We develop the theory of the speckle velocimeter that is based on use of a photorefractive real-time hologram in four-wave mixing as a time-integrative correlator. The theory of the speckle velocimeter has been developed for the time correlation between the far-field spectrum of light scattered from the diffuser and the reference wave that is Doppler shifted. Our theoretical derivation shows that it is possible to extract the velocity with minor processing of the output correlation.