The Jack Mallers Show When Rocks Beat Bonds: Get Yourself Some Bitcoin
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Sep 30, 2025 Jack kicks off from a cabin, diving into the rising appeal of Bitcoin and gold as alternatives to U.S. treasuries. He analyzes weak demand for long-term bonds and the need for neutral reserve assets. Insights on Bitcoin's outperformance compared to stocks and the risk of dollar-denominated investments are shared. The discussion includes U.S. economic strategies, potential crises in South Korea, and the necessity for manufacturing re-industrialization. With practical tips on Bitcoin storage and a critique of political promises, this session highlights why real assets matter.
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Neutral Reserve Era Returns
- Jack Mallers argues we are shifting back to a neutral reserve era where assets compete to best store time and labor.
- This transition makes scarce, verifiable assets like gold and Bitcoin outperform fiat debt instruments.
Long Bonds Losing Their Appeal
- Jack highlights weak demand for long-duration sovereign bonds and shows the UK 30-year auction struggled.
- He links this drying demand to a broader rotation out of treasuries into scarce assets like gold and Bitcoin.
Stablecoins As Treasury Demand Engine
- Jack explains the U.S. may grow stablecoins to create new buyers for treasuries and support the digital asset economy.
- He argues stablecoins and Bitcoin grow together, with Bitcoin driving stablecoin expansion.