Strike founder Jack Mallers: Bitcoin is reflecting the global liquidity crisis

Strike founder and Twenty One Capital CEO Jack Mallers stated that Bitcoin's drop below $63,000 is not merely an emotional issue, but reflects the reality of insufficient liquidity in the global financial system. Mallers believes that current consumer confidence in the United States is at a historical low, while the S&P 500 is at a historical high, indicating that traditional stock market signals have been distorted by policy intervention. In contrast, Bitcoin, as a 24/7 traded asset, is a closer reflection of global liquidity and market pressures.

He emphasized that during periods of tight liquidity, investors often "sell what they can sell, rather than what they want to sell," so the decline in Bitcoin may not represent a collapse of long-term faith, but rather a passive sale under financial pressure. Additionally, Mallers questioned the permanent preferred stock financing structure of Strategy, believing that it could put the company in a capital structure dilemma where it must make trade-offs between different stakeholders when it needs liquidity in the future.