Jack Mallers, CEO of the leading payment platform Strike and a renowned Bitcoin advocate, recently declared his abandonment of fiat currencies in favor of Bitcoin (BTC), explaining his decision on social media. He stated emphatically that he no longer holds any US dollars, not even a single cent, and has shifted his focus entirely to Bitcoin, expressing his willingness to prosper with it or sink with the ship.
Mallers justified his move by citing the alarming state of the US economy and the ongoing devaluation of its currency. He pointed out that since the US abandoned the gold standard in 1971, the dollar has been the world’s reserve currency. However, this has led to a post-industrial economic wasteland characterized by excessive money printing, hyper-financialization, and asset inflation, resulting in widespread dissatisfaction among the population.
The entrepreneur elaborated on how the devaluation of the dollar has forced people to invest in assets such as real estate and stocks to protect their wealth, driving up prices. He argued that the creation of money has disproportionately enriched asset owners while impoverishing those who cannot afford to invest, thereby widening the wealth gap and causing significant societal issues.
Mallers emphasized that the problem lies with the currency, not the country, as America stands for freedom, equality, democracy, and innovation. He believes there is no need to control money and, in fact, it should not be controlled. He also highlighted the staggering national debt of the US, which has doubled over the past decade to reach $34 trillion, surpassing the combined economies of China, Germany, Japan, India, and the UK.
In explaining his support for Bitcoin, Mallers stated that it represents American values such as personal freedom, equal opportunity, a free-market economy, innovation, and progress. Despite his strong stance, many investors remain skeptical of this significant shift towards Bitcoin and question how Mallers manages various payments without holding any dollars.
Mallers’ move away from fiat and towards Bitcoin reflects his disillusionment with the current state of the economy and his belief in the cryptocurrency as a symbol of the values he cherishes. His actions raise questions about the future of traditional currencies and the potential for wider adoption of digital assets like Bitcoin.