Strike CEO Jack Mallers Says Wall Street’s Bitcoin Role Doesn’t Threaten Bitcoin

Strike CEO Jack Mallers dismissed the idea that Wall Street’s growing involvement in Bitcoin threatens the asset’s core principles, telling Danny Knowles on the What Bitcoin Did podcast, “My one-word answer to that is no.”

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Mallers argued that if institutional participation could “kill” Bitcoin, then it “was never going to be successful in the first place,” framing Wall Street interest as a test rather than a betrayal.

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He said Bitcoin is “predicated on this idea that it is money for all,” and that “the all part should be explored,” extending the concept to “your enemies” and “everybody.”

In the same discussion, Mallers connected the debate to Bitcoin’s competition for global capital and to a broader shift in which traditional stores of value lose their monetary premium as Bitcoin becomes more widely adopted.

The comments arrived as spot Bitcoin exchange-traded funds launched in the US in January 2024, with 11 funds collectively recording $59.38 billion in net inflows as of Friday, according to Farside data cited by Cointelegraph.

Multiple outlets tied Mallers’ remarks to record institutional demand, with TradingView noting that since spot Bitcoin ETFs launched in the US in January 2024, the 11 funds have collectively recorded $59.38 billion in net inflows as of Friday, citing Farside data.

Bitget similarly reported that spot BTC ETF inflows hit $59.38 billion as Wall Street moves in, describing the surge as part of Bitcoin’s mainstreaming through exchange-traded products.

Cointelegraph

In the same coverage thread, TradingView said some Bitcoiners argue institutional involvement threatens Bitcoin’s original ethos by concentrating “ownership, influence and custody” in large financial institutions.

TradingView also quoted venture capitalist Nic Carter saying that major Bitcoin-holding institutions may eventually “fire the devs and put in new devs,” linking that concern to patience with developers over quantum computing concerns.

Against that backdrop, Mallers argued that “Where wealth exists today, those things will be demonetized like real estate will be demonetized, fine art will be demonetized, government debt will be demonetized, and Bitcoin will be monetized,” positioning Wall Street participation as aligned with Bitcoin’s long-term role.

Beyond ETFs, TradingView and Cointelegraph described Wall Street’s expansion into crypto trading platforms’ customers, saying Morgan Stanley rolled out a cryptocurrency trading pilot on its E*Trade platform.

““If Wall Street getting into Bitcoin kills it, it was never going to be successful in the first place,” Mallers said”

Cointelegraph

TradingView reported that the bank is charging clients 50 basis points on the dollar value of each crypto transaction, undercutting Coinbase, Robinhood and Charles Schwab on standard retail pricing.

Cointelegraph similarly said it was reported that Morgan Stanley rolled out a cryptocurrency trading pilot on its E*Trade platform, charging lower basic retail fees than some of the largest US crypto and brokerage platforms.

In the What Bitcoin Did discussion, Mallers framed Bitcoin’s resilience as compatible with mainstream adoption, asserting that “Bitcoin is competing for global capital” while wealth held in real estate, art and government debt loses value.

As institutional involvement accelerates through ETFs and brokerage pilots, the debate highlighted by these reports centers on whether Bitcoin’s “money for all” premise can withstand concentration fears raised by figures like Nic Carter.