At the Bitcoin 2026 Conference, Twenty One Capital CEO Jack Mallers delivered a strong critique of the traditional payment system, arguing that Bitcoin adoption is primarily a consumer behavior issue rather than a technological one. He stated that card networks like Visa and Mastercard have created a system that burdens merchants while luring customers with rewards such as cashback and airline miles.
Mallers highlighted that merchants lose 3% to 5% of every sale to processing fees, which are then recycled to consumers as perks. "They are holding merchants hostage and abusing customers," he said, describing the current structure as rigged against businesses. According to Mallers, Bitcoin offers a solution by enabling fast, low-cost global payments, unlike gold, which stores value but is difficult to transfer.
He also explained why people are reluctant to spend Bitcoin: they tend to spend dollars, which lose value due to inflation, while holding Bitcoin, which gains value due to its fixed supply of 21 million coins. Twenty One Capital, which holds 43,514 Bitcoin worth approximately $3.3 billion, positions Mallers as the second-largest public crypto holder. He aims to break what he calls the "chokehold" of centralized institutions on the payment system, making BTC a viable option for everyday transactions.
