The Dropout Who Dared: How Strike is Rewiring Global Money

Jack Mallers, a young entrepreneur with a vision for Bitcoin’s potential, has become a key figure in the cryptocurrency’s global adoption. From his early exposure to Bitcoin to his pivotal role in El Salvador’s adoption of the digital currency, Mallers’ journey showcases the power of determination and innovation.

• Jack Mallers introduced to Bitcoin by his father, sparking his lifelong passion.
• Early ventures like Zero House Bets to the creation of Zap and Strike.
• Played a key role in El Salvador’s adoption of Bitcoin as legal tender.
• Challenges faced in El Salvador and with the Lightning Network.

It all began when Jack Mallers, barely out of high school, was introduced to Bitcoin by his father, William Mallers Jr., a former Chicago Board of Trade chair. This early exposure ignited a passion that led Mallers to experiment with various ventures, including an app called Zero House Bets aimed at disrupting the gambling industry. Although these initial efforts faced setbacks, they paved the way for his future successes.

Mallers’ breakthrough came with Zap, a Lightning Network (a technology that speeds up Bitcoin transactions) app he built from his bedroom. Zap was among the first 100 nodes on the Lightning Network, a layer-2 solution (a secondary framework that operates on top of a blockchain to improve its efficiency) designed to enhance Bitcoin’s scalability. This innovative project caught the attention of the Bitcoin community, setting the stage for his next venture, Strike.

Launched in 2019, Strike raised $3 million and aimed to challenge traditional payment giants like Venmo and Visa. The platform’s mission to revolutionize global money transfers using Bitcoin and the Lightning Network resonated with many, including NFL star Russell Okung, who became the first NFL player to get paid in Bitcoin using Strike in 2020.

Mallers’ most significant contribution came in 2021 when he played a pivotal role in El Salvador’s historic decision to adopt Bitcoin as legal tender. Announced at the Bitcoin conference in Miami, this move made El Salvador the first country to recognize Bitcoin as an official currency. Despite the excitement, El Salvador’s experiment faced practical hurdles such as low public adoption and trust issues. In January 2025, the country abolished Bitcoin’s legal tender status due to conditions imposed by the IMF. However, El Salvador remains committed to Bitcoin, evidenced by ongoing purchases and hosting crypto events like the PLANB Forum 2025.

Strike’s growth has been remarkable, with over two million app downloads. The platform’s ability to eliminate remittance fees and expand financial access is especially valuable in regions with limited traditional banking. Yet, the Lightning Network, while revolutionary, isn’t without its complexities. Challenges such as potential centralization risks and the need for continuous internet connectivity remain crucial to address for widespread adoption.

Jack Mallers’ unwavering belief in Bitcoin’s potential is evident in his own words:

Bitcoin will succeed because I won’t let it die. The developers, unbanked, hodlers, and millennials won’t let it die.

His conviction that “What’s really going parabolic is the number of people willing to fight for Bitcoin and all it stands for. Price has no choice but to follow,” reflects a deep understanding of the cryptocurrency’s transformative power.

Mallers’ journey is a testament to the power of perseverance and innovation in the wild west of digital currency. While Bitcoin and technologies like the Lightning Network offer immense potential, they also come with their own set of challenges. It’s this balance of optimism and realism that drives the future of money forward.

Key Takeaways and Questions

• Who is Jack Mallers and what is his contribution to the Bitcoin ecosystem?

  Jack Mallers is an entrepreneur who founded Strike and Zap, significantly contributing to the adoption of the Lightning Network and helping El Salvador adopt Bitcoin as legal tender. Learn more about his contributions on his wiki page.

• What was the significance of El Salvador adopting Bitcoin as legal tender?

  El Salvador’s adoption of Bitcoin as legal tender marked the first instance of a country recognizing Bitcoin as an official currency, potentially setting a precedent for other nations and highlighting Bitcoin’s potential as a global financial tool. Explore the progress and challenges of this adoption in 2023.

• How did the Lightning Network play a role in Jack Mallers’ ventures?

  The Lightning Network was central to Mallers’ ventures, particularly with Zap and Strike, as it enabled faster and cheaper Bitcoin transactions, crucial for his vision of disrupting traditional payment systems. Understand more about this technology’s impact on transaction speed and cost.

• What challenges did Jack Mallers face in his early entrepreneurial efforts?

  Mallers faced initial failures with ventures like ChessExplained and Zero House Bets, but these experiences helped him refine his focus on Bitcoin and eventually succeed with Strike. Discover user experiences with the Strike app on Reddit.

• What is the current state of Bitcoin adoption in El Salvador?

  El Salvador continues to accumulate Bitcoin, with over 6,100 BTC in its reserves, reflecting ongoing national support and investment in the cryptocurrency, despite the abolition of its legal tender status. Discuss the challenges of Bitcoin adoption in El Salvador on Quora.