Jack Mallers' interview goes viral: Is Bitcoin a rebellion against the dollar system or an embrace of financial order? Yu Zhe'an points out the contradictions.
Strike and 21 Capital CEO Jack Mallers have sparked heated discussions again. In an in-depth interview on the "Bonnie Blockchain" channel, Mallers made astonishing remarks, criticizing the monetary policy of the U.S. government and claiming that Bitcoin is a tool of rebellion against the current financial order. However, transitioning from the ideals of Bitcoin to practical operations, such as using Bitcoin as collateral to borrow USD cash, is this a shift from "revolution" to "arbitrage"? In response to this interview, blockchain researcher Yu Zhe'an commented, pointing out the contradictions and realities involved.
The passionate speech of "Rebelling Against the Dollar": What is Jack Mallers' stance?
Jack Mallers raised the banner of rebellion in an interview, criticizing the current monetary system dominated by "white old men in blue suits and brand-name sneakers," emphasizing that such a worldview should have been eliminated long ago. He believes the core issue of the dollar system is "printing money for a living and leveraging manipulation," and bluntly stated that "the U.S. government is actually already bankrupt."
His solution? Bitcoin. He calls Bitcoin the "best dollar short tool," a direct counter to currency devaluation, and argues that if the United States abandons its status as the world's reserve currency and turns to Bitcoin or gold as neutral settlement assets, it may be possible to untangle the deadlock of the current economic imbalance.
From ideal to operation: Is borrowing USD by collateralizing Bitcoin a self-contradiction?
In the interview, Mallers also shared his personal finance practices: he does not hold US dollars but instead converts his salary directly into Bitcoin, and uses loan products to borrow US dollars against Bitcoin as collateral for daily expenses. He proudly stated that this is a way of "shorting the US dollar in the long term."
However, this point has raised doubts from Yu Zhe'an. He pointed out that such operations, while claiming to rebel against the US dollar, are in essence "arbitrageurs of the dollar system." Borrowing dollars for consumption essentially still relies on the dollar as a medium of value and payment tool, which is contrary 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: it's not faith, but the integration of systems.
Yu Zhe'an commented that the two key factors supporting the rise in Bitcoin prices are not related to the so-called rebellious spirit of Mallers, but rather stem from internal forces within the financial system:
Tether (USDT) tokenized dollar's stable supply: allowing Bitcoin to be priced in US dollars and circulate globally in a stable manner.
US Stock Spot ETF Promoters: These interest groups have successfully persuaded regulators to allow Bitcoin into the formal financial market, thereby boosting its asset valuation.
In other words, what truly makes Bitcoin "take off" is not the ideal of decentralization, nor is it purely a criticism of the US dollar, but rather making Bitcoin "more and more like a part of the dollar system."
Bitcoin Lending: Financial Innovation or Alternative Bubble?
Using Bitcoin as collateral to borrow USD has undoubtedly become one of the hottest applications in crypto finance in recent years. This mechanism of "cash out without selling coins" allows holders to maintain their positions while also obtaining cash flow, and is seen as a key solution to the "Bitcoin investors' prisoner's dilemma."
Yu Zhe'an likens this to a "Bitcoin version of a mortgage," where investors no longer claim to resist the US dollar, but instead play with financial leverage alongside funding parties through this collateralized model. He points out that this has a huge impact on coin prices, because "if everyone doesn't sell their coins, the coin price won't drop, and it can even support the bubble."
Central bank buying coins? Bitcoin may become a national-level asset, at the cost of national interest.
If central banks start purchasing Bitcoin, the consequences will not be as simple as just a price increase. This practice is equivalent to the state tying future tax revenue and public financial security to Bitcoin, which will also lead to more demand for base currency shifting towards Bitcoin, causing the coin price to continue to rise.
However, this situation is essentially "transferring the interests of the entire population to a few anonymous Bitcoin holders," and these individuals could come from any corner of the globe, with no one able to ascertain their true identities. Does this "invisible wealth tax" still align with the original spirit of Bitcoin? Yu Zhe'an raises profound questions.
Rebellion or Cooperation? Bitcoin Walks the Fuzzy Line of Institutional Boundaries
The interview with Jack Mallers is indeed inspiring, but it also makes one ponder. What he represents is not just a rebellious force within the crypto space, but also reveals a realistic strategy — even while shouting revolution, the actual profit is realized through the traditional financial system.
Bitcoin, a currency that 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 need to choose is: to join this arbitrage game or to regain Satoshi Nakamoto's idealism?
This article about Jack Mallers' interview went viral: Is Bitcoin a rebellion against the dollar system or an embrace of the financial order? Yu Zhe'an points out the contradictions first appeared in Chain News ABMedia.
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Jack Mallers' interview goes viral: Is Bitcoin a rebellion against the dollar system or an embrace of financial order? Yu Zhe'an points out the contradictions.
Strike and 21 Capital CEO Jack Mallers have sparked heated discussions again. In an in-depth interview on the "Bonnie Blockchain" channel, Mallers made astonishing remarks, criticizing the monetary policy of the U.S. government and claiming that Bitcoin is a tool of rebellion against the current financial order. However, transitioning from the ideals of Bitcoin to practical operations, such as using Bitcoin as collateral to borrow USD cash, is this a shift from "revolution" to "arbitrage"? In response to this interview, blockchain researcher Yu Zhe'an commented, pointing out the contradictions and realities involved.
The passionate speech of "Rebelling Against the Dollar": What is Jack Mallers' stance?
Jack Mallers raised the banner of rebellion in an interview, criticizing the current monetary system dominated by "white old men in blue suits and brand-name sneakers," emphasizing that such a worldview should have been eliminated long ago. He believes the core issue of the dollar system is "printing money for a living and leveraging manipulation," and bluntly stated that "the U.S. government is actually already bankrupt."
His solution? Bitcoin. He calls Bitcoin the "best dollar short tool," a direct counter to currency devaluation, and argues that if the United States abandons its status as the world's reserve currency and turns to Bitcoin or gold as neutral settlement assets, it may be possible to untangle the deadlock of the current economic imbalance.
From ideal to operation: Is borrowing USD by collateralizing Bitcoin a self-contradiction?
In the interview, Mallers also shared his personal finance practices: he does not hold US dollars but instead converts his salary directly into Bitcoin, and uses loan products to borrow US dollars against Bitcoin as collateral for daily expenses. He proudly stated that this is a way of "shorting the US dollar in the long term."
However, this point has raised doubts from Yu Zhe'an. He pointed out that such operations, while claiming to rebel against the US dollar, are in essence "arbitrageurs of the dollar system." Borrowing dollars for consumption essentially still relies on the dollar as a medium of value and payment tool, which is contrary 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: it's not faith, but the integration of systems.
Yu Zhe'an commented that the two key factors supporting the rise in Bitcoin prices are not related to the so-called rebellious spirit of Mallers, but rather stem from internal forces within the financial system:
Tether (USDT) tokenized dollar's stable supply: allowing Bitcoin to be priced in US dollars and circulate globally in a stable manner.
US Stock Spot ETF Promoters: These interest groups have successfully persuaded regulators to allow Bitcoin into the formal financial market, thereby boosting its asset valuation.
In other words, what truly makes Bitcoin "take off" is not the ideal of decentralization, nor is it purely a criticism of the US dollar, but rather making Bitcoin "more and more like a part of the dollar system."
Bitcoin Lending: Financial Innovation or Alternative Bubble?
Using Bitcoin as collateral to borrow USD has undoubtedly become one of the hottest applications in crypto finance in recent years. This mechanism of "cash out without selling coins" allows holders to maintain their positions while also obtaining cash flow, and is seen as a key solution to the "Bitcoin investors' prisoner's dilemma."
Yu Zhe'an likens this to a "Bitcoin version of a mortgage," where investors no longer claim to resist the US dollar, but instead play with financial leverage alongside funding parties through this collateralized model. He points out that this has a huge impact on coin prices, because "if everyone doesn't sell their coins, the coin price won't drop, and it can even support the bubble."
Central bank buying coins? Bitcoin may become a national-level asset, at the cost of national interest.
If central banks start purchasing Bitcoin, the consequences will not be as simple as just a price increase. This practice is equivalent to the state tying future tax revenue and public financial security to Bitcoin, which will also lead to more demand for base currency shifting towards Bitcoin, causing the coin price to continue to rise.
However, this situation is essentially "transferring the interests of the entire population to a few anonymous Bitcoin holders," and these individuals could come from any corner of the globe, with no one able to ascertain their true identities. Does this "invisible wealth tax" still align with the original spirit of Bitcoin? Yu Zhe'an raises profound questions.
Rebellion or Cooperation? Bitcoin Walks the Fuzzy Line of Institutional Boundaries
The interview with Jack Mallers is indeed inspiring, but it also makes one ponder. What he represents is not just a rebellious force within the crypto space, but also reveals a realistic strategy — even while shouting revolution, the actual profit is realized through the traditional financial system.
Bitcoin, a currency that 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 need to choose is: to join this arbitrage game or to regain Satoshi Nakamoto's idealism?
This article about Jack Mallers' interview went viral: Is Bitcoin a rebellion against the dollar system or an embrace of the financial order? Yu Zhe'an points out the contradictions first appeared in Chain News ABMedia.