Jack Mallers says BTC will succeed as money, not speculation

Strike founder and Twenty One Capital CEO Jack Mallers said Bitcoin will succeed not by attracting speculative capital, but by replacing savings and becoming money, arguing it would remain resilient even if speculative demand and mining power fade. Mallers made the remarks on X in response to former Facebook executive Chamath Palihapitiya, who described BTC weakness as a structural issue, saying liquidity is moving to prediction markets and equities and that mining power could earn 10 to 20 times more if redirected to AI. Mallers said new money flowing into prediction markets, meme coins and AI was never sustainable demand for BTC in the first place. Reproducing his verbatim English phrasing, he said, "BTC is not successful because it attracts speculative capital. It succeeds by replacing savings and becoming money." Mallers added that Bitcoin creator Satoshi Nakamoto designed the protocol to adapt automatically even if power conditions change, with difficulty adjusting when the hash rate shifts so BTC continues producing blocks. He added, "We need BTC much more than BTC needs us," and said BTC will keep producing blocks long after speculative manias and tech bubbles fade.