Crypto trader Scott Melker, also known by “The Wolf of All Streets”, expects bitcoin’s price to reach new all-time highs before the end of this 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. He also views the $1.2 trillion Senate infrastructure bill as the largest advertisement for bitcoin in history.

‘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 an investor and trader, both at Texas West Capital and privately. Melker is the author of “The Wolf Den”, a newsletter that focuses on blockchain-based investments. He also serves as an advisor to several other blockchain-based projects. Binance presented him with the Influencer of North America Award in June 2017.

Commenting last week on the $1.2 Trillion infrastructure bill , Melker said that it was the most prominent advertisement for bitcoin in history. 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 said, “We’re discussing printing over a trillion dollars from thin air to pay an infrastructure bill that has absolutely no connection to cryptocurrency. The bill was frozen for three to four days because of the cryptocurrency provision. We had the whole world talking about Bitcoin and the crypto industry. There is some irony here

The host of The Wolf of All Streets podcast pointed out that the infrastructure bill must still pass the House of Representatives before it can be signed into law. “That wouldn’t even happen until 2023. We’re talking about a very long horizon for any activity here .

Another positive factor that affects the crypto market is the possibility of a bitcoin exchange traded fund (ETF), being approved by the U.S Securities and Exchange Commission (SEC), he stated. He stated that the approval of an ETF would mark the most significant single event in bitcoin’s history. It would allow a large pool of money, including pension funds, sovereign wealth funds, to be able to invest. They will come in when an ETF is available.” The trader added:

That would be the catalyst for real institutional adoption of bitcoin. They need a regulated asset they can trust, that has been vetted by their risk managers as well as the SEC.

While acknowledging the fact that regulation in cryptospace is inevitable, Melker stated that Gary Gensler (the new chairman of the SEC), who was previously a professor at the Massachusetts Institute of Technology, will likely implement sensible regulations that will benefit crypto industry. Gensler recently told Senator Elizabeth Warren that additional authorities and resources are needed for the oversight of the crypto industry.

“A reasonable regulation to protect consumers is a positive thing. It would open the door for a lot big institutional money to wait on the sidelines to get that kind of green light,” stated Melker.

Melker also spoke out about his prediction of the price of 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 is a function of price actually catching up with the value,” The Wolf of All Streets host explained. “We witnessed a significant liquidation of leveraged traders which caused the cascade price drops to go down much more than they should have .”

He elaborated: “When bitcoin dropped from $60,000 to $50,000, we saw almost $10 billion in liquidation. One million retail accounts were closed. And we saw similar activity from $40,000 to $30,000. That was not the fair price of bitcoin, I think. We are now seeing institutional interest returning in order to take advantage of the dip prices .”

Predicting record-high bitcoin and ethereum prices by the end the year, Melker explained:

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? Please leave your comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

Read More