Jack Mallers’ Keynote at BTC Prague
In a passionate keynote speech at BTC Prague, Jack Mallers, who leads both Strike and Twenty One Capital, proclaimed bitcoin as a vital force for moral change and a generational uprising against a financial system that he argues is failing the youth. He voiced strong opposition to the narrative that portrays bitcoin merely as a plaything of the affluent or a tool for speculative investment.
Challenges Faced by the Millennial Generation
Mallers, representing the millennial generation, elaborated on the burdens his peers bear due to excessive government debt and policies that favor a select few.
“My generation is struggling,”
he emphasized.
“It’s not about investing—this is a revolution.”
He went on to critique the concept of government debt, likening it to a form of ‘time travel’ that effectively drains future resources, and questioned the ongoing issues of poverty when currency is seemingly unlimited.
Historical Context and Economic Critique
He placed blame for systemic economic challenges on historical shifts, namely the 1971 decision by President Nixon to sever the dollar’s link to gold, leading to what Mallers termed the ‘petrodollar’ arrangement. Citing the work of economist Robert Triffin, he explained that the dollar’s position as the global reserve currency obliges the U.S. to maintain persistent deficits, thereby exporting inflation and instability back home.
“The cost of money printing isn’t just financial—it’s a burden on us. The youth pay the price,”
he stated.
Decline in Societal Well-Being
Mallers backed his claims with data indicating a decline in societal well-being post-1971, highlighting trends such as dwindling birth rates, increasing divorce rates, heightened poverty among single parents, escalating health costs, declining life expectancy compared to Japan, skyrocketing housing prices, and rising incarceration stats. He expressed a stark view of the dollar’s degradation, saying,
“A global reserve gone wrong doesn’t signify superpower status—it’s a disease.”
Bitcoin as a Moral Advancement
Condemning fiat currency as a “moral violation,” Mallers stated,
“Printing money without consent is akin to stealing from future generations. Fiat money is fundamentally wrong.”
He hailed bitcoin as an essential advancement for humanity, comparable to the discovery of fire or the invention of the printing press, noting its ethical framework that prohibits censorship, inflation, and theft.
“Before bitcoin is celebrated for its financial returns, it represents a moral stance,”
he remarked. He underscored bitcoin’s foundation in mathematical principles and encryption, which fortifies it against censorship and seizure, saying,
“Bitcoin embodies vast potential—the power that violence cannot dismantle.”
He also acknowledged the community aspect of bitcoin, asserting that the network is bolstered by individuals who uphold its principles.
Encouragement for the Future
In his closing remarks, Mallers encouraged his generation to embrace BTC as a beacon of hope for improving their future.
“Bitcoin provides a moral choice. It employs mathematics to safeguard happiness, savings, family, and hope,”
he expressed.
“Opt for ethical money. Opt for freedom.”
