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‘Wolf of All Streets’ Trader Expects Bitcoin to Surpass $100K Within 6 to 12 Months

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‘Wolf of All Streets’ Trader Expects Bitcoin to Surpass $100K Within 6 to 12 Months

'Wolf of All Streets' Trader Expects Bitcoin to Surpass $100K Within 6 to 12 Months

Crypto trader and investor Scott Melker, also known as “The Wolf of All Streets,” expects the price of bitcoin to hit new all-time highs by the end of the year. “I would not be surprised at all to see bitcoin trading in six figures within the next six to 12 months, or ethereum even pushing towards $10,000 in that time,” he said. The trader also sees the Senate’s $1.2 trillion infrastructure bill as the biggest advertisement in history for bitcoin.

‘Wolf of All Streets’ Trader Sees Many Upsides to Bitcoin Pushing the Price Toward $100K

Scott Melker, the host of “The Wolf Of All Streets” podcast, shared his bitcoin outlook with Kitco News last week. Melker is a trader and investor both privately and at Texas West Capital. He is the author of “The Wolf Den” newsletter and an advisor to a number of blockchain-based projects. In June last year, Binance awarded him the Influencer of the Year Award for North America.

Commenting on the $1.2 trillion infrastructure bill that the Senate passed last week, he said it was the greatest advertisement in history for bitcoin. With so many intense discussions within the crypto community and a growing number of lawmakers speaking in favor of cryptocurrency, Melker said:

It’s raising awareness, which is probably actually causing more people to buy than to sell.

He continued: “We’re talking about printing over a trillion dollars out of thin air to pay for an infrastructure bill that has absolutely nothing to do with cryptocurrency. But the one cryptocurrency provision froze the bill for three or four days. And we had the entire world talking about bitcoin and the crypto industry. There’s some irony there.”

The host of The Wolf of All Streets podcast noted that the infrastructure bill still has to pass the House of Representatives and be signed into law. “That wouldn’t even happen until 2023. So we’re talking about a very long time horizon for any activity here.”

Another positive factor affecting the crypto market is the likelihood of a bitcoin exchange-traded fund (ETF) being approved by the U.S. Securities and Exchange Commission (SEC), he opined. “The approval of an ETF would be the biggest single event in the history of bitcoin for that large wall of money to have the confidence to enter — pension funds, endowments, sovereign wealth funds. They will come in when there’s an ETF.” The trader elaborated:

That would be the catalyst for real institutional adoption of bitcoin. A regulated asset that they can trust and that is vetted by their risk managers and by the SEC.

While noting that regulation in the crypto space is inevitable, Melker said the new SEC chairman, Gary Gensler, who previously taught crypto courses at the Massachusetts Institute of Technology (MIT), will likely introduce sensible regulations that will benefit the crypto industry. Gensler recently told Senator Elizabeth Warren that additional authorities and resources are needed for the oversight of the crypto industry.

“Reasonable regulation that protects consumers is a good thing and would likely open the door to a lot of big institutional money that’s waiting on the sidelines for that sort of green light to enter the space,” said Melker.

Melker also discussed his price prediction for bitcoin and ether. At the time of writing, the price of bitcoin stands at $47,218 while the price of ether is $3,273 based on data from Bitcoin.com Markets.

“It’s a function of the price actually catching up to the value,” The Wolf of All Streets host explained. “We saw a major liquidation of leveraged traders, which caused the cascade of prices to go down much further than they should have.”

He elaborated: “When bitcoin dropped from $60,000 to $50,000, we saw almost $10 billion in liquidation. One million individual retail accounts were liquidated. And we saw similar activity from $40,000 to $30,000. I don’t think that that was the fair value of bitcoin. Now we’re seeing institutional interest coming back in and taking advantage of the dip prices.”

Predicting new record-high prices for bitcoin and ethereum by the end of the year, Melker described:

I believe that this correction is likely over and that we should see new all-time highs by the end of the year. I would not be surprised at all to see bitcoin trading in six figures within the next six to 12 months, or ethereum even pushing towards $10,000 in that time.

He added that in the long run, bitcoin will likely be a seven-figure asset and ethereum a $20,000 to $30,000 asset at a minimum.

In May, Melker said that investors could get into the crypto market by investing in the meme cryptocurrency dogecoin. Tesla CEO Elon Musk and the owner of the NBA team Dallas Mavericks, Mark Cuban, recently said that dogecoin is the “strongest” cryptocurrency when it comes to using it as a medium of exchange.

What do you think about Melker’s comments? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Record Crypto Inflows of $1.47B Last Week Boosted by Bitcoin ETFs

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Record Crypto Inflows of $1.47B Last Week Boosted by Bitcoin ETFs

Cryptocurrency investment products and funds saw record inflows from investors last week, according to the latest CoinShares data.

During the tenth straight week of crypto inflows last week, digital asset investment products saw inflows amounting to $1.47 billion, a new record by a significant margin. According to the weekly report from CoinShares, this is more than double the previous record of $640 million set earlier this year in February. Over the course of the week, total assets under management peaked at a new record of $79.2 billion, but finished the week at $76.7 billion. Year-to-date inflows now amount to $8 billion, far exceeding that of $6.7 billion in 2020.

The majority of inflows went to Bitcoin, amounting to $1.45 billion, while Ethereum saw outflows for a third consecutive week totaling $1.4 million. Altcoins Solana, Cardano and Binance also saw significant inflows at $8.1 million, $5.3 million and $1.8 million respectively.

Boosted by Bitcoin ETF approval

CoinShares attributes the outsized demand to the Securities and Exchange Commission (SEC) approving the first Bitcoin-based exchange traded funds (ETFs). This enabled the listing of two such Bitcoin investment products, whose inflows totaled $1.24 billion. This also contributed to Bitcoin achieving a new all-time high of over $67,000 last week.

“Bitcoin hitting new all-time highs shows both how far we’ve come and the capacity bitcoin has to upend the financial system and create a global economy, linking the developed and emerging markets like never before,” said co-founder and CEO of Paxful Ray Youssef. “While this recent price rally can be attributed to movements like the approval of the first bitcoin ETF for institutional investors, we can’t ignore the impact of significant development and adoption in emerging markets.”

After its debut, the ProShares Bitcoin-futures-based ETF became the second-highest traded fund in history, attracting a staggering 24 million shares. It proved so successful that it was already approaching the limit on the number of futures contracts permitted by the Chicago Mercantile Exchange. However, following this act proved difficult as Valkyrie’s Bitcoin futures-based ETF opened at $25, but only fell from there.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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South Korean pension fund to invest in Bitcoin ETF: Report

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South Korean pension fund to invest in Bitcoin ETF: Report

KTCU plans to invest in Bitcoin ETF products after consultation with domestic asset managers,” an executive reportedly said.

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South Korean pension fund to invest in Bitcoin ETF: Report

South Korea’s public pension fund, the Korean Teachers’ Credit Union (KTCU), is reportedly looking to gain exposure to Bitcoin (BTC) via a crypto exchange-traded fund (ETF).

KTCU, one of the largest institutional investors in South Korea, is considering investing in a pure Bitcoin ETF or Bitcoin-linked ETFs in the first half of 2022, local news agency The Korea Economic Daily reported Monday.

According to the report, KTCU is considering investing in several Bitcoin ETF products, including those by South Korean asset management firm Mirae Asset Global Investments. The company launched two ETFs tracking the value of Bitcoin futures via its Canadian subsidiary, Horizons ETFs, in April 2021.

“As there are some well-made cryptocurrency-linked ETF products by asset managers such as Korea’s Mirae Asset Global Investments, we plan to invest in the ETF products after consultation with domestic asset managers,” an executive at KTCU reportedly said.

The official also mentioned potential investment in a Bitcoin ETF by Mirae Asset’s subsidiary, Global X ETFs, which filed for a Bitcoin ETF with the United States Securities and Exchange Commission in July.

According to the report, KTCU is the second-largest institutional investor in South Korea, with $40.2 billion in assets under management. The pension fund has allocated 40% of its investments in alternative assets, 10% domestic and 9% international stocks. KTCU has yet to determine the size and other details of its potential Bitcoin ETF investment.

Related: Why now? SEC took eight years to authorize a Bitcoin ETF in the US

The news comes amid global pension funds getting increasingly interested in gaining exposure to cryptocurrencies like Bitcoin and major companies in the industry. Last week, the Houston Firefighters’ Relief and Retirement Fund reportedly purchased $25 million in Bitcoin and Ether (ETH). Canada’s Ontario Teachers’ Pension Plan Board participated in a $420-million funding round for major crypto exchange FTX, the firm announced on Thursday.

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Dubai regulator announces new regulations for investment tokens

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Dubai regulator announces new regulations for investment tokens

The UAE continues to be one of the friendliest jurisdictions worldwide for the digital asset industry.

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Dubai regulator announces new regulations for investment tokens

The Dubai Financial Services Authority (DFSA) has established a regulatory framework for investment tokens as part of its efforts to stimulate the digital financial and technological environment while also meeting market players’ demands and requirements.

The DFSA is an independent regulatory body in Dubai that is in charge of monitoring and regulating financial services companies wanting to operate in the city. It also licenses and regulates its products and services.

According to a report by Emirati news agency WAM, the DFSA’s regulatory framework defines investment tokens as either “a Security Token or Derivative Token.”

The report notes that the creation of a new regulatory structure is the first step in the DFSA’s Digital Assets Regime, which reflects the suggestions made in Consultation Paper 138 published in March 2021. The consultation paper sought public input on the DFSA’s plans for regulating security Tokens. 

As reported by Cointelegraph in March, the financial regulator in Dubai called on members of the public to submit comments on its proposed rules for cryptocurrencies considered to be security tokens.

The investment token framework is designed to safeguard investors and provide legal certainty for market operators. 

Related: UAE regulators approve crypto trading in Dubai free zone

It specifies the sort of investment tokens that are permitted and which may be listed on a Digital Asset Exchange in the Dubai International Financial Centre, as well as other pertinent information.

The DFSA is also working on plans for unlisted securities not covered by the investment tokens regulatory framework. These are anticipated to include cryptocurrencies, utility tokens and certain stablecoins. The DFSA is expected to publish a follow-up consultation paper in the fourth quarter of this year.

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