In a stunning revelation at the Bitcoin Atlantis 2024 conference held in Madeira, Portugal, Bitcoin advocate and Strike CEO Jack Mallers emerged as a beacon of insight into the transformative power of Bitcoin within the contemporary financial system.
Mallers’ impassioned presentation delved into the historical foundations of Bitcoin, offering a profound perspective on the creator Satoshi Nakamoto’s understanding of the nature of money.
Bitcoin: The True Money
During the inaugural session, Mallers navigated through Bitcoin’s whitepaper, emphasizing the crucial role of time in blockchain technology. He even stated that blockchain technology should be called “Timechain.”
Moreover, Mallers didn’t shy away from critiquing what he referred to as “shitcoins,” specifically singling out Solana and Ethereum. He dismissed altcoins as not being true money by stating:
“I don’t know what Ethereum or Solana are, maybe these things are technologies, maybe they’re securities, I have no idea, but they are not money.”
Strike CEO cautioned people against the blind endorsement of these alternatives over Bitcoin, based on their favorite influencer’s recommendations.
Insolvency of Major U.S. Banks
While participating in a panel discussion, Mallers boldly confronted the elephant in the room—the insolvency of major United States banks. He pointed fingers at institutions like Bank of America with “more liabilities than assets” by stating:
“All of my banks in the United States of America are insolvent.”
Related reading: Banking Crisis 2023: US Banks Near Insolvency or Already Insolvent
This bold assertion set the stage for Mallers’ advocacy of Bitcoin, highlighting the systemic risk posed by a banking system heavily reliant on continuous money printing. Central to Mallers’ argument was Bitcoin’s immunity to the financial malpractices plaguing traditional banking. He underscored the resilience of Bitcoin to manipulation for bailouts or currency inflation.
A Fair Financial System
Mallers passionately argued for a fair financial system where risks and rewards are distributed more justly, criticizing the current system where the consequences of financial mismanagement often burden innocent bystanders, leading to widespread economic repercussions. He stated:
“The fact that I have to pay for Bank of America failing is a crime.”
Strike CEO highlighted Bitcoin as a pathway to an ethical financial ecosystem, allowing individuals the autonomy to manage their financial future on their own. He emphasized Bitcoin’s virtues, pointing out its embodiment of free market principles and its decentralized nature, illustrating a financial system where individual destinies are not tied to the missteps of centralized entities.
Jack Mallers’ Commitment to Bitcoin’s Global Adoption
The CEO of Strike, Jack Mallers is a fervent advocate for Bitcoin and the Lightning Network. Strike, his brainchild, is a financial app aiming to revolutionize payments by leveraging the Lightning Network, facilitating near-instant and virtually free Bitcoin transactions globally.
Mallers and Strike’s involvement in El Salvador’s adoption of Bitcoin as legal tender underscores their commitment to real-world digital asset use cases and the potential for broader global adoption.
Mallers’ statements at the Bitcoin Atlantis 2024 conference not only shed light on the vulnerabilities of the traditional banking system but also underscored Bitcoin’s potential as a catalyst for a more sovereign financial future.
