Jack Mallers, chief executive of the payments platform Strike, is a big Bitcoin advocate. In a recent Twitter (X) post, he explained why he no longer wants fiat and has gone all-in with BTC.
On January 3, Bitcoin innovator and visionary Jack Mallers declared that he had ditched the dollar. “I no longer own any US dollars. Not even a penny,” he said.
America’s Money is Broken
What followed was a lengthy post on why the entrepreneur has chosen cryptocurrency over greenbacks. “As an American millennial, I love our country but I oppose our money,” he said before adding:
“I’m all in on Bitcoin. Setting my sails toward prosperity or going down with the ship.”
Maller’s reasoning was the dire state of the US economy and the ongoing devaluation of its currency.
America abandoned the Gold Standard and assigned itself as the world reserve currency issuer in 1971.
“It’s been a post-industrial economic wasteland ever since. The money printing has created hyper-financialization, hyper-asset inflation, and a disgruntled population.”
He added that as the currency devalues, people are forced to invest in stores of wealth assets such as real estate and stocks, which pushes their prices up.
The result is a huge wealth gap, he said, adding that “printing money makes those who own assets richer, and those who can’t afford them poorer.”
Read more: 2023 US Banking Crisis Explained: Causes, Impact, and Solutions
This wealth gap is causing major problems in society as the population becomes more disgruntled. “This is all a problem with our money, not our country,” he said.
“America is liberty, equality, democracy, and freedom. America is engineering, innovation, and progress. America is not the self-elected global money printer. We don’t need to control the money. In fact, we shouldn’t.”
Voices are unheard, so Mallers is making an exit from asset inflation and “living in a sad, angry, indebted society.”
Moreover, the US national debt has just hit a record $34 trillion, having doubled over the past decade, as reported by the Kobeissi Letter on January 3.
This debt balance is more than the value of the economies of China, Germany, Japan, India, and the UK combined, it noted.
All-in On Bitcoin
Mallers said that Bitcoin is “the best expression of fiat debasement.” It has a fixed supply, uses open-source software and distributed networks, and cannot be inflated.
“Why Bitcoin? It signifies American values. Bitcoin symbolizes personal freedom, equal opportunity, a free-market economy, innovation, and progress. No need to control the money. Bitcoin is the money for the land of liberty, opportunity, democracy, rights, and equality.”
However, many questioned his big Bitcoin conversion, asking how he pays bills and taxes without holding dollars.
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.
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