Strike CEO Jack Mallers fully embraces Bitcoin, abandons US dollar
Strike CEO Jack Mallers, a passionate advocate of Bitcoin (BTC), has announced his complete transition away from fiat currency, choosing to fully embrace Bitcoin instead.
In a post on January 3rd, Jack Mallers, a Bitcoin enthusiast and visionary, revealed that he has divested himself of all US dollars, stating, “I no longer own any US dollars. Not even a penny.”
Mallers’ decision stems from his concerns about the state of the US economy and the devaluation of its currency. While he expressed his love for America, he criticized the nation’s monetary policies, particularly since the abandonment of the gold standard in 1971.
Mallers believes that the country has experienced excessive financialization and asset inflation since then, leading to a widening wealth gap and societal discontent. He argues that as the value of the dollar decreases, individuals are driven to invest in assets like real estate and stocks, driving up their prices and exacerbating wealth inequality.
“Printing money makes those who own assets richer and those who can’t afford them poorer,” Mallers added.
In his post, Mallers emphasized that Bitcoin, with its fixed supply and decentralized nature, offers the best response to the debasement of fiat currency. He sees Bitcoin as embodying American values such as personal freedom, equal opportunity, and innovation.
Mallers’ stance raises questions about the practicality of using Bitcoin for everyday financial transactions such as paying bills and taxes, given its limited acceptance.
While BTC is still primarily considered a store of value and a speculative asset, its usage for everyday purchases remains limited to only a few locations worldwide.
Mallers believes that BTC will reach a price of $1 million. During an appearance on CNBC’s Power Lunch in March 2023, he emphasized Bitcoin’s role in the global financial crisis and predicted its price would skyrocket due to worldwide hyperinflation.
He criticized the Federal Reserve for damaging its reputation through excessive money printing and argued that Bitcoin’s limited supply of 21 million units strengthens its value.
Mallers also commented on other cryptocurrencies, acknowledging their speculative nature and viewing them as a means to acquire more Bitcoin.
With the US national debt reaching a record $34 trillion, double what it was a decade ago, Mallers’ decision and viewpoints resonate with an increasing number of individuals and investors who see cryptocurrency as a potential hedge against traditional economic instability.
