Scott Melker, better known as “The Wolf of All Streets” (@scottmelker on Twitter) is a prominent figure in the cryptocurrency space. With a Twitter following of over 905,000, his insights and analyses have a significant impact on the crypto community. However, Melker is careful about the content he shares, understanding the potential market impact of his tweets. In a fascinating recent interview with Cointelegraph, Melker shared his journey into the crypto world and his views on the market.
Melker’s journey into the crypto world began with his interest in trading. He first started trading on the Gemini crypto exchange in 2016, buying Bitcoin to send to another exchange, Bittrex, to purchase Ethereum and Ripple. At that time, Ethereum was trading under 20 dollars. His primary motivation was to make money to support his family, with little regard for the underlying technology or potential of Bitcoin, as he revealed to CoinTelegraph.
His Twitter fame began when he started sharing his successful trades and market analyses. Initially, his content was primarily charts and trades. However, Melker soon realized the fickleness of such content and transitioned towards a more holistic approach, focusing on crypto industry news and education. He noticed a direct correlation between his follower growth and the performance of the crypto market, with follower influx surging during bull markets.
In 2021, Melker faced accusations from a pseudonymous on-chain researcher, ZachXBT, of pumping and dumping low market cap coins. Melker strongly refuted these claims and decided to avoid tweeting about small market cap projects altogether, focusing instead on educational content.
When it comes to price predictions, Melker is cautious. He believes that nothing makes a person look dumber than a price prediction. However, he is optimistic about Bitcoin hitting six figures in the next bull run, predicting a range between $100,000 and $250,000. He also foresees a significant market decline before Bitcoin hits half a million dollars.
Melker doesn’t want to see Bitcoin hit a million dollars too quickly, believing that if Bitcoin were to reach such a value, it would indicate a catastrophic failure of other financial systems:
“The faster it happens, the worse the world is … Because if Bitcoin goes to a million dollars. It means that everything else has exploded, including the United States dollar, and we’re living in some Mad Max dystopian future … I would like to see Bitcoin at a million dollars in 20 years, following reasonable cycles.“