Video News/In Focus with Jeremy Szafron

Jack Mallers says Bitcoin has triggered a “smoke alarm” for the global economy as the price trades near $90,000. Speaking with Kitco News Anchor Jeremy Szafron, the Strike and Twenty One Capital CEO said “over 50 percent of Bitcoin holders are now underwater,” calling the drawdown a necessary flush before the next move higher. Mallers also argues the “liquidity cycle bottoms on December 1st” when Quantitative Tightening officially ends, marking what he sees as the turning point for risk assets and Bitcoin’s next major leg. Mallers also weighed in on what he calls the “Treasury Wars,” sharply criticizing Strategy Inc.’s preferred stock model as “dubious” and “a really expensive bill to pay.” He contrasted that with Twenty One Capital’s plan to build a treasury based on cash flow instead of perpetual debt. The conversation covers institutional positioning, ETF flows, financing models, and how Bitcoin fits into a shifting global financial system.