Jack Mallers: Why I No Longer Want Fiat and Have Gone All-In with Bitcoin
Bitcoin advocate Jack Mallers recently took to Twitter to explain why he has completely abandoned fiat currency in favor of Bitcoin. In a lengthy post, Mallers expressed his dissatisfaction with the US economy and the devaluation of the dollar.
America’s Broken Monetary System
Mallers highlighted the dire state of the US economy, attributing it to the country’s decision to abandon the Gold Standard and become the world reserve currency issuer in 1971. According to him, this move led to hyper-financialization, hyper-asset inflation, and a growing wealth gap.
The Consequences of Currency Devaluation
Mallers argued that as the value of the US dollar continues to decline, people are forced to invest in assets like real estate and stocks, leading to increased prices. This results in a significant wealth gap between asset owners and those who cannot afford such investments.
Escaping Asset Inflation
Mallers expressed his frustration with living in a society plagued by asset inflation and growing discontent among the population. He believes that America’s problems lie in its monetary system rather than its values as a country.
The National Debt Crisis
Mallers pointed out that the US national debt has reached a record $34 trillion, more than the combined value of several major economies. This staggering debt balance further highlights the flaws in America’s financial system.
All-In on Bitcoin
For Mallers, Bitcoin is the solution to fiat debasement. He sees it as a symbol of personal freedom, equal opportunity, and innovation. Despite concerns about practicality and usability, Mallers remains convinced that Bitcoin is the money of the future.
Hot Take: Jack Mallers’ Bold Move Towards Bitcoin
Jack Mallers’ decision to completely divest from the US dollar and embrace Bitcoin showcases his dissatisfaction with America’s monetary system. He believes that the ongoing devaluation of the dollar and the resulting wealth gap have created a broken economy. Mallers sees Bitcoin as a viable alternative, embodying American values of freedom and opportunity. While some may question the practicality of living solely on Bitcoin, Mallers remains committed to his belief in its potential. As more individuals like Mallers make similar moves, it will be interesting to see how cryptocurrencies reshape the global financial landscape.
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