Bitcoin Lightning Network payment platform Strike’s CEO and co-founder, Jack Mallers, made a significant announcement today, stating that he no longer holds any US dollars and will coexist with Bitcoin. He criticized the US dollar for burdening the millennial generation with debt and expressed his support for Bitcoin as a peaceful protest.
Strike, which continues to promote the adoption of Bitcoin payments worldwide, completed a $80 million Series B financing in 2023. Last month, it announced the support for users globally to purchase Bitcoin using a “debit card” within the company’s app. Currently, it is officially available in 36 countries/regions outside the United States, including Taiwan.
To demonstrate his support for Bitcoin, Jack Mallers, the CEO of Strike, announced today that he no longer holds any US dollars, not even a penny. As a millennial in the United States, he loves his country but opposes its currency. He fully supports Bitcoin and believes that either they will prosper together or sink together.
Jack Mallers added that the US dollar has many flaws. Since the United States abandoned the gold standard and became the issuing country of the world’s reserve currency in 1971, excessive financialization and asset inflation caused dissatisfaction among the public. Printing money made those who already had assets wealthier, while those who couldn’t afford assets became poorer. As of 2021, the top 10% of the population owns 70% of the total net assets in the United States. Jack Mallers criticized that the US dollar is dividing the people. The United States also faces issues such as gun violence, drug abuse, and mental health problems. As a millennial, his earliest memories of the United States are the 9/11 attacks and the Iraq War. He witnessed continuous wars, debts, pressures, and internal turmoil.
Jack Mallers praised Bitcoin as the best representation of the devaluation of fiat currency. Bitcoin has a fixed supply and uses open-source software and a distributed network, avoiding inflation. At the same time, Bitcoin is an energy currency that requires energy consumption to obtain, establishing its unique store of value.
Furthermore, Jack believes that Bitcoin also embodies American values such as personal freedom, equal opportunities, free-market economy, innovation, and progress. It is the currency of the land of freedom, opportunity, democracy, rights, and equality.
Finally, Jack stated that supporting Bitcoin is a peaceful protest without weapons, angry mobs, or violence.