Bitcoin payments application Strike CEO Jack Mallers said that Wall Street’s growing involvement in Bitcoin poses no threat or conflict to the asset itself.
“My one-word answer to that is no,” Mallers told Danny Knowles on the What Bitcoin Did podcast published to YouTube on Thursday, in response to whether institutional involvement threatens Bitcoin’s core principles.
“If Wall Street getting into Bitcoin kills it, it was never going to be successful in the first place,” Mallers said.
Jack Mallers spoke to Danny Knowles on the What Bitcoin Did podcast. Source: What Bitcoin Did
“Bitcoin is predicated on this idea that it is money for all. And the all part should be explored. That means your enemies, too,” he said. “That means the ex-wife that cheated on you, that means your neighbor that’s a fan of the opposing football club, that’s everybody,” he added.
Bitcoin is competing for global capital, says Mallers
Some Bitcoiners argue that Wall Street’s presence threatens Bitcoin’s original ethos by concentrating ownership, influence and custody of the asset in the hands of large financial institutions. 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, according to Farside data.
However, Mallers said the “obvious implication” is that Wall Street and other major traditional investors would get involved in Bitcoin as the asset competes for global capital.
“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,” he said.
Some Bitcoiners have argued that growing institutional involvement could eventually give large firms too much influence over Bitcoin itself. Bitcoiner and venture capitalist Nic Carter said that major Bitcoin-holding institutions may eventually lose patience with Bitcoin developers for not addressing quantum computing concerns quickly enough. “I think the big institutions that now exist in Bitcoin, they will get fed up, and they will fire the devs and put in new devs,” Carter said in February.
Wall Street moves in on crypto platforms’ customers
There have been several developments in Wall Street’s adoption of Bitcoin and, more broadly, crypto over the past couple of years.
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Most recently, on Tuesday, 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.
The Wall Street 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.
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Source: https://cointelegraph.com/news/jack-mallers-shuts-down-the-idea-that-wall-street-is-a-threat-to-bitcoin?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
