Zap CEO Jack Mallers believes Bitcoin is ‘the biggest thing that’s ever happened’ and ‘ultimately hope for humanity.’
Mallers who launched payments processor Strike, which recently announced it was partnering with Carolina Panthers star Russell Okung to process half of his $13 million NFL salary in Bitcoin (BTC).
Jack Mallers was speaking on tech news national broadcaster Cheddar, when the developer eloquently emphasized the merits of Bitcoin, claiming it’s set to usher in one of the greatest wealth transfers of all time.
‘I think Bitcoin is going to continue to make headlines,’ stressed Mallers. ‘It’s the biggest thing that’s ever happened while any of us have been alive. It’s a transformative technology and it’s ushering in one of the greatest wealth transfers of all time. And it’s ultimately hope for humanity.’
Mallers, who recently made the Forbes Under 30 class of 2021, spoke about Okung’s demand to be ‘paid in Bitcoin’, which the young developer pointed out inflation’s debilitating effect on anyone keeping their earnings in cash.
‘I think the real point is that the average individual is operating their life at a loss due to the rapid asset inflation here in the United States and all over the world. And inflation now is 15 to 20 percent. And if you’re not getting a 20 percent raise every single year, you’re operating your life at a loss.’
What Is Strike By Zap?
Strike is a mobile payments application made by Zap. The company was founded by Jack Mallers, who has built the payment processor on Bitcoin and Lightning Network.
Strike enables its customers to send and receive money instantly with zero fees anywhere in the world. The payment firm recently launched its payday application which is the technology being used to process half of Russell Okung’s salary into Bitcoin.
Once it is fully rolled out it will allow users to make Bitcoin payments with US dollars, receive Bitcoin payments as US dollars, and process US dollar payroll as Bitcoin, and Mallers says the aim is to take the application globally.
Because it is built on Bitcoin and Lightning Network, it can do anything in the payment and finance space, cheaper and faster and more global than anything else.
Strike is available for iPhone, Android and Chrome and is one of the highest-rated financial apps on the App Store and Play Store.
Why Russell Okung Demanded To Be ‘Paid In Bitcoin’
The news that Russell Okung will earn half his salary in Bitcoin made headlines around the world. It has been an on going struggle for the Carolina Panthers star who sees Bitcoin as the safest place to park his hard earned salary.
Whether the Bitcoin price is at an all-time high, crashes 50% or goes to $1 million, Okung will automatically receive half of his salary in Bitcoin, because he sees it as the safest place to store his wealth.
To be clear, the Carolina Panthers franchise is not paying him in Bitcoin. Further, the NFL has dissociated itself from the announcement, but that is expected from a closed oligarchy of grey haired billionaires.
But why doesn’t Russell Okung just buy property, gold, stocks or bonds even?
Well, $6.5 million of his salary will remain in US dollars, and being a shrewd investor, the NFL star will no doubt invest it in other assets, but the fact that he’s opting to keep 50% in Bitcoin is telling.
And while gold is clearly less volatile and more “respected”, it lacks in many features necessary for money. How do you spend gold coins on small purchases?
Gold’s divisibility lacks Bitcoin’s among many other features, such as portability, trust, and even scarcity, and it’s clear in the digital age that Bitcoin is better than gold in almost every way.
Property is a good investment, but anyone buying properties to store wealth, can only live in one at a time. They have taxes, upkeep and security to pay on the others, so as an investment and store of value Bitcoin beats property.
As we know, stocks have been inflated by the printing press of the Federal Reserve, and who can stop the likes of Apple, Microsoft and any other company just printing more stocks? Nobody can, it’s standard policy.
Bonds? Why would any intelligent human being invest in something that guarantees a loss? Bonds are finished until interest rates rise, and that won’t be for a long time.
Bitcoin is seen as a peaceful protest, and Russell Okung realizes how we are all being shafted by the Fed’s monetary policy. So really, the NFL star’s decision to be paid in Bitcoin is actually the most logical.
Jack Mallers: Bitcoin’s Monetary Policy Is Set In Stone
The idea that Bitcoin being so “volatile” and not a reasonable option as a store of value was quickly shot down by Zap CEO Jack Mallers in the interview, who preferred to discuss the merits of Bitcoin’s monetary policy.
‘The volatility implied with Bitcoin is not as volatile as people say. The reason it’s appealing is because its monetary policy has been set in stone ever since its existence. It’s a network that you can trust and rely on. It’s an asset that cannot be inflated, said the Zap CEO’
‘I don’t care who you are, who you know, how strong you are. You will never be able to make another Bitcoin ever. And that is reliable and that’s a place to store your wealth.’
Russell Okung’s decision to be paid in Bitcoin is clearly the best decision he could make for his future. Bitcoin is the best and most secure network ever created, and it’s main application is hard money, which offers the perfect store of value.
And it is programmable money that allows for transactions without expensive third parties. Something Jack Mallers is taking advantage of and with it: giving ‘hope for humanity’.
Author: Tommy Limpitlaw
Bitcoin FAQs
There are many ways to make money with Bitcoin. The most obvious way is to mine Bitcoin. Bitcoin mining is the process of verifying transactions, and helping to secure the Bitcoin network. Bitcoin miners are rewarded with bitcoins for their work.
There are several reputable Bitcoin exchanges operating in Spain. However, the most recommended exchanges are Kraken or BlockFi. Or you can buy Bitcoin from Bitcoin marketplaces, such as LocalBitcoins or Paxful. All of these exchanges and marketplaces are global with high liquidity and excellent customer service. Check out our reviews on each platform.
There is no exact science for the cost of mining a bitcoin, because the price will change every two weeks maximum. This is because there’s a Difficulty Adjustment that ensures it takes about 10 minutes to mine a block. And with other costs, such as your mining equipment, electricity, and other costs, it’s estimated that the average price to mine a bitcoin is around $12,500.
Bitcoin is a decentralized money. A money that nobody can control or manipulate, and a money that nobody can print and devalue. It’s also not necessary for any third party to verify transactions, so it makes it much faster and cheaper to send value. It’s also money built on the Internet: a society of almost 5 billion people.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.
