Jack Mallers Reveals Why 50% of Bitcoin Holders Are Underwater Ahead of Dec 1st

Bitcoin has triggered a "smoke alarm" for the global economy. With the price hovering around $90k, Jack Mallers (CEO, Strike & 21 Capital) joins Jeremy Szafron to explain why "over 50% of Bitcoin holders are now underwater" and argues this is a necessary market flush before the next leg up.

In this exclusive interview, Mallers predicts the "liquidity cycle bottoms on December 1st" when Quantitative Tightening (QT) officially ends. He also opens up about the "Treasury Wars," offering a sharp critique of Strategy Inc.’s (formerly MicroStrategy) preferred stock model - calling it "dubious" and "a really expensive bill to pay" - and explains how Twenty One Capital is building a treasury based on cash flow rather than perpetual debt.

Recorded on November 18, 2025

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Chapters:
00:00 Introduction and Market Overview
00:48 Interview with Jack Mallers: Market Volatility
01:34 Liquidity and Market Dynamics
04:24 Bitcoin's Role and Future Expectations
05:54 ETF Impact and Market Reactions
17:58 Treasury Models and Financial Engineering
18:26 21 Capital's Approach and Market Philosophy
21:40 Ambitions of a Treasury Company
22:19 Bitcoin Holdings and Strategy
23:13 Leveraging and Financing Plans
25:55 Tether's Gold Royalty Push
26:35 Tether's Vision and Strategy
34:56 Bitcoin's Role in the Financial System
37:38 Market Dynamics and Institutional Involvement
41:04 Bitcoin-Backed Lending and Future Prospects

#Bitcoin #JackMallers #Liquidity #Fed #MicroStrategy #CryptoNews #Economy #KitcoNews #BuyTheDip
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