Known in the cryptocurrency field as The Wolf of All Streets, Scott Melker is arguably one of the most influential personalities in the community in recent years.
With more than 110,000 followers on Twitter, Melker gives out helpful market analysis to both novice and experienced crypto traders and is known for his friendly and easy-going attitude.
CryptoPotato had the chance to do an exclusive interview with The Wolf of All Streets, where he shared some exciting details about his journey to becoming a trader and investor, as well as his overall approach to both cryptocurrency and legacy markets.
Someone Offered To Pay Me In Bitcoin In 2012 For DJing
Before he became The Wolf of All Streets, Melker was a renowned DJ and music producer. The Melker Project, as was his artistic pseudonym, played alongside some of the legends from most musical genres including but not limited to Snoop Dogg, Wiz Khalifa, Enrique Iglesias, T.I., Jason Derulo, Kanye West, Justin Timberlake, Rihanna, Lupe Fiasco, Steve Aoki, and so forth.
Melker has also played on major festivals, events, and venues across the world, including a 30 stadium tour in Japan with Toshi Kubota, Estadio Felix Capriles with Enrique Iglesias, and many, many more.
His music career was no doubt a success, making his transition to trading so much more interesting. Melker shared that “the decision was somewhat made” for him.
“My daughter was born in 2015 and I did not want to be a traveling parent. I slowly scaled down my music career and scaled up my trading. I was also pushing towards 40 years old and knew that I would have to wind down sooner or later.” – He said.
He also drew a comparison between both, saying that they are “similar in that I keep my own hours and find both to be creative pursuits. Any excuse to avoid having a boss…”
Like many, he took notice of the crypto market in 2016 and started aggressively trading it in 2017: “It was an incredible opportunity to make money, which was the initial reason that I paid attention to.”
In a somewhat funny story, Melker said that he had heard about Bitcoin before, “but dismissed it off-hand as most people did.” In fact, someone had actually offered him to pay for a DJ gig in BTC back in 2012. Seeing how its price progressed through time, it would definitely have been a good deal.
“I should have taken that offer.”
Building a Following: The Secret Sauce
It’s obvious that in both pursuits, Melker has managed to build a huge following. He has over 110,000 followers on Twitter. He runs a popular podcast as well as a regular newsletter with over 10,500 subscribers.
Yet, he reveals that the secret in building a considerable community lies more within hard work and dedication, rather than anything else.
“I never intended to build a huge community or to become an influencer. I have always shared on social media whatever I am passionate about at the time. That became crypto, and for whatever reason, people chose to engage with me and follow.
The “secret sauce” is probably somewhat obvious – be nice, engage with people respectfully, and add value. I am a content creating machine – I believe in giving more than I take in life and in the crypto community.”
Cryptocurrency Markets: a Dream for Technical Traders
In his newsletter and on his Twitter feed, Melker charts a variety of cryptocurrencies daily.
He shared with us that he’s using “almost entirely technical” indicators for his analysis, adding that “the crypto market is a dream for technical traders as it requires very little attention to the news or to the actual projects.”
Melker drew a comparison between trading the crypto and legacy markets. He said that with crypto, “you can look at a chart and trade, which is not the case in other markets. There are companies that I believe in fundamentally, but as a trader, they all move together based on the price action of Bitcoin. Until they have standalone value regardless of Bitcoin, I will continue to approach most of them as a trader.”
Whereas, when trading on traditional markets, Melker said that “you have to actually understand the companies that you are trading when it comes to stock. You need to consider macroeconomic factors when trading forex. It’s a completely different ballgame for me, which is why I am naturally drawn to crypto.”
Melker’s Tip For Novice In Bitcoin Trading: Only DCA
Cryptocurrency trading is something that a lot of people are attracted to on the offchance of making life-changing amounts of money in a relatively short period. Of course, that’s easier said than done, and most of the people end up losing money.
Hence, we asked Melker what’s the best tip that he can give for newcomers and traders who are just starting with the market.
“Don’t do it.” – He said.
Instead, he offered a time-tested and well-known strategy: the dollar cost average (DCA). DCA entails buying a fixed amount of Bitcoin over fixed periods: buying $100 worth of BTC every month, for example.
Of course, investors can tweak it however they see fit. The idea is that they are buying Bitcoin over a long period, stretching out their average entry price, and reducing the risks of purchasing market tops or selling bottoms.
“Dollar-cost average into Bitcoin, put it away, be rich in the distant future. If you want to be adventurous, add Ethereum to the equation. Beyond that, most projects are a gamble and you should only allocate a smaller percentage of your capital into them.” – Melker said.
The 3 Projects That Will Stay For Years
We also asked Melker if altcoins will return to their former glory and all-time highs of late 2017 and early 2018. He believes that “some will and some won’t.”
However, he also thinks that Ethereum, Elrond, and Chainlink are the projects that will stay with us in ten years.
The Wolf of All Streets refrained from giving a precise target for Bitcoin in the near and distant future. He believes that “the world is ready and the price should continue to rise. At what rate and for how long is anyone’s guess.”
However, he also said that Bitcoin “has the best chance of any asset class to provide disproportionately large returns and should be a part of every investor’s portfolio.”
In terms of his future plans, he was brief and on-point:
“Make money, share ideas, retire early.”
Featured image courtesy of Beyond the Trades