Strike CEO: Bitcoin will become the world currency, and Ethereum is just a game

Blockchain payment startup Strike founder Jack Mallers stated that Bitcoin is the only solution to central bank financial debt issues and could serve as a global reserve currency. On the other hand, he commented that Ethereum is just a technological game, sparking intense discussions within the community.

Views from Bitcoin Believers

Bitcoin as a Hedge Currency

Mallers stated that the global debt-to-GDP ratio is currently as high as 360%, which is a serious issue as governments seem to have no viable way to repay their debts. Who will foot the bill for the $37 trillion debt of the U.S. government?

Holders of government-issued currency will ultimately bear this enormous debt. Mallers believes that governments will resort to printing more money to solve the debt problem, leading to a devaluation of the currency and creating an environment of inflation and financial instability.

On the other hand, the traditional financial markets, especially the bond market, are currently experiencing their worst conditions ever. With the U.S. economic recession and interest rate hikes causing U.S. bond prices to continue to decline, the bond market is affected by central bank issues just like currencies are.

Mallers pointed out that Bitcoin is the only significant innovation that can solve central bank issues and serve as a global reserve currency.

Ethereum is a Technological Game

Mallers referred to Ethereum as a "tech game," where its value comes from technological innovation and the resulting increase in adoption, rather than being a stable financial tool.

Ether is more like a speculative target, with its value depending on the success of its technology and broader applications in finance and technology industries, similar to stocks like Tesla. People invest in ETH hoping that its price will soar based on technological advancements, not as a stable currency or store of value.

On the other hand, Ethereum is heavily reliant on external traditional financial institutions. The success and adoption of Ethereum depend on major financial giants such as banks and institutional investors. In comparison, Bitcoin is more autonomous and independent from the mainstream financial system at this point.

Finally, Mallers still cannot forgive Ethereum for its past The DAO incident, stating that it was a dark moment of Ethereum Foundation intervening in on-chain transactions, disrupting its original vision.

Therefore, other crypto ecosystems including Ethereum, Solana, Dogecoin, etc., cannot address the fundamental financial issues that Bitcoin can solve, which are not important for Bitcoin.

Speech Sparks Community Debate

However, this statement has sparked a lot of criticism within the community. Some argue that while Bitcoin is indeed the top choice in some aspects, there are many others working hard to break through in this field, building multi-faceted value, and should be supported rather than completely denied.

There are also community members who acknowledge Mallers' remarks, stating that the vast majority of audiences outside the circle have hardly heard of other tokens, and only Bitcoin has the potential to achieve consensus.

Mallers Emerges as the Biggest Winner

Controversial Marketing Success

Regardless of how community members evaluate him, Mallers has successfully gained more attention from both inside and outside the crypto community through a single interview, which has been a great boost for Strike's marketing.

Most of Strike's target users are not veteran players in the crypto circle but rather new entrants to the ecosystem or potential users outside the circle, so the negative impact of this incident is actually limited.

The Ecosystem Continues to Develop

Although the above statements are controversial, they are all facts. Ethereum and other blockchain projects indeed cannot surpass BTC in the function of value storage, and Ethereum has indeed made mistakes in the past that led to hard forks.