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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