Markets
“Bitcoin is the best thing you can own” – CEO of Strike
- Jack Mallers said that Bitcoin is the ultimate hedge against economic uncertainty.
- Despite the volatility, significant investor interest in Bitcoin has continued.
Since the approval of Bitcoin [BTC] spot ETF, the king of cryptocurrencies remained in the spotlight.
As more and more institutional investors enter the cryptocurrency markets, the question arises: why has Wall Street suddenly become so bullish on cryptocurrencies?
Jack Mallers’ insight into current macroeconomics
In a conversation with Anthony Pompliano, Jack MallersCEO of Strike, he hinted that this renewed interest in cryptocurrency could be due to the deeply rooted problems we have in the current geopolitical setup.
He further stated that allowing the banking system to fail could be one solution, while the second involves devaluing the currency. Mallers considered the second hypothesis more probable, suggesting that,
“I think Bitcoin is the best thing you can own.”
In this case, Maller sees Bitcoin as a hedge against currency devaluation and macroeconomic uncertainty.
Additionally, when asked why investors are moving away from the dollar and into assets such as stocks, real estate, Bitcoin and gold, including on Wall Street, Mallers noted:
“I think it is the best expression of the devaluation of fiat. It is the antithesis of fiat money. It has no Central Bank, it has no government, its monetary policy is fixed, its supply is limited, it is everything that fiat is not. And therefore, if your problem is the debasement of Fiat, then it is better to express it through Bitcoin.”
Differing opinions on Bitcoin
However, given the volatility of Bitcoin prices, many are still divided on whether to buy or sell Bitcoin.
To clear things up, popular crypto analyst Ali Martinez, in his recent post on X (formerly Twitter), shared that there has been significant buying activity among some investors over the past few days.
Source: Ali/X
This showed continued confidence in Bitcoin’s long-term potential and optimism about its future value.
In contrast, pseudonymous trader Rekt Capital predicted that although the “danger zone” has eased, Bitcoin could still face a potential decline of around 13% from its current value.
Source: Rekt Capital/X
Bitcoin versus bullshit coins
Amid the speculation and uncertainty surrounding Bitcoin, Mallers has firmly advocated a maximalist perspective, asserting Bitcoin’s supremacy as the ultimate form of money.
Furthermore, Mallers examines carefully Ethereum [ETH] for straying from core monetary principles, attributing his decisions to the founder’s influence and external pressure to change the protocol.
He said:
“What bothers me is the intentional conflation that Ethereum was founded to be the best Bitcoin and often rides the wave of Bitcoin and often gets confused with the history of Bitcoin and a lot of these things.”
He concluded the conversation by expressing his opinion on meme coins:
“I want to be honest, like I don’t give a damn about s**tcoins, to be totally honest.”