Jack Mallers Discusses Bitcoin Strategic Reserve in the US
Jack Mallers, the founder and CEO of Bitcoin financial services platform Strike, recently delved into the growing political push for a Bitcoin Strategic Reserve in the United States. He expressed his belief that this concept could potentially go down in history as one of the most significant economic announcements in the country, drawing parallels to Nixon’s pivotal decision in 1971.
Ripple’s Role and Influence in Policy Making
Despite his optimism about the potential of a Bitcoin Strategic Reserve, Mallers also raised concerns about Ripple and its involvement in shaping policy. He pointed out that unlike Bitcoin advocates such as Michael Saylor, Ripple has not exhibited faith in its own product. Mallers highlighted Ripple’s distribution of 100 billion XRP tokens to itself, which were then sold to the public instead of being held. He criticized this strategy, suggesting that Ripple’s actions are driven more by corporate self-interest than a genuine commitment to advancing the public good.
Mallers framed Ripple’s behavior within the context of a recurring pattern in American economic history, where private corporations masquerade as serving the public interest while prioritizing their own agendas. He cautioned that Ripple’s influence could potentially undermine the broader potential of Bitcoin as a public utility. According to Mallers, this moment represents a critical juncture for technological innovation and the future of monetary policy, with the public standing to benefit from Bitcoin if corporate lobbying does not divert its course.
“Bitcoin is a public utility for us, and there are corporate interests trying to undermine that and push their own agenda. That was the crux of my message, and I am pleased that it has resonated with many. In my view, Ripple has overstepped the mark,” Mallers asserted.
Ripple CEO’s Perspective
In response to the ongoing debate between XRP and Bitcoin, Ripple CEO Brad Garlinghouse shared his viewpoint. He emphasized the importance of collaboration within the crypto industry, stating that collective effort is more likely to lead to achieving shared goals than competition. Garlinghouse underscored that the industry is not a zero-sum game.
Regarding the creation of a government digital asset reserve, Garlinghouse advocated for representation of the entire industry, rather than focusing solely on one token like BTC or XRP. He concluded by stating that crypto progress is impeded by maximalism, and expressed satisfaction in observing a decrease in adherence to outdated modes of thinking.