The Fed is blowing up our financial system, says Strike founder & CEO Jack Mallers

>>> WELCOME BACK TO "POWER LUNCH. WE SPOKE ABOUT IT LAST HOUR BUT BITCOIN RALLYING HARD UP MORE THAN 70% THIS YEAR AN OUR NEXT GUEST SAYS THIS IS BITCOIN'S MOMENT AND WHY THE ASSET EXISTS. LET'S BRING IN JACK MALLERS, FOUNDER AND CEO -- HAVE WE SEEN YOUR HAIR BEFORE OR HAS THE HOODIE TYPICALLY BEEN UP I'M WAITING FOR THE BUSINESS SUIT TO KNOW THAT CRISIS IS OVER SO I CAN SEE WE'RE NOT THERE YET. >> KELLY, I GOT LUSCIOUS LOCKS BUT TOSS THE HOOD ON HOW ARE WE THE FED HAS BLOWN UP OUR FINANCIAL SYSTEM HELL OF A MONDAY. >> DO YOU THINK -- LET ME ASK YOU THIS WAY OR PUT IT THIS WAY, A BANKING CRISIS IS DEFLATIONARY, AND SO WHEN I SEE BELLAGI AND OTHERS SAY BITCOIN MAY GO TO A MILLION DOLLARS, BUT IT MAY BE BECAUSE OF THE FED'S RESPONSE HERE. THE 2010s WERE NOT HYPER FLATION NARY, NO OBVIOUS REASON WHY NOW WL WOULD BE HYPER INFLATIONARY. >> IT'S NOT THAT COMPLICATED THERE'S A MARKET TERM USED HERE IN CHICAGO A LOT DEMAND FINDS SUPPLY, WHAT DO I MEAN BY THAT IF KEN GRIFFIN WANTS TO BUY THE MOST EXPENSIVE CONDO IN AMERICA SOMEONE WILL BUILD IT AND PUT A 200 FIRST FLOOR IN MIAMI'S TALLEST BUILDING IF SILVER IS 1,000 X I WILL WALK IN MY KITCHEN AND MELT ALL MY SILVERWARE AND SELL IT AT MARKET IF GOLD IS GOING TO RALLY, ELON MUSK WILL FIND MORE ON MARS. BITCOIN IS THE ONLY MONETARY INSTRUMENT IN THE HISTORY OF OUR SPECIES THAT IS FIXED. IT DOES NOT MATTER HOW MUCH MORE DEMAND COMES IN TO THE ASSET CLASS, KELLY, NO ONE WILL EVER BE ABLE TO MAKE MORE OF IT TWO THINGS I WILL GUARANTEE, ONE I DO AND THERE WILL ONLY BE 21 MILLION BITCOIN. IT IS THE ONLY FIXED SUPPLY ASSET. IT'S NOT THAT COMPLICATED. IT'S GOING TO GO UP BECAUSE EVERYTHING ELSE CAN BE ISSUED MORE. >> EXPLAIN TO ME ONE THING WHY IS THE SUPPLY FIXED AND IS THAT BECAUSE SOMEONE SAYS IT'S FIXED WHO COULD CHANGE THEIR MIND >> NO. IT'S A GREAT POINT AND QUESTION, TYLER. IT'S BECAUSE IT'S WRITTEN IN THE SOFTWARE AND THE SOFTWARE IS DISTRIBUTED. THERE IS NO ONE PERSON TO ASK. THERE IS NO ONE PERSON TO TRUST. THE WHOLE DECENTRALIZATION, SO YOU CAN PUT PICTURES AND NFTS ON THE BLOCKCHAIN, TO FIX GAMING, NO IT'S DECENTRALIZED SO THE DEFENDANTS OF THE MONETARY POLICY ARE DISTRIBUTED IT'S SO IT'S A NETWORK OF COMPUTERS THAT ACTUALLY DEFEND THE POLICY AND INSTRUMENTATION OF THE MONETARY ASSET. THAT IS NOT THE CASE ETHEREUM OR COIN OR THE U.S. DOLLAR OR MIAMI REAL ESTATE. THAT IS NOT THE CASE FOR PRECIOUS METALS. IT IS THE ONLY MONETARY INSTRUMENT THAT HAS ITS MONETARY POLICY DISTRIBUTED AND DEFENDED IN A SOUND WAY. >> FORGIVE ME, BUT YOU SAID IT'S BECAUSE THIS IS THE WAY THE SOFTWARE IS WRITTEN AND IT IS IMMUTABLE. WHY COULDN'T THE SOFTWARE BE REWRITEN OR COULDN'T BE THE AUTHORS OR GUARDIANS OF THE SOFTWARE WRITE A NEW SOFTWARE TO CREATE BITCOIN 2.0 WITH ANOTHER SUPPLY OF FIXED SUPPLY OF BITCOIN? >> YEAH. SO TYLER, I RUN BITCOIN SOFTWARE AND SOMEONE TRIED TO DO THIS GOOGLE BITCOIN CASH AFTER THIS INTERVIEW IS OVER. SOMEONE SAID I WANT TO CHANGE THE RULES OF BITCOIN I MAY WANT TO CREATE MORE OF A SUPPLY I MAY WANT TO MAKE IT FASTER, DO A BACKFLIP, MAY MAKE IT STORE PICTURES OF MONKEYS DROOLING ON THEMSELVES IT'S A DIFFERENT INSTRUMENT AND WHEN SOMEONE TRIES TO PAY ME MY SOFTWARE RULES SAY NO, THAT'S INVALID THAT IS A PIECE OF POOP AND I DON'T ACCEPT IT BECAUSE IT IS INVALIDATING THE RULES OF THE SYSTEM SET UP OVER A DECADE AGO. WANT TO CREATE FED NOW COIN. I DON'T CARE 21 MILLION OF THE THINGS THAT I RUN AND PROTECT AND SAVE IN AND THOSE RULES WERE STARTED A LONG TIME AGO AND THAT'S WHAT THE

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Id: OuFRou0PnJ4

Length: 4min 23sec (263 seconds)

Published: Mon Mar 20 2023