Podcast Summary: The Wolf Of All Streets – "Bitcoin Will Replace The Dollar | Jack Mallers Explains Why"
Release Date: June 15, 2025
In this compelling episode of "The Wolf Of All Streets," host Scott Melker engages in an in-depth conversation with Jack Mallers, CEO of Strike and the newly established Bitcoin treasury company, 21. The discussion delves into the transformative potential of Bitcoin as a global reserve asset and explores the macroeconomic shifts that could position Bitcoin to supplant the US Dollar in the future.
1. The Unstoppable Rise of Bitcoin
Jack Mallers on Bitcoin’s Independence and Appeal
Jack Mallers opens the conversation by emphasizing Bitcoin’s autonomy from traditional financial systems and government control. He states, “Bitcoin doesn't need governments, institutions, or even you. But you, institutions and governments all need bitcoin” (00:23). This highlights Bitcoin’s growing indispensability in the modern financial landscape.
Scott Melker Reflects on Bitcoin’s Journey
Scott shares his personal journey with Bitcoin, reminiscing about his first meetup in his living room with Andreas Antonopoulos. He marvels at Bitcoin’s meteoric rise, stating, “It feels manifest, unstoppable technology that's destined to push humanity forward” (01:22). This underscores the sentiment that Bitcoin has transcended its early days to become a significant global force.
2. Bitcoin as the Future Global Reserve Currency
Bitcoin’s Potential to Replace the Dollar
Jack discusses the macroeconomic environment conducive to Bitcoin’s emergence as the global reserve asset. He notes the current “Goldilocks moment,” where conditions are just right for Bitcoin to gain unprecedented traction (02:06). This includes shifts in administrative, legislative, and regulatory landscapes that favor Bitcoin’s integration into mainstream finance.
Validating Institutional Adoption
Responding to the growing institutional interest, Jack mentions Larry Fink, CEO of BlackRock, acknowledging Bitcoin’s potential to avert the hyperinflation of the dollar (03:18). He praises Fink’s acceptance of Bitcoin, describing it as a significant endorsement that validates Bitcoin’s role as a neutral and resilient financial asset (03:54).
3. Case Study: Bitcoin in El Salvador
El Salvador’s Bitcoin Integration
Scott raises the topic of El Salvador’s adoption of Bitcoin as legal tender, prompting Jack to elaborate on its successes. He highlights how Bitcoin has empowered El Salvador’s economy, enabling renegotiated deals with the IMF and improving the country’s credit rating (05:34). Jack underscores the unique circumstances that made El Salvador a pioneer in Bitcoin adoption, such as the absence of a national currency and the need to rebuild the nation post-civil war.
Exploring the Possibility of a Second El Salvador
Scott inquires why other nations haven’t followed El Salvador’s lead, to which Jack responds that he anticipates the United States might be the next to adopt a similar approach. He articulates that Bitcoin aligns with American values of technological advancement and economic freedom, positioning it as a solution to the US’s fiscal challenges and the Triffin dilemma (07:24; 09:35).
4. Institutional Partnerships and Bitcoin’s Market Integration
Formation of the Bitcoin Treasury Company, 21
Jack details the creation of 21, a Bitcoin treasury company, and its strategic partnerships with major players like Cantor Fitzgerald, Tether, and SoftBank. He explains that 21 is designed to meet the substantial institutional demand for Bitcoin, offering a blend of blue-chip credibility and startup agility (11:43).
Differentiation from Other Treasury Companies
Addressing the unique positioning of 21, Jack contrasts it with existing treasury companies by emphasizing its Bitcoin-native approach. He explains that 21 isn’t a pivot from another business but a dedicated venture built by long-time Bitcoin enthusiasts to serve the capital markets’ growing appetite for Bitcoin (12:00).
5. Navigating Market Cycles and Sustainable Growth
Addressing Concerns of Overleveraging
Scott voices concerns about potential market volatility and the risk of companies overleveraging by mimicking successful strategies without proper structure. Jack responds optimistically, expressing confidence in their preparedness to handle market cycles. He reinforces the importance of Bitcoin as a hard asset and a reliable store of value, stating, “Bitcoin is the best money to transfer wealth from the impatient to the patient, from the irresponsible to the responsible” (20:06; 20:23).
Strategic Vision for 21 and Strike
Jack shares his excitement about the future developments for both 21 and Strike, focusing on utility within the Bitcoin asset class. He highlights initiatives like lending and credit markets that allow Bitcoin holders to leverage their assets without selling, thus addressing the common "Hodler’s dilemma" (21:29; 22:00).
6. Looking Ahead: Bitcoin’s Role in Global Finance
Bitcoin’s Integration into Capital Markets
Jack discusses the robust demand for Bitcoin within the current macroeconomic environment, where traditional assets are facing challenges such as fixed income rates and equity market volatility. He positions Bitcoin as a superior alternative for capital rotation, capable of offering real returns and enhancing financial stability (17:03; 19:28).
Commitment to Innovation and Growth
Concluding the discussion, Jack emphasizes 21’s dedication to building high-margin, high-growth products that add significant value to the Bitcoin ecosystem. He reiterates their mission to provide structured financial services that enhance Bitcoin’s utility, ensuring sustainable growth and resilience against market fluctuations (16:44; 23:41).
Notable Quotes
- Jack Mallers: “Bitcoin doesn't need governments, institutions, or even you. But you, institutions and governments all need bitcoin.” (00:23)
- Scott Melker: “It feels manifest, unstoppable technology that's destined to push humanity forward.” (01:22)
- Jack Mallers: “Bitcoin is the best money to transfer wealth from the impatient to the patient, from the irresponsible to the responsible.” (20:06)
- Jack Mallers: “Money is our time and our energy in an abstracted form. It’s a market good that we all exchange our effort and our labor and our work to get the things we want in life.” (03:18)
Conclusion
This episode of "The Wolf Of All Streets" provides a thorough exploration of Bitcoin’s potential to reshape the global financial system. Through Jack Mallers’ insights, listeners gain a deeper understanding of the macroeconomic factors driving Bitcoin’s adoption, the strategic moves by institutions, and the innovative approaches of companies like Strike and 21. Scott Melker facilitates a nuanced conversation that underscores Bitcoin’s significance as a transformative and resilient financial asset poised to potentially supplant the US Dollar as the world’s reserve currency.
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Timestamp Guide:
- 00:23
- 01:22
- 02:06
- 03:18
- 03:54
- 05:34
- 07:24
- 09:35
- 11:43
- 12:00
- 16:44
- 17:03
- 19:28
- 20:06
- 20:23
- 21:29
- 22:00
- 23:41
Note: This summary excludes advertisements, introductions, and outros to focus solely on the substantive content of the conversation.