Wolf Of All Streets Worries About A World Where Bitcoin Reaches $1M: Hall Of Flame

Hosted by Scott Melker Wolf of All Streets Podcast and author of The Wolf Den newsletter,

“If I tweeted about the little hat [crypto] Right now the price will probably move about 50%,” said Scott Melker, known among his 904,800 Twitter followers as The Wolf of All Streets.

Melker says he takes this responsibility seriously and will not share tweets that “could affect the market,” but that makes Twitter “much more boring” for him. Melker even said that Twitter “isn’t fun anymore” when he hits 100,000 followers.

“Then I went through a period of real love-hate relationship with Twitter, because then I estimated that 10% of people commenting on comments were trolling at some point.”

The only thing you can really post on 900,000 followers is “Bitcoin and inspirational quotes” because “everything else” will get you in trouble.

After graduating from Penn State University in 1999 with a degree in anthropology, Melker tried his hand at “a million” other things – finding most success in his 20-year stint as a DJ.

Shortly after finishing college, he also started his own magazine in Philadelphia called 101 Magazine, which focused on street culture and city atmosphere.

This attracted the attention of a “huge” magazine called Frank 151, which acquired it and Melker became editor-in-chief of both.

During that time, he had the opportunity to attend “crazy” parties and rub shoulders with great acts such as the Wu-Tang Clan and the Outcasts.

The music industry first inspired him to try crypto trading.

“I got hooked on crypto because there were some DJs trading it,” he says.

He first started trading on the Gemini crypto exchange in 2016 and remembers buying bitcoin to send to another exchange, Bittrex, so he could “buy ethereum and ripple”. ETH was “under $20” at the time, he said in a cheeky humble brag.

The main attraction, he says, was to earn hard cash rather than any higher aim.

“I was basically just doing business and trying to make money to support a new family; It had nothing to do with what bitcoin was or what the asset class was.”

What is the reason for Twitter’s fame?

Melker initially started accumulating followers when he was “trading the market well” and posting about it on Twitter. At the time, their material was “100% chart and trade”.

However, Melker did not want his account to be based on transactions because it is “volatile”.

So he moved towards a more holistic approach to his content within the crypto industry.

“I would love to tell you that I adopted a strategy to grow my account, but I always did what I enjoyed doing the most at a given point in time.”

Melker sees a direct correlation between the growth of his followers and the performance of the crypto market.

During past bull markets, he has experienced a massive influx of daily followers.

“There was a time when I used to get a lakh [followers] In two months,” he says.

Melker used to reply to “virtually anyone” who replied to his tweets or messaged him, but that ship has now sailed.

“It’s like a full-time job, and then you get to a point where you literally can’t open all your DMs,” he says.

But it’s best not to refer to him as a “person of influence”.

“I hate the word influencer because to me I am just a student of crypto, and this is something I am passionate about and want to learn more about.”

What kind of content do you do?

Melker’s content revolves around crypto news and keeping people informed about what is happening in the market.

He’s happy to share his thoughts on what’s important, and “what’s noise and what’s not signal.”

,[My content includes] All lessons I’ve learned in my stream and podcast, but I would say it’s generally educational/informative material about this market.

Melker emphasizes that he faced immense pressure when he made the decision to “turn off a tweet” given the number of followers he has on Twitter.

,Twitter It’s like in a movie where you throw a grenade across a room and walk away, and there’s a huge explosion behind you. “Now I feel the same way every time I send a tweet,” says Melker.

Extreme Beef: Gary Gensler

Melker is no fan of Securities and Exchange Commission Chairman Gary Gensler.

He acknowledges that his Twitter is filled with a lot of “angry tweets against Gensler”.

He announced, “I literally contributed to aggressively popularizing #firegarygensler on Twitter.”

He explains that his problem with Gensler is their recent regulatory actions, which he sees as a “massive reform” targeting crypto companies.

He believes this stems from a sense of shame about Gensler’s meeting with Sam Bankman-Fried prior to the collapse of FTX and not realizing that “he was an impostor”.

Spicy Beef: ZachXBT

ZachXBT, a pseudonymous on-chain researcher, accused Melker of giving and dumping dirty coins in 2021 to his followers. It was a difficult time for Melkar, who felt threatened and became the target of fiery fury.

Melker vehemently denied the claims and announced that he would not be tweeting about small-cap projects at all.

Melker says he doesn’t want his viewers to get the wrong idea and will focus on educational content. He reiterated that he is “enthusiastic” about trading altcoins, but says that as your following grows, it can be difficult to push the boundaries of what to talk about and what not to talk about.

“You don’t come to 900,000 followers one day and understand what you can and can’t tweet about.”

Price Prediction?

“Nothing fools you more than a price forecast,” says Melker. He should know, because he was optimistic when he predicted Ethereum to reach five figures in 2021.

However, he is convinced that bitcoin will reach six figures in the next bull run.

“I think the next cycle will be between 100 (thousand) and 250 (thousand),” he declared.

But Melker believes that the market will see another huge drop after this before reaching half a million.

“Then we get back to 60 (thousand), and it gets boring forever. Then we get to half a million, as if we are continuing these four-year cycles.

However, Melker doesn’t want to “live in a world where bitcoin is worth a million dollars”.

“The faster this happens, the worse off the world will be,” says Melker.

“Because if bitcoin goes to a million dollars. This means everything else has exploded, including the US dollar, and we are living in some Mad Max dystopian future.

“Where you and I are guys with no paint on their faces who go to the gas city and fight the enemies,” he said, referring to the 2015 film. mad max fury road,

But maybe in a few decades.

He added, “I would like to see bitcoin worth a million dollars in 20 years, on the proper cycles.”

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Ciaran Lyons

Ciaran Lyons is an Australian crypto journalist. He is also a stand-up comedian and has been a radio and TV presenter on Triple J, SBS and The Project.