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Jack Mallers, founder and CEO at Strike, challenges recent commentary on Bitcoin demand. Mallers argues that speculative interest from trends like prediction markets, memecoins, or artificial intelligence was never a durable source of Bitcoin demand.
He states that Bitcoin's success stems from its role as a replacement for traditional savings and as a form of money, rather than being driven by marginal speculative investment.
Mallers has previously questioned how government-driven losses impact investors, suggesting that keeping bitcoin in cold storage shields owners from losses. He also introduced bitcoin-backed loans at Strike designed to remove liquidation risk and margin calls. Both initiatives reinforce his focus on bitcoin as a long-term store of value rather than a vehicle for short-term speculation.