Jack Mallers is picking up dollars and only wants bitcoins

Jack Mallers, CEO of payment platform Strike, is a big Bitcoin advocate. In a recent post on Twitter (X), he explained why he doesn't want fiat anymore and is all in with BTC.

On January 3, Bitcoin inventor and visionary Jack Mallers announced that he was ditching the dollar. “I no longer own any US dollars. Not even a penny,” he said.

American currency is broken

What followed was a lengthy post explaining why the entrepreneur chose cryptocurrency over greenbacks. “As an American millennial, I love our country, but I hate our money,” he said.

“I'm all in on Bitcoin. My sail to prosperity or going down with the ship.

Mahler's reasoning is the dire state of the US economy and the ongoing currency collapse.

America left the gold standard in 2010. In 1971, she appointed herself as the world's reserve currency setter.

“It was a post-industrial wasteland. The money printing has created massive financialization, high asset inflation and a disaffected population.

He added that when the currency depreciates, people are forced to invest in wealth stores such as real estate and stocks, which drives up their value.

“Printing money makes the rich richer and the poor poorer,” said the director, who said the result is a huge wealth gap.

Read more: The US banking crisis of 2023 explained: causes, effects and solutions

This wealth gap is causing great problems to the society and the people are getting angry. “This whole problem is our money, not our country's,” he said.

“America is freedom, equality, democracy and freedom. America is engineering, innovation and growth. America is not a self-appointed printer of the world's money. We don't need to control the money. In fact, we should not do it.

Voices are not heard, so Mallers is forced to withdraw from property inflation and “live in a sad, angry, indebted society.”

The US national debt has doubled over the past decade to a record $34 trillion, according to a January 3 letter from Kobe.

He also pointed out that this debt balance is more than the combined value of the economies of China, Germany, Japan, India and the UK.

All on Bitcoin

Mallers says bitcoin is “the best expression of the disgrace of fiat”. It has a fixed supply, uses open source software and distributed networks, and is not breathable.

“Why Bitcoin? It represents American values. Bitcoin represents personal freedom, equal opportunity, free market economy, innovation and growth. There is no need to control the money. Bitcoin is money for the land of freedom, opportunity, democracy, rights and equality.

However, many have questioned his massive Bitcoin conversion, asking how to pay bills and taxes without holding dollars.

BTC is still a store of value and a vehicle of speculation. Despite the growth, there are still very few places on the planet where you can use it to pay for things.