Jack Mallers, CEO of Strike and 21 Capital, sparks heated discussion again in a deep interview on (Bonnie Blockchain) channel, where Mallers makes shocking remarks, criticizing U.S. government monetary policy and asserting that Bitcoin is a tool for rebelling against the current financial order. However, from the ideal of Bitcoin to specific operations, such as using Bitcoin as collateral to borrow dollar cash, has this shifted from 'revolution' to 'arbitrage'? In response to this interview, blockchain researcher Yu Zhe'an commented on the contradictions and realities within.
'The passionate speech of rebelling against the dollar: What is Jack Mallers' stance?'
In the interview, Jack Mallers raises the banner of rebellion, criticizing the current monetary system dominated by 'white old men in blue suits and branded sneakers', emphasizing that this worldview should have been eliminated long ago. He believes the core problem of the dollar system is 'living off printing money and leveraged manipulation,' and bluntly states that 'the U.S. government is actually bankrupt.'
His solution? Bitcoin. He calls Bitcoin the 'best tool for shorting the dollar,' a direct confrontation against currency devaluation, and argues that if the U.S. abandons its status as the world's reserve currency and turns to use Bitcoin or gold as neutral settlement assets, it may untie the deadlock of current economic imbalance.
From ideals to operations: Is borrowing dollars against Bitcoin a self-contradiction?
In the interview, Mallers also shares personal financial practices: he does not hold dollars but directly converts his salary into Bitcoin and borrows dollars using Bitcoin as collateral for daily expenses. He proudly states this is a way of 'shorting the dollar long-term.'
But this point raises doubts from Yu Zhe'an. He points out that while this operation claims to rebel against the dollar, it is actually 'the arbitrageurs of the dollar system'. Borrowing dollars for consumption essentially still relies on the dollar as a medium of value and payment tools, which is completely opposite to the original intention of Satoshi Nakamoto when creating Bitcoin as a 'decentralized peer-to-peer payment system.'
The real driving force behind the rise in Bitcoin prices: not faith, but institutional alignment.
Yu Zhe'an comments that the two key factors supporting the rise in Bitcoin prices are unrelated to Mallers' so-called rebellious spirit but come from forces within the financial system:
Tether ($USDT) stabilizing the supply of dollarized tokens: allowing Bitcoin to be priced in dollars and circulate steadily worldwide.
The promoters of U.S. stock spot ETFs: these interest groups successfully persuaded regulatory agencies to let Bitcoin enter the formal financial market, thereby boosting its asset valuation.
In other words, what truly makes Bitcoin 'soar' is not the ideal of decentralization nor a pure critique of the dollar, but rather making Bitcoin 'more and more like a part of the dollar system.'
Bitcoin lending: Is it financial innovation or an alternative bubble?
The model of borrowing dollars against Bitcoin as collateral has evidently become one of the hottest applications in crypto finance in recent years. This mechanism of 'not selling coins while cashing out' allows holders to maintain their positions while gaining cash flow, seen as a key way to solve the 'Bitcoin investor's prisoner's dilemma.'
Yu Zhe'an likens this to 'the Bitcoin version of a mortgage', where investors no longer claim to resist the dollar, but instead play with financial leverage alongside capital providers using this kind of collateral model. He points out that this has a huge impact on currency prices, because 'if everyone doesn’t sell their coins, the price won’t drop, but can actually sustain the bubble.'
Central banks buying coins? Bitcoin may become a national-level asset at the cost of public interests.
If the central bank starts purchasing Bitcoin, the consequences will not just be a price increase. Such an approach essentially ties the country's future tax revenues and public financial security to Bitcoin, leading to greater demand for base currency to shift towards Bitcoin, continuously pushing up the price.
However, this situation actually 'transfers the interests of the public to a few anonymous Bitcoin holders', who may come from any corner of the globe, and no one can ascertain their true identities. Does this 'invisible wealth tax' still align with the original spirit of Bitcoin? Yu Zhe'an raises profound doubts.
Rebellion or cooperation? Bitcoin walks in the ambiguous zone of institutional boundaries.
Jack Mallers' interview is indeed inspiring but also thought-provoking. What he represents is not just a rebellious force in the crypto circle but also reveals a kind of realistic strategy — even while shouting revolution, the actual profit is achieved through the traditional financial system.
Bitcoin, which was supposed to represent freedom, anonymity, and decentralization, has gradually become a collaborator and commodity of the traditional financial system. So, the next step you have to choose is: join this arbitrage game or reclaim Satoshi's idealism?
This article is authorized to be reproduced from: (Chain News)
Original title: (Jack Mallers' Interview Goes Viral: Is Bitcoin a Rebellion Against the Dollar System or Embracing Financial Order? Yu Zhe'an Points Out the Contradiction)
Original author: Elponcho
The article 'Entrepreneurial Interviews Go Viral: Is Bitcoin Rebellion Against the Dollar or Embracing Order? Yu Zhe'an Points Out the Contradiction!' was first published in 'Crypto City'
