Strike CEO Jack Mallers on bringing bitcoin to El Salvador

first of all though a swage a concern i've got about this el salvador stuff just at the end of last week el salvador pulled out of an anti-corruption accord with the organization of american states and the u.s is concerned that this is going to be a problem for efforts to root out graft there is there any way that corrupt politicians others in el salvador could get in between these transactions converting bitcoin into dollars or other currencies and and cause a graft or corruption problem related to crypto down the road uh listen uh bitcoin holds properties that are very important it's censorship resistant and it's an open monetary network uh and so there are no intermediaries and el salvador embraces that they will be coming out with a government wallet that is supportive and is encouraged to be used but not required and anyone that is interoperable with the open monetary network can use it and so to answer your question no and my focus is embracing the properties that is bitcoin and what makes it the most powerful monetary network on the planet in helping el salvador build the most inclusive financial infrastructure any country has ever seen in human history and so that your understanding of this government wallet is that the forces in the government won't be able to reach into it and take things out in a way that's not traceable no listen uh if you custody assets with any custodian um you are the beholden of of that custodian whether that's coinbase whether that's a government whether that's chase bank whether that's fidelity um the power of bitcoin is you can custody your own assets and you can remain interoperable with the network yourself if you want and el salvador embraces that of course the government needs to be interoperable with the monetary network that they're supportive of and we're going to help them with that um but anyone can do whatever they want and that's a huge property and power of bitcoin and why this is such a huge moment for humanity okay okay now now jack uh let's talk about strike for a moment you operate on the lightning network you were uh part of what allowed the nfl's russell oh cong to take his salary in bitcoin why is this an important moment and where do you hope this goes next yeah so at strike we think that the bitcoin network and bitcoin asset it's the most powerful monetary network of all time and the most impressive asset in human history uh and so we as a company have a mission to secure financial freedom for all and we do that by making this monetary network uh easily accessible and usable to everyone on the planet uh and so that's our mission and whether you're an nfl player whether you're a rap artist whether you're a barista whether you sell papooses whether you're the president of a country uh i am here i will die on this hill and i'm very supportive of what bitcoin stands for and moving forward hey jack you know people who are watching the evolution of bitcoin or crypto in general as a payment mechanism ask okay how are you going to order a pizza when you don't know whether or not the uh the payment is going to have a drop of 30 in value before the pizza gets to your door is is el salvador going to explain is going to be a decent case study to explain how that gets smoothed out yeah so here's the deal uh it's not mandated that you hold bitcoin um there's subject there's security concerns there's how you're gonna custody it there's exposure to volatility as it's traded in a free market environment what the government is encouraging is interoperability with the open monetary network and so what we've done at strike and this is a product that exists today and it's widely used and very popular is we allow dollars like a traditional us bank account to be interoperable with this open monitoring network and so you can send and make bitcoin payments with dollars and receive bitcoin payments as dollars and so you're not exposed to tax consequences volatility security risks you don't have to be a cryptographer to do that i do that for you um and so the government is going to take advantage of this infrastructure we've built and all of those problems are solved you

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