Jack Mallers, CEO of the payment platform Strike, surprised many by publicly announcing his decision to completely divest from US dollars, choosing instead to invest entirely in Bitcoin (BTC). This announcement was made through an extensive post on his X account on January 3rd.
Mallers’ decision is grounded in his critical perspective toward the American financial system, especially since the country abandoned the gold standard in 1971. According to him, this action marked the beginning of a bleak post-industrial economic era, characterized by massive money printing, hyperfinancing, and a growing wealth gap.
I no longer own any US dollars. Not even a penny.
As an American millennial, I love our country but I oppose our money.
I'm all in on #Bitcoin. Setting my sails toward prosperity or going down with the ship.
I believe it's important to take a stance now more than ever pic.twitter.com/XhWPfQzG3d
— Jack Mallers (@jackmallers) January 2, 2024
Mallers argues that the constant devaluation of the dollar led to compulsive investment in assets such as real estate and stocks, causing a disproportionate increase in their prices and contributing to economic disparity. Additionally, he points out that the US national debt has reached record levels, surpassing even the combined value of the economies of China, Germany, Japan, India, and the United Kingdom.
Mallers Reflects on the Relationship Between the US and Bitcoin
In his exposition, Mallers highlights Bitcoin as a response to the issues he perceives in the traditional financial system. He emphasizes Bitcoin’s unique feature of having a fixed supply, its operation based on open-source software, and its decentralized nature that immunizes it against inflation. For Mallers, BTC not only represents a financial investment but embodies fundamental American values such as freedom, equal opportunity, a free-market economy, innovation, and progress.
Despite the criticism and skepticism he received for his decision to fully embrace BTC, Mallers maintains that this cryptocurrency is the best expression of the debasement of fiat and the solution to current economic problems. He believes that BTC is the money of the land of freedom, opportunity, democracy, rights, and equality.
Mallers seems to have unwavering faith in BTC. This is a manifestation of his distrust in the US dollar and the traditional financial system. His decision highlights the growing influence and adoption of BTC as an alternative and refuge in a constantly changing and declining global economic landscape.