If you’ve ever bought a token only to find out its grand use case was “having a token,” congrats, you played the game just right. Wolf of All Streets’ Scott Melker sums it up best. After years wandering crypto’s high-stakes tables, he’s upgraded his stance from “99.9% of crypto is a casino” to “99.999999%. As for the rest of the industry? Well, it’s doubling down on his assessment, one Twitter thread at a time.
Crypto is a casino with bull cycles and bear-ly believable drama
The general mood in crypto circles is that this has been the worst bull cycle ever. This market is about as cheerful as a rain-soaked slot machine. Retail? Gone. OGs? Ejecting coins like a busted pinball.
Just look at the Trump coin saga, where retail bagholders bought into the hype before newly minted “patriots” were left clutching tokens at a 90% discount. Or the “Banana Cat” memecoin, which mooned for two days before dumping so hard holders were left with whiplash.
And it’s not just retail; insiders can get burned too, like Justin Sun’s spectacular miss with World Liberty Financial freezing 595 million coins. Even well-connected whales can end up face down at the blackjack table. Of course retail is leaving in droves.
For those traders left still glued to their screens waiting for the next “God candle,” Bloomberg ETF analyst Eric Balchunas wants you to know it’s “actually a real mental health problem.” Sure, crypto is a casino, but Bitcoiners have seen their portfolios swing 300% in the last two years, and they still feel robbed anyway.
Broken promises, pump and dumps, and the Bitcoin endgame
So where do these winding market roads lead? After sifting through the promises and the latest “faster, cheaper, better” blockchain flavor, the exhausted crowd eventually stumbles back to Bitcoin. It’s the one digital roulette wheel that still spins when everything else goes bust. As ex Blockstream VP Fernando Nikolić cheekily observes:
“Bitcoin Twitter is 50,000 people talking to each other while thinking they’re talking to the world.”
Meanwhile, normies treat Bitcoin like a stock, maxis bicker over covenants, traders pray for candles, and the neighbor is pretty sure it trades on Saturdays.
Adoption? Not nearly as straightforward as anyone hoped. But Nikolić nails one universal truth. NGU (Number go Up) is the only thing everyone understands. Price speaks to billions; tech and philosophy… dozens and hundreds, at best.
The Scott Bessent effect: Bitcoin goes mainstream
And just when you think the game is over, along comes Scott Bessent. The U.S. Treasury Secretary publicly embraces Bitcoin for its 100% uptime (unlike the U.S. government), propelling Washington’s mood from combative to admiration.
All roads may be paved with lost retail coins and meme casualties, but they still end at Bitcoin’s door, complete with regulatory love and institutional buy-in.
So while 99.999999% of crypto is a casino in a flashing Vegas pit, Bitcoin is leaving the nonsense behind to crash the Washington ball. The real jackpot? When you finally realize the only token you needed was sitting under your nose the whole time, humming away block by block, at a dinner party where Scott Melker quietly mutters: “Told you so.”