Is Bitcoin the best investment for the future? Jack Mallers, CEO of Strike, joins Anthony Scaramucci to discuss Bitcoin’s unmatched scarcity, its role in a global asset bubble, and why it’s outperforming gold, real estate, and other traditional investments. Learn how governments like El Salvador are adopting Bitcoin and how Strike is revolutionizing financial inclusion in over 100 countries. Could Bitcoin’s price hit $1 million by 2026?
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Anthony Scaramucci 0:03
Am I right in this that you’ve forecasted 500 to 700k for Bitcoin?
Jack Mallers 0:09
Yes, it was 250 to a million. But I’ll take 500 to 700 it’s I’ll take that. I think thinking you’re late to Bitcoin is a failure of your ego. I
Anthony Scaramucci 0:26
I am Welcome to speak up on the wealthion network. I am Anthony Scaramucci. Your host and our guest today is Jack Mahler’s Jack is the founder and CEO of strike. It’s a global Bitcoin application, and Jack’s grandfather actually served on the Chicago Board of Trade under his leadership strike. I should tell you, is an amazing you just an amazing, visionary Jack. But I got to read some of this stuff. I hope you don’t mind, because I need people to know who the hell you are that are not into bitcoin yet, who someday will be. But strike is in over 100 countries, including the US, Europe, Latin America and Africa. And basically, you are bringing the ability to transact on the Lightning Network to people all over the world in Bitcoin, which you and I both know is a hard asset. And many of these countries, frankly, have fiat currencies that have been ruined by their governments, and so whether it’s in places like Africa, South America, these places are now benefiting from your great work at strike, but also the idea behind bitcoin. So with all of that, welcome to the show. Thanks for being with us. How did you get into this? When did the apple land on your head?
Jack Mallers 1:44
Well, thank you for having me, my friend, because I got in Bitcoin when I was 18, and so I grew up in this industry and watching guys like yourself. And so when you became a bitcoiner and started to join us, it was the coolest thing in the world, and the fact that I’m on your show is even cooler. So I appreciate you. I got into Bitcoin. It was 12 years ago at this point, from my father. So you mentioned my grandfather, but I probably have a rare story and that my dad orange filled me. He got me into Bitcoin. A lot of the Chicago finance scene over a decade ago was building a Bitcoin position. I think Chicago finance is very different than New York finance when it comes to culture, products, experiences, the CME and the exchange here, versus maybe the niZi in New York, very different. And Bitcoin, for whatever reason, resonated with this crowd. And so I was dropping out of college right when my dad started to build a position, and he was like, before I waste any more money on another failed tuition. Why don’t you check this Bitcoin thing out with me? And that was my entry into it. Like I said, about 12 years ago.
Anthony Scaramucci 2:55
Alright. Well, I mean, for me, I got in in 2020 I got orange pill by a guy that we both know, Michael Saylor, who was a Bitcoin skeptic. I have to also confess I was a bit I remember, I’m 60 years old. I’m an institutional investor. I didn’t get it. And so I have a lot of people that listen to this show that don’t get it. I’m going to tell you something that you will either laugh at or cry at, and I’ll tell you what it is. I went to my 35th year Goldman Sachs reunion, and I had the opportunity to make a few remarks. I said, How many people here own Bitcoin? Okay, nobody owns Bitcoin, okay? And remember, these are 55 to 62 year olds. Okay, how many people children own Bitcoin? Maybe 10 people. Raise their hand, Jack. We are so ridiculously early. Take us to why somebody needs to know about Bitcoin, why somebody needs to at least think about investing in Bitcoin and making Bitcoin part of their investment portfolio and part of their lives. Who’s in the position that I just described?
Jack Mallers 4:02
Yeah, well, I think fundamentally, Bitcoin is designed to be a superior asset for you to hold. We can spend hours on this podcast talking about how and why that is, I think simply put, it’s because it’s the hardest asset you can hold. And hard is in reference to how hard is it to make more of it. How Scarce is this thing, and Bitcoin is the scarcest thing you can own, period. And what do I mean by that? Well, Anthony, if everyone listening to this wants an iPhone, Apple can increase the supply of iPhones and get them one. If everyone in the world wants a McDonald’s cheeseburger, McDonald’s is gonna find a way to get him a cheeseburger. Equivalently if the price of gold goes up 10x and everyone is in demand for gold, Elon told us he’s gonna go to some other planet and get more. So the. Idea in financial markets is with more demand, you will find more supply. You always will. Now bitcoin is the only thing you can own. Where that’s not true. With more demand, we cannot find more supply no matter who you are, no matter where you are, no matter what you are, we can’t make any more and so it’s for that reason that more demand has to find a higher price, because the more supply that’s being demanded is coming from the market. It’s coming from the existing holders. So if you want more Bitcoin, you got to bid it to a higher price. And it’s the technology and the innovation and Satoshi nakamotos breakthrough that’s built such a scarce thing. But fundamentally, why you would hold it versus other things is because it is harder, because it is scarcer, and because it will outperform and find a higher price. For those fundamental reasons, are you
Andrew Brill 5:50
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Anthony Scaramucci 6:32
Okay, so you and I agree on all that, but you created something called Strike. Tell me what strike is and tell me how strike is used by so many different people. What’s the value of strike and what’s the future of strike? Where? Where are we five years from now with strike? Yeah,
Jack Mallers 6:50
the so the reality of strikes founding was baked into this idea that crypto at large was born, and you and I may differ on this where there was now. So just a reminder for everyone, I’ll say it again. I’ve been in this space for 12 years, so end of 2012 early 2013 and so I was around when there were no alt coins. There was just Bitcoin, or there were scrappy ideas, but they weren’t to be taken seriously. So I watched the birth of Ethereum and the birth of Litecoin and all of these coins. And when I saw businesses like Coinbase start to pivot and make that their main focus, it doesn’t make it a bad business. In fact, Coinbase is a public company. You can go look at their financials. It’s a good business, but I disagreed with the opportunity and what their focus was, and who was serving the bitcoiner as a customer. And so when I founded the company, I was in my mid 20s, and it was really that I thought Bitcoin was the opportunity that speculative trading and high risk assets, like cryptos that I thought weren’t like Bitcoin at all, was a distraction, and I thought that there needed to be a financial institution that actually enabled all of bitcoins potential for customers, and that Bitcoin financial services like buying it, selling it, storing it, moving it, getting insurance on it, borrowing against it, using it for cross currency payments. No one was working on these things, and everyone was waiting for the new coin. And so that’s when I founded strike, and we really found our stride after the industry blew up, believe it or not. So when FTX went down, when blockfi went down, we saw a ton of growth in customers that were like, I value Bitcoin. I think it’s the pristine asset. And what I’m looking for is a financial institution I can trust that’s the best in class at Bitcoin, and that focuses on Bitcoin financial services. And so when I founded the business, really, I mean, my whole career, I was like, well, Mount Gox is going to be the Bitcoin company for the world, and I’m just happy to be here. And that didn’t turn out to be true. And then I thought, Well, Brian Armstrong surely is going to figure that out, and he doesn’t seem to be as interested in Bitcoin as I am, and then I thought Sam begman freed and binance were 10 times smarter than I was, according to the media. And that turned out not to be true either, and where we found ourselves is the most licensed, regulated, Bitcoin focused company in the world. That our customer is the Bitcoin or our customers, those that are looking for high quality Bitcoin financial services from a compliant, regulated, trusted custodian, and that’s who we are right now. And I think we’re going to have a lot of upside running that business over the last 10 years, if we can continue to do what we’ve done. That’s my thesis.
Anthony Scaramucci 9:32
So Jack, before you and I met, somebody told me a story about you, and I want you to confirm or deny it or whatever. Somebody told me a story about you. They said, You know, there’s a young kid. He’s a big he’s a Bitcoin or Bitcoin evangelist. He’s gonna go to El Salvador and he’s gonna meet with the new president in El Salvador, and he’s gonna try to orange pill him. And those, for those of you that are listening to me and Jack orange pilling somebody is where they you. They get, like in The Matrix, they get the orange pill, where they start to now understand what Bitcoin can mean for a civilization and the world. Is that a true story, and if it is a true story, tell us this wonderful story of what’s going on in El Salvador, because Tim Draper told me, if it goes to $150,000 they are cleared. El Salvador, this emerging market country, is clear of all of their debts and obligations of the IMF, you see what I love about my staff? They want me to show off my bitcoin book while we’re doing this. All right, love showing it all, okay, just I had, I had sailor write the forward for me. I’ll send you a copy. Please tell me about your relationships there. Did I get that story right?
Jack Mallers 10:49
Yeah, you did. This was so strike was founded in 2020 it was 2021 we had finally built a pilot of our products. One of the products that I thought people ought to pay more attention to is cross border payments. If we can get a physical bear instrument to the other side of the world at for no cost and no fee, surely we can make progress relative to things like swift and Western Union. And these were the type of services that I didn’t see anyone working on. People were focused on all these other coins and leverage, and that’s great, and they’re good businesses. But I thought Latin America needs these products. Emerging market markets need these products. Cross Currency Payments can unlock a lot of GDP growth. So there was a small community in El Salvador that was kind of tinkering with Bitcoin, and so I bought a one way flight in. It was either January or February of 2021, and I said, I’m going to figure this out. And so I went down there and we set up a cross border payment channel between the United States and El Salvador. And El Salvador made a lot of sense, because it was a very violent country. A lot of migrants come into America, into the southern of America that work low paying wages and jobs to send money home. There’s a lot of gang violence, and it was just a it was ripe for technology to help out and deliver more of the value back to the consumer. And so we launched that product, and it went so well that one night, I got a DM from the President’s brother, and it was very long, but effectively what it said is, we want to meet you. You have 24 hours, and they gave me a latitude and a longitude, and I’ll never forget, I called my dad and said, supposedly this country is really dangerous, so this could go really, really bad or really, really good. I love you no matter what, but at least we’re working on Bitcoin, and if this is how it ends, I’m okay with that. And I went in, and the meeting went really, really good, and the government ended up walking me through, I think what a lot of people are seeing today, which is they wanted to be tough on crime, they wanted to be clean. They wanted to be tech forward. They wanted to support innovation and entrepreneurship, and they wanted to lean into hard money and Bitcoin. And when they saw that I was in the country and working on Bitcoin related problems, they wanted to chat, and they wanted help on how they can make El Salvador a Bitcoin forward country and use it to solve some of its biggest problems, which is things like its indebtedness to the IMF. And that’s what we chatted through, and I ended up announcing with them at the Bitcoin Conference that year. So that’s a true and real story, and I’m happy to go into any detail, but that’s what happened.
Anthony Scaramucci 13:39
But, but Jack and I, and I love to hear the detail, but I got to get got to get you out on time. I want you to take it two more paragraphs into what you would say to other countries in that situation. So question one, are other countries going to do? What El Salvador has done is add up your prediction then number two, what would be the messaging to these other countries? What would you say?
Jack Mallers 14:06
I think whether so, I’ll take the second question. First, whether you’re a country or a family or a corporation or an individual, especially in lesser served emerging markets, what you’re looking for is growth and stability. You know these people as a reminder to everyone listening, you can’t buy Apple stock. You cannot invest in Miami beachfront property. You don’t have access to index funds from the smartest financial minds in the world, with the biggest capital basis of all time. You have maybe the naira, and that’s it, your local community, shillings. And so the fact that you have an asset that on average, over the last 10 years, is 63% annualized return. So it’s the fastest growing thing that any of us could have owned. I mean, it’s accessible to everybody. So it is a life raft, in that sense. And what. You’re a country and you are in debt. Listen, we talk about these metrics, like debt to GDP, how much have you borrowed versus how much growth are you producing to pay that back? We’re all looking for growth, and you can buy growth off the shelf. All 8 billion of us. Is a way to think about it, as a government. If you’re interested in growth, if you’re interested in productivity, you could say, I’ll take a burger, small fry, a Coke Zero and 63% year over year growth over the last decade. That’s not a bad deal. That’s not a bad lunch order. And so for the individual in the family, it’s very similar in the same you know, for El Salvador as well, these people don’t have access to Google engineers. They don’t have access to mines like Michael Saylor, they don’t have access to consumer innovated minds like Jack Dorsey, but being a part of Bitcoin, they did. They were benefiting from the work of MIT professors, from Michael Saylor, from Google engineers, from Jack Dorsey, from the world’s work on an open, distributed network. So you’re joining a global team of the smartest minds and the most powerful computing network in the world, and you get access to the best performing asset that’s even outperforming guys like Ken Griffin. And that was the message, is that join this team. Network effects and economies of scale are going to take you. You actually need to humble yourself. This goes message to myself in the mirror, humble yourself. You’re not the main character. You’re not going to advance this any more than the greater good, and so just be a part of it. Be a part of it. Realize it’s bigger than you, and that’s when you start to gain that benefit. Is when you realize I was wrong about this thing. This thing is bigger than me, and all I need to do is subscribe to it and align myself with the fact that it’s a system with equal rules and equal rights. And you know, it was better to buy it when I heard about it, but the second best time is now, and that’s a lot of the conversation with them. And for the my speculation on countries, I’ll keep this one short, I actually knew fairly quickly that we were not going to see other Latin American countries. El Salvador was unique in this way, Anthony, they didn’t have their own currency. So for those that don’t know, they lost their own currency in a civil war, so decimated the whole place, and really put it back many, many decades and violence and gangs and a lot of civil unrest. Whereas people like to compare Argentina Malay, yeah, but they get to print money. If money is our time and energy in an abstracted form. It’s very difficult to forgive the ability to print that, to print time and energy. And so I couldn’t really figure, I mean, maybe there are economies and markets in countries like Panama, but it was not going to happen from another country that could print their own currency. And I almost took that next leap and thought, Well, who would the central bank and with the money printer is going to adopt this? And I did, genuinely, I swear to you. I thought the United States. And I thought the United States, because the world reserve currency status, we have so much debt. And what do you want to back your debt with? And really, the way I think about it, your future promises. You want to instill confidence in your future and the promises that you’re making about your future, about your economy, about your stability, about your ability to harness technology, about your ability to localize and grow talent in the country. And that, to me, was Bitcoin, and so it doesn’t surprise me that it was part of this election and that we’re still hearing positive rhetoric from this new administration. So that’s more my prediction is that if we are going to see a more advanced adopter that isn’t El Salvador, that didn’t even have their own currency, I do think it’s going to be the US, believe it or not, before it’s someone like Argentina.
Anthony Scaramucci 18:41
Okay, so am I right in this that you’ve forecasted 500 to 700k for Bitcoin, sometime between 2025 and early 26 Yeah,
Jack Mallers 18:55
that’s actually, yes, it was 250 to a million. But I’ll take 500 to 700 that’s
Anthony Scaramucci 19:03
okay. Um, why take us through? Why? Um,
Jack Mallers 19:09
I think we’re going to see one of the greatest asset bubbles in human history. I think the fiscal situation is a problem. And, you know, I used to do media appearances and say that, and now I get the benefit of the Fed also thinks the fiscal situation is a problem. Our new administration thinks it’s a problem. Every economist on CNBC thinks it’s a problem. It’s officially alert danger. This can’t last. Jamie diamond, that’s the first time I’ve agreed with Jamie Dimon on pretty much anything. So I think the problem is we have too much debt. And the way I would say it is that someone has to realize the loss right, domestic debt to GDP close to 130% global debt to GDP, well over 300% and so there’s a loss that has to be realized. And the question is, where are we going to realize that loss? You know, are we going to render all bond holders poor? Probably not. My expectation is further currency debasement. My expectation is further asset inflation. And my expectation is Bitcoin will continue to be the best performer because it’s the scarcest and the hardest to make more of. In fact, it’s the only thing you can’t make any more of it. So the 250 to a million range is it’s a crazy buffer for me to say out loud. But the reality is, you know, if America comes out and buys 4 million Bitcoin, I think Bitcoin ticks a million easily, if not, and we get interesting fiscal policy from this administration. Well, then 250 seems decently reasonable, by the way to the viewers. This isn’t the new normal. The way this market operates is that it enters violent price discovery and then it falls. So I do expect a drop. I’m talking about what’s the new all time high? Where will it tick? But I do think that we’re in the early innings of a bull run, and there are many multiples to be made in 2025 I expect a weaker dollar and further debasement and assets.
Anthony Scaramucci 21:11
So this is the central question I’ve asked. Novograd says, I’ve asked sailor this even Peter Schiff. Actually, you know, Peter Schiff brought something interesting. So my parents house was purchased in 1962 for $16,000 it’s on Zillow the Zestimate for that house is $780,000 today. But what Peter said to me, at $35 an ounce, how many ounces of gold was it to purchase the house? And then at $2,700 an ounce of gold today, and it turns out that the house is, you know, it’s worth less than the same ounces of gold. So meaning, if I had that number of ounces of gold, it would be 1.2 5 million. But the house is worth 780 and then his point was, you know, that makes sense, because it’s easier to build these houses now we’re more efficient, blah blah. In real economic terms, the house has actually gone down in value. And so I’m using this as an example for you. Jack at $700,000 per Bitcoin. Is that because money, the dollar has been crushed, and we’ve monetized it down to 0001, compared to where it was in 1971 or are we picking up real value? In other words, are we in $1 crisis? If bitcoin is at 700,000
Jack Mallers 22:41
Um, no, uh, I to answer your question explicitly. I think a little bit of both. I think we will continue to see currency debasement, but I think Bitcoin is demonetizing other forms of wealth. So on the first one, are we in $1 crisis that bitcoins at $100,000 today? I don’t know. I went to Whole Foods yesterday and got a couple ribeyes. The dollar was fine. The store wasn’t on fire. I mean, clearly there’s civil unrest. Clearly people don’t like the level of inflation they’ve been forced to live through. But is the dollar collapsing? No, do I think the dollar is going anywhere anytime soon? No, but historically, assets have been inflating. So I think we will continue to see currency debasement on the Bitcoin demonetizing other assets and where it’s winning value from what I would consider competitors. The reality is, you know, people are, have been looking to store their wealth somehow, some way, if they can’t in dollars. And that’s not a controversial opinion. Nobody owns strictly dollars. If you can afford to, you own real estate portfolio. You own a stock portfolio, you own gold, you own something else that can appreciate in value over time. And so people have had to monetize real estate, equities, all these other things that aren’t actually money in the first place, and so my expectation is that Bitcoin will continue to win over the demonetization of those assets. So instead of owning 10 homes where you only consume one, you own one home and the nine you sell and you buy bitcoin, because Bitcoin performs better as a money and performs better as a store of value, and performs better in percentage terms and in real terms against the dollar, or whatever your unit of measurement is. So I think it’s a combination of both. And I think this is a good opportunity to walk the users through, you know, what is money and its intended purpose in a marketplace. So money is a market good, just like anything else, just like a cheeseburger or a car or a plane. But the difference is, I acquire a cheeseburger to consume it and eat it. I acquire a car to consume it and move me on the road. I acquire a plane to consume it and fly me somewhere. I acquire money, uniquely not to. Consume it. It’s the one market good that I don’t consume. I’m acquiring the money to save and exchange it later for the things I need. And so money performs that job as a technology. So when people say money is whatever we think it should be like, what we can make water bottles money if we want to, it’s like, no, but you can’t make a water bottle an airplane if you want to, if you get on a water bottle and jump off your roof, you’re going to get injured. It’s a technology, just like all other technologies, it has a job to do in the market. And when you understand that job, you realize you don’t have to store your wealth in real estate or in equities. The job is to store and save the wealth you’ve created and then somehow exchange it for what you need in the future. And Bitcoin, fundamentally, is better at that job, and it is the technology purpose built to fill that role within the marketplace than everything else. My house was built for someone to live in. It not for me to be able to save an exchange later. Equities is built to run a company, not to be a money, right? So I think people will sell the assets that they’re using as money because of the unfortunate situation of a devaluing currency, and convert it into Bitcoin, which Satoshi built to solve that problem of a market good that you don’t consume and you save it and use it for future exchange.
Anthony Scaramucci 26:18
Okay, I’m gonna take some questions from the audience. Those are, of course, brilliant answers. I don’t want to add to that, because I don’t want to detract from it by adding to it. Let’s, let’s take a question from the audience. Anthony and Jack, do you see central banks growing interest in CBD sees as a threat to bitcoins adoption or or could they coexist in the financial system. This is Daniel from Canada. Jack,
Jack Mallers 26:43
Hey, Daniel, I’d make the argument that we kind of already have CBDCs, and they coexist today. The dollar that I use is fairly digital. I don’t hold any paper dollars, to be honest. I don’t hold any cash. And the difference between the existing financial system and CBDCs. For the point of this question and answer is small and not too meaningful. The real difference is that they can make as many cbdc dollars or existing US dollars as they’d like. They can continue to debase the currency. They can continue to inflate the goods and services you need around you, whereas to Bitcoin, it’s the opposite. No one can make any more. So the only thing that can compete with Bitcoin is an extremely hard asset that’s infinitely as divisible, that’s as easy to teleport all over the world, that you can validate from a cheap hardware device in your home. So I would say it’s not a competitor at all. And in fact, it’s just the same dollar that we’ve had, or fiat currencies we’ve had dressed up in new outfit.
Anthony Scaramucci 27:41
Let’s go to another question. What are the most common misconceptions traditional and older investors have about bitcoin and how can they be addressed? This is Joshua from Missouri. Hmm,
Jack Mallers 27:54
that’s a great question. I think things like security is one that comes to mind. You don’t mistaken the collapse of a company or an exchange for an issue with Bitcoin and the money in the protocol itself. I think the other is volatility. I think people fear volatility. And I unfortunately, Anthony, I think we live in a world where central parties and governments and central central banks have really tried to strip the volatility away from us and are taken out of our lives. And we think of not no volatility is like normal, I guess. And so I think the biggest misconception, it depends on the investor you’re talking to, but to the general public, is, you know, volatility is a good thing. If you’re on the first floor and you want to get to the penthouse, the only way to go up is with volatility. Volatility implies life. Volatility implies performance. And so volatility is a good thing. Without volatility, you can’t get any returns. So I would say security and volatility are probably the most misunderstood, where bitcoins the most secure thing you could ever own with no counterparty risk, and Bitcoin, I hope it continues to be volatile, because that means it’s going to continue to be the best performing. Just math.
Anthony Scaramucci 29:10
Next question, with bitcoins market cap skyrocketing, do you see any risks of governments trying to intervene to suppress growth, is Lisa from Georgia, yeah, great
Jack Mallers 29:25
question, Lisa, I think the opposite we may be seeing that play out in the US. This is going to sound cheesy, but the reality in my career is you’re better off on bitcoins team than fighting against it, and that’s a lot of the game theory that’s been designed within the system. But by joining Bitcoin, in many ways, for folks like Michael Saylor, the US government, it’s a self fulfilling prophecy. You joining the network, you immediately gain existing benefits, and the new additions that you add push it to new heights, a. Versus trying to ban something you can’t ban, trying to control something you can’t control, trying to stop something that’s using superior technology. So the game theory is such that you can spend your life failing, trying to fight it, or you can change your life just getting on its team. So I think what we’ll see is people that find benefit in Bitcoin, and there’s various different ways you can and actually joining the network, as opposed to trying to fight it, because no one’s been successful, and you’re incentivized to rather just gain the benefits instead. Amen.
Anthony Scaramucci 30:32
Alright, let’s go to the next question. How do you balance the potential rewards of investing in cryptocurrencies with the inherent risks, especially for new investors. Brandon from California, I’m
Jack Mallers 30:46
going to take an aggressive answer to this. I would say now I can’t speak to other cryptos. I for everyone listening. I own three things in my life. I actually don’t own any dollars at all. I only own Bitcoin. I own my house. I own my company. That’s how I live my life. So I can only speak to those so I’ll speak to Bitcoin. I would say this is the only asset you can own with no risk, in the sense of counterparty risk. I don’t want to excuse the volatility, and I don’t want to set unrealistic expectations. It can be volatile, but risk Meaning I’m not trusting anyone else. There’s no corporate CEO that can fail a product launch. There’s no board member that can get hit by a bus and get in the disaster. There’s no government that can change the regulatory this and that like I own it physically bear. It’s mine. I have no counterparty risk, and so to me, it’s actually the least risky thing I own for my house. I have property taxes. I have an HOA. There’s a building and a staff. What if there’s a natural disaster here in Chicago? I have counterparty risk there for my company, I have employees. What if an employee leaks secret information? What if someone tweets from our account that it violates Terms of Service? There’s risk involved there for my Bitcoins, they sit physically on a hardware device, and I don’t have to trust anyone, and there’s no counterparty risk for me. So I would look at Bitcoin as the least risky. Where there is risk is, don’t invest more than you can afford. To be volatile. You know, what I tell people all the time is, live within your means. You know, don’t spend more than you make. Prioritize your future, understand saving, build a lifestyle for yourself where you can afford to think long term, and those are the type of risks that Bitcoin potentially poses. But I wouldn’t consider that bitcoins risk to own if you’re not in a position to invest in something volatile, then and you want returns, then I would suggest changing your lifestyle. Sorry if that’s hard hitting truths, but that’s what I lived through myself, and that’s the honest advice I have good answer.
Anthony Scaramucci 32:43
Let’s go to the next one. What is your best advice for an aspiring entrepreneur? David from Florida,
Jack Mallers 32:52
wow, it’s a great question. I would say, to stay curious is probably the main one. I would also say, you know, in my experience, there are certain times in my career where there are really important people around me that believed in me more than I believed in myself. And those are really pivotal moments that I can look back on and remember like it was yesterday, and upon reflecting on my entrepreneur career is just who I surrounded myself with. There’s a direct correlation between success and good times, and whether it’s earnings and good investments or good cash flows and profits and products, and who is involved and who is around me. So continue to stay curious. You have to believe in yourself. You only lose if you quit. But keeping good company and being able to ask questions and being able to resource yourself with people around you is critical for me, because if I didn’t have certain folks around me, whether that’s good investors, good employees, good friends, good family, I wouldn’t have made it, and it was really critical times where they believed in me more than I believed in me, that saw me through the other side. So value the value your company. No
Anthony Scaramucci 34:15
more questions, my friend, I promise I was going to get you out of here on time. All right. I just want to say thank you to the legendary Jack mallors of any year end ideas for people, Jack, right? It’s hard, you know, some people say, No, it’s 100 grand. Don’t buy it. It’s going to correct back to 60, blah, blah, blah. What do you say? Get off zero. What do you say, sir? Yeah,
Jack Mallers 34:41
I’ll go on a quick rant to end this. Listen, I think thinking you’re late to Bitcoin is a failure of your ego. I really do, because it’s late to who and you realize, oh, you’re comparing yourself to Anthony, you’re comparing yourself to your friend, to your colleague, to. This person you don’t know on the internet, and to me, that’s a failure of your ego. That’s vulnerable insecurities getting the best of your best interests. The reality is, economic decisions are made at the margin. Every single day, we wake up and we contribute value to this world. Our alarm goes off and it might be cold, we might be tired, commute might be long, but we get up and we do it anyway, and we make the world a better place through whatever our contributions are. Janitor, podcast host, investor, we contribute to those around us. We got to store that value somewhere for ourselves, for our future, for our family, and you have to make that decision. And every single day, I make that decision, and that decision continues to be Bitcoin, no matter the price, the price doesn’t invalidate the properties of the system, the fact that it’s the scarcest, the fact that it’s the best. And so thinking you’re late to me is a failure of ego and making yourself so small that you can’t act in your own best interest when compared to another shadow or another person. So I think you got to put your ego aside. And when you submit your ego and say, I’m not bigger than this thing, I don’t need to be the main character, I don’t need to be the best. I just need to be me and do what’s in my interest, that’s when I think you start buying a little bit of Bitcoin. And it’s time in the market, not timing the market. So don’t let your ego get the best to you and to me, bitcoins continually the best place to put my time and energy, my effort, my labor, and I would suggest others take a look at the same All
Anthony Scaramucci 36:29
right, Jack, you’re the man. I appreciate you coming on. You have to come back. It’s a military Christmas gift request from me. Got to come back on. Thank you. Thank you for joining. Speak up,
Jack Mallers 36:40
sure. Yeah, thanks for having me. Man, means a lot.
Andrew Brill 36:44
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