The Bitcoin Bear Market Is a Survival Test | Matt Odell

**Matt Odell** (0:02)
I think just keep it simple, life is short, the grind is long, sustainable stack sets, work hard, save on Bitcoin. Bitcoin is the best money that's ever existed.
You can hold your wealth, you can spend it all without permission, without counterparty risk. It is absolutely beautiful. There is no second best. I think the debanking and the rugs will continue until self custody improves. I guess just if there's no need, then people find complacency. So what I would say to people is remain focused, like the fundamentals have not changed. We need Bitcoin more than ever.
From a risk reward basis, I have never been more bullish on Bitcoin. I think it's the best money in the world that remains so. And just eyes on the prize, right? Like I think this is where, this is, you know, where the men get separated from the boys.

**Danny Knowles** (1:00)
We've got breaking news as we start recording. Jack Mallers, he stepped down.

**Matt Odell** (1:08)
You think I'm close enough to this mic?

**Danny Knowles** (1:10)
Yeah, you're fine. I didn't see it come in.

**Matt Odell** (1:14)
Yeah, what's your opinion as a external bystander? You literally found out an hour ago.

**Danny Knowles** (1:22)
My opinion is, as a friend of Jack's, I'm kind of pumped because like the thing that has been frustrating from a very selfish perspective in Bitcoin is everyone working for public companies means that they're very conscious of what they say. They can't say a lot of things. They have to sort of pull punches. And I'm excited to have unshackled Jack back. That's like my initial.

**Matt Odell** (1:43)
It was funny because yesterday you literally said to me, the weird part about all these Bitcoin public companies is everyone has all these secrets that they can't share. And when you said that, I was like, I have a secret I can't share. Look I am incredibly close friends with Jack. I've known him for years now. Our families know each other. He launched Strike on my podcast in Marty's studio apartment. 1031 is the largest investor in Strike. But we were never investors in XXI. We were never directly involved in XXI. Obviously, Jack is one of my confidants and I am one of his. So I've provided him plenty of personal advice.
But on a fiduciary duty point of view, for me, it's always been to Strike shareholders and then as a friend to Jack, as just unbiased advice. And I think it's important for him to own his mistakes, take personal responsibility, improve, push forward. I think this is fantastic for Strike. I think it's good for Strike shareholders. I think it's good for Strike users. I think it's good for the Bitcoin industry.
And I'm pretty excited for what comes next. I think it's hard to...
I think it's hard to appreciate being in that situation, unless you were in that situation. Yeah. But now, you know, he controls his destiny. He completely controls his destiny. And that's to me when Jack always ships the best.

**Danny Knowles** (3:24)
100%. But it is interesting. I obviously don't know why it happened. I've heard his little thing he did on Twitter say, like explaining what had gone on. It sounds like basically him and the board maybe had a different opinion of where the company should go.
I'm just glad to see him not in the seat of another Bitcoin business. Like, strike is his thing. Like, it always has been. I think focusing on that solely will be better for him. I hope it's not hit his ego too hard.

**Matt Odell** (3:50)
No, I think it has. I think he's definitely been significantly humbled. I think it's weird to talk about a friend publicly without them here. But I also, you know, he's a key part of the Bitcoin industry, and strike is a key part of the Bitcoin industry. So it's definitely relevant regardless. And I was definitely going to have to comment on it on rabbit hole recap anyway.
Look, I think XXi is an interesting one, right?
Because it was a company that was manufactured from scratch to do something and never actually did those things. Yeah. And the only way it would really work, in my opinion, as you said, is for him not to have two seats and for there to be effectively a strike acquisition or merger into XXI.

**Danny Knowles** (4:41)
Yeah.

**Matt Odell** (4:42)
So I think people can read between the lines, but ultimately, that didn't make sense for the parties involved. You know, deals are hard to make, and terms couldn't really come to...
We couldn't... There couldn't be a deal that everyone was happy with. And so what's the best point of that? What's the best decision at that point? I think it's to own your mistakes and move on.