On January 3, Strike CEO Jack Mallers announced on X, formerly Twitter, that he is in Bitcoin’s favor and no longer wants dollars. He stated “ I no longer own any US dollars. Not even a penny.”
He has posted the reasons for not choosing fiat currency. Before posting he said “As an American millennial, I love our country but I oppose our money.” further he added “ I’m all in on Bitcoin. Setting my sails toward prosperity or going down with the ship.”
Amongst the reasons for not selecting fiat currency was the terrible condition of the US economy and the continuing devaluation of the dollar.
What Reason is Cited By Jack Maller for Adoption of Bitcoin
Maller highlighted that when the currency devalues people are forced to invest in stocks and real estate, which causes an increase in their prices.
That results in creating a wealth gap. He added that “printing money makes those who own assets richer, and those who can’t afford them poorer.” This enhanced wealth gap due to the reason is causing problems in society as the population becomes more discontented. He believes this is all a problem with money and not with the country.
“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.”
It accentuates that the US national debt has hit a record $34 Trillion. As reported by the Kobeissi Letter on January 3 the debt has doubled over the past decade. The report mentions that the debt balance is more than the value of the economies of China, Japan, India, Germany, and the UK.
Citing his reason why he did not favor money he stated that Bitcoin is the best expression of fiat debasement. Muller stated Bitcoin has a fixed supply, it cannot be inflated and it uses open-source software and distributed networks.
His Bitcoin favoritism is raising many questions like how he pays bills and taxes without having fiat currency. BTC’s value is growing consistently. Besides increased growth, there are still very few places where Bitcoin is used as the major mode of transactions.
The firm Strike expanded its services globally in November last year and Mallers had rolled out a highly anticipated feature for Bitcoiners worldwide. The Strike users are experiencing the ease of Bitcoin directly through the platform.
Summary
Jack Maller stated that he does not own dollars and is fully into Bitcoin. He mentions that the money is deflating and creating a huge wealth gap. He favors America as a country by concluding that it is not the problem of the country but of currency which is progressively devaluing. Thus, the economic condition is devastating.
All the above problems are cited as the reason for his dis-owning the currency and adopting Bitcoin.
