Jack Mallers: Bitcoin Combines the Attributes of Currency Asset and Currency Network
Twenty One Capital CEO Jack Mallers stated that Bitcoin's uniqueness lies in its dual nature as both a currency asset and a currency network.
He pointed out that Bitcoin payments aim to break the monopoly of credit card networks and centralized entities on settlements; the long-term vision is to escape the "abusive relationship" with businesses through the Bitcoin network, breaking the duopoly in payments and promoting competition and innovation at the core of value exchange.
In terms of market mechanisms, payment settlement funds are accelerating their shift from centralized networks like Visa and Mastercard to Bitcoin Layer 2 and Lightning solutions, benefiting Bitcoin-native payment companies and treasuries, while traditional card networks face pressure under the trend of Bitcoin's disintermediation, with capital concentrating on open, programmable value exchange infrastructure.
Source: Public Information
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Jack Mallers, as the founder of Strike, has long positioned Bitcoin as "spendable currency". This statement continues his critique of the existing payment system, emphasizing that the Bitcoin network can achieve global low-cost instant settlements, directly challenging traditional card networks' control over merchant rates and cross-border friction.
In terms of capital pathways, Strike and Twenty One Capital are focusing resources on Lightning Network infrastructure and Bitcoin payment products, shifting funds from traditional financial intermediaries to Bitcoin-native settlement protocols. The strategy aims to lower the cost of value exchange through open competition, providing alternatives for SMEs, emerging markets, and individuals to bypass the duopoly, while expanding the actual economic use of Bitcoin rather than mere hoarding.
Similar cases include early PayPal breaking bank transfer barriers and the current implementation of Lightning in cross-border remittances in El Salvador and Africa; Bitcoin payments are currently in a critical expansion phase transitioning from a speculative tool to a mainstream value exchange network.
Essentially, this represents a restructuring of the industry chain: centralized payment oligopolies are being replaced by Bitcoin's open network, with the mechanism being Bitcoin's global availability as a trustless, programmable settlement layer breaking geographical and access limitations, leading to a concentration of pricing power from card networks controlled by companies like Visa/Mastercard to Bitcoin protocol developers, node operators, and innovative applications built on it, while accelerating the reconstruction of global currency flow from corporate monopoly to open competition.