this together. You may not like my politics, you may like my positions on certain people or personalities,

Starting point is 00:19:54 but I'm with you. I am a pro-Bitcoiner. I am a person that believes that this needs to be fairly regulated in the United States. And I believe that it needs to be bipartisan. I don't want this to be a single issue for either side. And so if you need my help, you come and call me, I will do whatever I can to help you if it's going to help the industry. Yeah. I mean, as you said, BlackRock doing half a billion a day right now. I don't know if you saw, but it surpassed QQQ in volume for this year.

Starting point is 00:20:26 Yeah, they've done 19 point something billion. They're a couple hundred million dollars above QQQ. You just have to think about how staggering that is. And that's only one of 11 other ETFs that are out there that are also raising money. Moreover, BlackRock has added to their tactical asset allocation portfolio a sliver of Bitcoin. Imagine what other people start to do that. And last quick point, the state of Wisconsin disclosed $150 or so million dollars into Bitcoin. Why are they doing that?

Starting point is 00:21:02 I'm in this industry a long time. They don't want to be underexposed from... They know six months, a year from now, somebody's going to say, well, an appropriate tactical asset allocation model for an institution like yours is 1% exposure to Bitcoin. So they're looking at that saying, well, let me get it now, before everyone else gets it. Let me start the process of getting in the exposure game before everybody else. And so all of this stuff is positive momentum for the industry. And obviously, I would like to see Vice President Harris speak at this event, because I think

Starting point is 00:21:37 it'll really help us in terms of getting the message out there globally, that the US is open for business in the world of digital assets. Yeah, I keep seeing these very fair takes that you can't trust politicians. And once they get in office, we're not going to believe what they say, we're going to see what they do. But I will say that I think it has been proven enough that it would be wildly unpopular to continue these tactics, even if you made opposite campaign promises. And I think it will, I legitimately think it will be better. I mean, we have these products, look at this, the E3 ETF, 107 million inflows on day one, really good, especially because E3 outflowed almost a half a billion

Starting point is 00:22:14 and volume topped a billion dollars. I mean, this was successful. Yeah, it's staggering. You know, I want to show you something that's not overly promotional, but I think you'll get a kick out of this. I don't know if you can see it, but I'm writing a book with Michael Saylor, and it's for the John Wiley series. It's called The Little Book of Bitcoin. They have this whole series of books, Little Book of Investing, Index, and so forth. And the subtitle of the book is What You need to know that Wall Street has already figured out.

Starting point is 00:22:47 OK, and it's a short primer on Bitcoin. There's many short primers on Bitcoin. But Michael's helping me with the book because it's sort of a rite of passage story. You're talking about two contemporaries. Michael and I are the same age. We are the last vestige of the baby boomers, 60 years old. This is a young person's asset class. Had it to 60-year-olds four years ago, prospectively. Michael in August of 2020, SkyBridge Capital, Brett Messing and myself in October of 2020 enter the world of investing

Starting point is 00:23:22 in Bitcoin. And so I write a story in this book about that intellectual odyssey, how we got there. And I know you've heard me say this before, and I've heard you say it. The more work you do on Bitcoin, the more you understand the technical properties of Bitcoin, the more excited you get. And I don't know anybody that's actually done the homework that said, oh, you know, this sucks. I'm not buying it. Paul Tudor Jones, Stan Druckenmiller, you pick the person, do the homework.

Starting point is 00:23:49 They end up owning some Bitcoin. Yeah, I saw Bill Miller's actually speaking at the event as well. But to your point, you have all these billionaires that are pro Bitcoin. You never have any of them who go pro Bitcoin and then decide it's not for them. It must be Countless Simtali, but I don't think he's a billionaire. But he's the only guy I know who went the other way. Okay. So I think that was a personal thing, by the way. I think that was a personal thing. I mean, those are two Lebanese guys fighting it out for some reason, but I think he's made a mistake on there. And of course,

Starting point is 00:24:19 I had a debate. Eric Voorhees and I debated Nouriel Roubini, who's an anti-coiner, Peter Schiff, who's an anti-coiner. And it was just, we were making logical arguments, they were yelling at us. So it was like, I felt like I was with the two old Muppets, when they scream from the balcony and they yell at you. I'm like, all right, you can yell at me, but this is where the future is. We are going to transact with each other permissionless. We're going to transact with each other in a lower cost way.

Starting point is 00:24:52 I used to spend $5 at calling my parents from Europe in the 1980s. Now I spend no dollars a minute talking to you on the wolf of all streets. That's just the way the world goes. And so we are going to spend little to no money on transaction fees going forward as we transact with each other in a very secure way. The future is upon us. Let's not pretend otherwise. Let's just get it regulated fairly. One last question. I know we got to go. Price has not reacted at all to any of this. We have nothing but tailwinds. Trump has pivoted. I think price is lower than when he pivoted. We've seen this major thawing. We know you think $170,000. I think we both think it could go higher and just don't want to sound crazy. What do you think is going to finally move price,

Starting point is 00:25:42 or is this just the cycle in the summer doldrums? So I think it's just a cycle. I would just encourage people to look at where the other halvings happened, not to get overly boring with hash rate analysis and what miners have to do to stay competitive and to stay profitable after a halving. So remember, you're going from 900 coins a day that the network is spitting out to 450. And so the miners are selling a little. They have to keep themselves competitive. And this causes a little bit of a diminution in price. That's starting to end. You can see the hash rates ticking back up. You know that there's some supply overhangs. The government of Germany, in in their infinite wisdom decided to sell 50,000 coins last month. I think, I don't know why they did that, but they decided to do that. And of course you have the Mt. Gox bankruptcy, which I'm

Starting point is 00:26:33 participating in, and I was told that sometime next week I'm gonna receive my requisite number of coins. Of course I'm not selling my coins. I predict that there will be less of an overhang than people think. And so, you know, and, you know, people, people, I would just point this out to you, there's $16 billion of capital coming out of the FTX bankruptcy. Some of that's going to go into the hands of people that want fiat currency because they bought the claims. But some of it isn't. Some of it is going into the hands of people that are Bitcoiners or they're Ethereum owners. And so I see some of that money coming back into the marketplace. So you have these two supply overhangs plus the halving that are causing some churn right now.

Starting point is 00:27:18 And I would just caution people not to be selling their Bitcoin into that. Stay patient. Wait till the end of the year to see what I think will be very robust price appreciation. Totally agree. I'll see you in Nashville, man. We're going to sit down hopefully in person and do something quickly. I'm going to be there, brother. Thanks for having me on. I just want to show you a prop here.

Starting point is 00:27:39 Hold on a second. It's my lucky charm here before we go. Okay, this is available on Amazon. This is my Bitcoin. I guess it's a gnome. My Bitcoin gnome. Okay, here he is. Okay, and since I've had him in my possession, we've had probably a 50% run in Bitcoin.

Starting point is 00:27:56 Let me just give him a kiss before we leave. Okay. I'm going to put the link in the description so we can all buy a lucky charm. And really quickly, guys, before I let it go, I do have the live interview will be here on X on Mario Nothel's X on Robert Kennedy's YouTube on Robert Kennedy's X. That's at 615 Eastern Standard Time.

Starting point is 00:28:14 Now it's him, myself and Caitlin Long. And I can tell you, I have a idea of what we're going to be talking about and it's going to rustle some feathers. Anthony, you're going to like it. I promise you that. Yeah, wait, I'll be, I'll be tuned in rustle some feathers Anthony you're gonna like it promise you that you know wait I'll be I'll be tuned in all right thank you everyone send it to me so I can share it on my social media as well we'll do that thank you all right god bless Let's go.

The Wolf Of All Streets - Breaking: Trump, Harris & Kennedy To Endorse Bitcoin?! Anthony Scaramucci: Bull Run Ahead?

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