Jack Mallers

Template:Notability Template:Template otherTemplate:Wikidata image Jack Mallers (born April 9, 1994) is an American entrepreneur and software developer, best known as the founder and CEO of Strike, a Bitcoin-based financial services platform. He has played a significant role in promoting Bitcoin adoption, notably contributing to El Salvador's decision to recognize Bitcoin as legal tender.

Early life and education

Jack Mallers was born in Chicago, Illinois, and grew up in Evanston, a suburb of Chicago. He comes from a large blended family with four brothers and two sisters. His grandfather served as the chairman of the Chicago Board of Trade, and his father founded one of the largest futures brokerages in Chicago. Mallers attended Evanston Township High School.

From a young age, Mallers showed exceptional talent in chess. By kindergarten, he had reached the top of the United States Chess Federation's (USCF) rating lists for his age group. By third grade, he had won a state title in the sport, yet soon after his exclusive interest in chess waned.

Mallers was introduced to Bitcoin by his father in 2013, sparking his interest in cryptocurrency. He briefly attended St. John's University in New York but left after less than a year to pursue his passion for technology at the Starter School, a coding boot camp in Chicago.

Career

In 2017, Mallers founded Zap, a Bitcoin investment and payment company utilizing the Lightning Network, which facilitates faster and cheaper Bitcoin transactions. This venture laid the groundwork for Mallers' vision of decentralized financial systems that could challenge traditional banking infrastructure.

In 2020, Mallers launched Strike, a Bitcoin-based financial services platform that enables global Bitcoin payments. Strike aims to bridge the gap between cryptocurrency and traditional financial systems, offering services such as Bitcoin remittances and payment processing. Under Mallers’ leadership, Strike has expanded to over 65 countries and has become one of the most prominent companies in the Bitcoin ecosystem, particularly in regions with limited access to banking.

Mallers has also been a vocal advocate for Bitcoin’s potential to disrupt traditional financial systems. He has spoken at numerous conferences, including the Bitcoin 2021 Conference in Miami, where he helped announce El Salvador’s decision to adopt Bitcoin. His advocacy for decentralized finance and his leadership in Bitcoin adoption have earned him recognition, including being named to Forbes' "30 Under 30" list in 2021.

As of 2024, Mallers' net worth was estimated to be between $50 million and $100 million, primarily derived from his significant stake in Strike, valued at approximately $300 million. His early investments in Bitcoin, initiated when the cryptocurrency was priced around $200, have also substantially contributed to his wealth.

El Salvador and Bitcoin adoption

Mallers played a pivotal role in El Salvador’s decision to adopt Bitcoin as legal tender in 2021, making it the first country to do so. Working closely with President Nayib Bukele, Mallers helped create the infrastructure for the initiative, including Strike’s involvement in facilitating Bitcoin transactions. This partnership culminated in the Bitcoin Law, which was passed on September 7, 2021.

The introduction of Bitcoin as legal tender was part of a broader experiment to enhance financial inclusion in El Salvador, particularly for people without access to traditional banking. Although the project faced challenges, Mallers continues to advocate for Bitcoin's potential to provide economic freedom and alternative financial solutions.

Recognition and impact

In 2021, Mallers was featured in Forbes "30 Under 30" list in the finance category, recognizing his contributions to the cryptocurrency industry. His work with Strike and advocacy for Bitcoin have positioned him as a leading figure in the movement toward decentralized finance and digital currency adoption. Mallers is a regular guest on national TV, including CNBC and Bloomberg. Mallers is a dominating force in the world of modern media where financial podcasting has taken over much of the traditional reporting. Despite being hailed as a financial guru by many Mallers has not even written a single book about his financial insights. Only when commentators pick up on some of his many dozens of reputable video interviews, his genius and impact shines through in the written world. In late 2024 Nasdaq.com via a partnership with Bitcoin Magazine ran an article by Mark Mason quoting Mallers saying that "Bitcoin is a solution, it is not a hedge. Bitcoin is the most performant asset in the world because it's the scarcest asset in the world. It's the only asset that demands a higher price for more supply. Bitcoin can change the world because the world cannot change Bitcoin."

Recent developments

In April 2024, Strike expanded its operations to Europe, launching its Bitcoin-based financial app across the continent. This expansion is part of a broader effort by Strike, which now operates in over 100 countries, to provide global access to Bitcoin-based financial services. By entering the European market, Strike aims to offer users a new way to make payments and remittances using Bitcoin, continuing its push to challenge traditional financial systems.

Criticism

In 2022, Jack Mallers announced ambitious plans to enable U.S. residents to use Strike for purchasing groceries and meals at major retailers like Walmart, McDonald's, Wendy's, Whole Foods, Best Buy, and Home Depot. However, this integration never materialized, raising questions about the feasibility of some of the company’s high-profile commitments. In recent years, Mallers appears to take a more measured approach, focusing on concrete achievements such as opening a new office in El Salvador and rolling out improvements to the Strike app.

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