Strike CEO Jack Mallers, an ardent Bitcoin (BTC) advocate, has announced his move away from fiat currency, opting to go all-in with Bitcoin.
In a Jan. 3 X post, Bitcoin enthusiast and visionary Jack Mallers announced his complete divestment from the US dollar, stating, “I no longer own any US dollars. Not even a penny.”
Mallers’ decision comes amid his concerns about the state of the US economy and the devaluation of its currency. He expressed his love for America but criticized the nation’s monetary policies, particularly since the abandonment of the gold standard in 1971.
According to Mallers, the country has faced hyper-financialization and hyper-asset inflation since then, which has widened the wealth gap and created societal discontent.
He argues that as the dollar devalues, individuals are compelled to invest in wealth assets like real estate and stocks, escalating their prices and exacerbating the wealth disparity.
Mallers added, “printing money makes those who own assets richer and those who can’t afford them poorer.”
In his post, Mallers highlighted that Bitcoin, with its fixed supply and decentralized nature, represents the best counter to fiat debasement. He views Bitcoin as embodying American values such as personal freedom, equal opportunity, and innovation.
“Bitcoin is the money for the land of liberty, opportunity, democracy, rights, and equality.”
Jack Mallers, CEO of Strike
Mallers’ stance raises questions about practical financial transactions, such as paying bills and taxes, given the limited acceptance of Bitcoin for everyday use.
BTC is still a store of value and a vehicle for speculation. Despite its growth, there are still very few places on the planet where you can use it to pay for things.
Mallers thinks BTC will hit $1 million
In March 2023, during an appearance on CNBC’s Power Lunch, Mallers emphasized Bitcoin’s role in the global financial crisis and predicted its price soaring to $1 million due to worldwide hyperinflation.
He criticized the Federal Reserve for compromising its reputation by excessive money printing and asserted that Bitcoin’s fixed supply of 21 million units bolsters its value.
Mallers also commented on other cryptocurrencies, acknowledging their speculative nature and viewing them as a means to accumulate more Bitcoin.
“The game’s objective is to amass the most amount of bitcoin feasible. Alternatives are intriguing, but they involve a great deal more risk. I used them to build up my Bitcoin holdings.”
Jack Mallers, CEO of Strike
As the US national debt hits a record $34 trillion, double what it was a decade ago, Mallers’ decision and viewpoints resonate with a growing group of individuals and investors looking towards cryptocurrency as a potential hedge against traditional economic instability.
