If you bought a token and then discovered that the grand use case was to “have the token”, congratulations! You’ve played the game correctly. Scott Melker of The Wolf of All Streets sums it up best. After years of roaming the high-stakes tables of cryptocurrencies, he has upgraded his stance from “99.9% of cryptocurrencies are casinos” to “99.999999%. What about the rest of the industry? Well, he’s doubling down on his ratings one Twitter thread at a time.
Crypto is a casino with bullish cycles and bearish incredible drama
The general mood in the cryptocurrency industry is that this is the worst bull cycle in history. This market is about as cheerful as a slot machine in the rain. retail? Gone. OG? Ejects coins like a broken pinball.
Let’s take a look at the story of Trump Coin. There, retail bag owners cashed in on the hype before the newly minted “Patriot” was clutched with a 90% discount token. Or the “Banana Cat” meme coin, which rose to the moon for two days before being dumped, giving hardholders whiplash.
And it’s not just retail. Insiders can also get burned, as in the spectacular failure of Justin Sun, where World Liberty Financial froze 595 million coins. Even a well-connected whale can end up face down at a blackjack table. Of course, retail businesses are leaving in droves.
Bloomberg ETF analyst Eric Balciunas wants traders still glued to their screens waiting for the next “God’s candle” to know that this is “actually a real mental health issue.” Sure, cryptocurrencies are casinos, but Bitcoiners have seen their portfolios fluctuate 300% in the past two years and still feel robbed anyway.
Broken promises, pumps and dumps, and the final phase of Bitcoin
So where does this winding market road lead? After sifting through promises and the latest “faster, cheaper, better” blockchain flavors, the jaded crowd finally stumbles on Bitcoin. It is the only digital roulette wheel that will still spin if all else fails. Former Blockstream Vice President Fernando Nikolic cheekily stated:
“Bitcoin Twitter is 50,000 people talking to each other thinking they’re talking to the world.”
Meanwhile, ordinary people treat Bitcoin like a stock, the biggest people argue over terms and conditions, traders pray for candles, and neighbors are convinced that Bitcoin will be traded on Saturday.
Adopted? It’s not as easy as everyone expected. But Nikolic revealed one universal truth. NGU (Number go Up) is the only thing that everyone understands. The price tells you the value in billions. Technology and philosophy…dozens or hundreds at most.
Scott Bessent effect: Bitcoin becomes mainstream
And just when you think the game is over, along comes Scott Bessent. The US Treasury Secretary (unlike the US government) has publicly endorsed Bitcoin with 100% availability, pushing the mood in Washington from belligerence to admiration.
All roads may be paved with retail coin losses and meme sacrifices, but they still end at Bitcoin’s doorstep, complete with regulatory love and institutional buy-in.
So 99.999999% of cryptocurrencies are like casinos in Las Vegas, but Bitcoin is leaving the nonsense behind to crash the Washington Ball. A real jackpot? When you finally realize that the only token you need was sitting right under your nose the whole time at a dinner party, humming every block, Scott Melker quietly mutters,