“The company that I co-founded and wanted to build and the company Twenty One was becoming were no longer the same.”

Jack Mallers is back on the show for his first interview since stepping down as CEO of Twenty One Capital.

Jack explains why he walked away from the Bitcoin treasury company he built with Tether and took public on the New York Stock Exchange. We discuss where his vision began to diverge from the board’s, why merging Strike into Twenty One was never part of the original plan, and the expectations he regrets setting.

We also get into the AI capex bubble and why he thinks it will end in money printing, whether the Magnificent Seven are becoming too big to fail, why gold ran while Bitcoin didn’t, whether China is quietly mining Bitcoin, and why Jack believes Bitcoin’s next bull market will finally be a real one.

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