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Jack Mallers, CEO of Zap Solutions, has developed a new service to streamline the investment process for Bitcoin HODLers. Strike users of his custodial wallet can now opt to convert some or all of their future income into Bitcoin. Mallers explained how this feature works, as well as what makes it so important to society.
Mallers: “Pay Me in Bitcoin” is For Savers
Jack Mallers announced Strike’s new feature in a blog post earlier today. As the post reads, users can seamlessly transform automatic fiat payments from their bank accounts into Bitcoin, with no fees. This gives them a convenient way to save their money and grow their wealth in Bitcoin, booming this month.
Before elaborating on the new feature, Maller’s post explains the difficulty of saving money today due to rampant inflation. Inflation in the United States was reportedly 5.4% per year on October 12th. This means that the average savings account is now yielding 0.06% interest. Therefore, even money in most savings accounts is operating at a net loss year over year.
The prospects look especially bad when examining asset inflation. The developer claims that US home prices got 24% more expensive last year, and gasoline was 42.1% more expensive.
In response, Mallers proposes saving in Bitcoin as an alternative to saving in fiat money. Due to its programmable scarcity, Bitcoin is immune to the inflation created through monetary policy. In fact, institutional investors are starting to prefer it as an inflation hedge over gold.
While cautioning against going “all in on Bitcoin,” Mallers nevertheless refers to it as the “best money of all time.”
How Does The Feature Work?
Within the Strike wallet, users can access a “direct deposit” option in their profile menu. From there, they can configure what portion of their incoming paychecks they’d like to receive in Bitcoin. After entering their bank name and account number, all future deposits convert to Bitcoin-based with Strike, depending on their configurations.
Strike’s new feature is quite similar to one launched by Coinbase last month. Their feature lets users automatically send any preferred portion of their paycheck to the exchange. They may even convert it into one of the multiple cryptocurrencies, including Bitcoin, Ether, or USDC.
Maller’s Strike wallet is currently available in the United States and El Salvador exclusively. Like El Salvador’s state-sponsored wallet Chivo, Strike is a custodial wallet with features offering easy conversions from fiat to Bitcoin. These include the new paycheck feature, alongside the ability to send and receive remittances across borders at almost no cost.