Jack Mallers is the CEO of Strike, a Chicago-based company that provides BTC payment services. He was instrumental in introducing bitcoin (BTC) to El Salvador. This February 21, on Twitter, he made an intriguing statement about the flagship crypto. Here’s what it’s all about.
Here’s Why Bitcoin Could Be the Central Banking System of the Internet
For some, bitcoin is digital gold. For others, it is a speculative investment. Some say it is a technological experiment. Also, some believe it is a decentralized alternative to fiat currency. But, for the CEO of Strike, the flagship crypto is comparable to a central bank. Jack Mallers has indicated that this is the “internet central banking system“.
A number of factors contribute to this assertion by the CEO of Strike. Indeed, the crypto player said: “The Bitcoin network is the only monetary system in history that has never transformed its monetary policy. It is also the only one, to be governed by a network of distributed peers, and to issue an instrument based on a relationship with energy, rather than a relationship with a state.“.
Mallers explained that these different factors allow Bitcoin to have unique properties compared to other central banks. He recalled that the monetary policy of traditional central banks is under the control of specific entities. Also, she has goalscentered on a country’s employment, prices and interest rates“.
It is true that Satoshi Nakamoto created Bitcoin to oppose central banks and their policies. But you can think of crypto as a central bank in that it Completes the Internet as an Emerging Economy.
For Mallers, specific events led to “the expansion of the value and use of the Bitcoin network“. These include, in particular,hyperinflation in emerging markets” and of “the tyrannical monetary surveillance of authoritarian regimes“.
Bitcoin was launched over 14 years ago to take the Internet out of government control. It was supposed to free it from the impact of the traditional monetary policies of existing central banks. It also had to prevent a fall in the global economy, as was the case in 2008 with the financial crisis. But it does not seem capable of stopping the new collapse of the financial system that the world is preparing for.
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