Jack Mallers Finally Speaks — His Bitcoin Target For 2026 Is Higher Than Anyone Expected

Just because Bitcoin's a globally accessible commodity and the US stock market closes and isn't available on weekends and isn't available to everyone in the world? Yeah, you can leave it as that, but you guys want a relevant real-time approach to why I think the stock market is going to bleed over time against something like Bitcoin? Because the margins of these businesses are getting murdered. They're either going to have to pass these costs on to the consumer, so all of our iPhones are going to get more expensive, all of our cars are going to get more expensive, or they're going to continue to take the hit themselves. And that's going to get crushed on their earnings, on their balance sheet, on their profit margins. As I've said, guys, when the US hyper-financializes, it makes its living identity being the world reserve currency. That requires businesses to hyper-financialize themselves. That makes you not just produce things locally in America because you're a good American. Guess what that'll get you? Your stock shorted, you fired. That's what that'll get you. People in America want your stock to go up. People in America want cheap products. So you go and you build those products in China.

It's economic law. It's the reality of the universe. There is no free lunch. For every winner, there's a loser. There are no draws. There are no ties in the universe, okay? So, we just got through most of, almost all of Q2 earnings for the capital markets. What we found out is who's really taking a beating and eating all the costs of the tariffs, okay? One, Apple. Apple said the tariffs will cost them over $1 billion in the September quarter. So that's $4 to $5 billion on an annualized basis tariffs are impacting Apple. Next, General Motors. And these are just four examples. I could have made 40 examples. Next, General Motors. We're still on track to offset at least 30% of the $4 to $5 billion for year 2025 tariff impact. So here's another business where tariffs will cost them billions of dollars. Next, from Ford. We expect tariffs to be a net headwind of about $2 billion this year. Another multi-billion dollar impact to an American business that effectively everyone consumes, is a part of, interacts with. Even if you don't use a Ford car, the guy next to you on the highway probably drives a Ford, okay? These are businesses that impact our everyday lives taking hits in billions of dollars annually. Procter & Gamble, our outlook includes $1 billion before tax in higher cost from tariffs in fiscal 26. Okay. The point of this is simple for me, guys. I continue to believe Bitcoin is going to severely outperform the stock market. We saw Trump with his executive order get Bitcoin and gold into the savings account, into the 401k's of the everyday American because bonds and stocks, the 60/40 portfolio, is dead. It's over. It's no longer performing. Yes, the stock market is performing in dollar terms, but so is my iPhone, so is coffee, so are these headphones. Everything around you is performing in dollar terms because it's a really fancy, complicated way of saying the dollar continues to go down no matter what because we have to print it. What is performing in Bitcoin terms? News flash, almost nothing. Almost nothing. So Bitcoin is going to continue to murder, crucify, outperform the stock market. And what underpins a lot of my thesis. When people say, "How do you know that? Is it just because Bitcoin's scarcity?" Yeah, you can leave it as simple as that. Is it just because Bitcoin's a globally accessible commodity and the US stock market closes and isn't available on weekends and isn't available to everyone in the world? Yeah, you can leave it as that, but you guys want a relevant real-time approach to why I think the stock market is going to bleed over time against something like Bitcoin? Because the margins of these businesses are getting murdered. They're either going to have to pass these costs on to the consumer, so all of our iPhones are going to get more expensive, all of our cars are going to get more expensive, or they're going to continue to take the hit themselves. And that's going to get crushed on their earnings, on their balance sheet, on their profit margins. As I've said, guys, when the US hyper-financializes, it makes its living identity being the world reserve currency. That requires businesses to hyper-financialize themselves. That makes you not just produce things locally in America because you're a good American. Guess what that'll get you? Your stock shorted, you fired. That's what that'll get you. People in America want your stock to go up. People in America want cheap products. So you go and you build those products in China. And news flash, everyone seems to care today, no one gave a damn where you made your products last year, five years ago, 10 years ago, 50 years ago. What they cared about? It was cheap and your stock went up because your stock is in their 401k. That's all people cared about. And if you say otherwise, you're a liar. So now that we're imposing tariffs, the question is, who's paying? These businesses are paying. That means their stock is going to pay. If you think that businesses can take billions of dollars of hit on an annual basis and their stock isn't going to underperform, you're crazy. So this again is another reason that there's going to be a rotation out of stocks through this transition. There's going to be a rotation.

Out of bonds through this transition. And capital will further find itself in the hardest thing you can own. Hard is in reference to how hard it is to produce more. Bitcoin is the hardest thing we all have access to. Not just everyone listening on this show, not just everyone in the country, not just everyone of America's allies. I mean everyone. I mean every single person with a pulse on this planet has access to Bitcoin and it happens to be the hardest thing they can own. Next. Chapter, what is this? Four? Let's check in on China, okay? At the end of the day, guys, all that matters is the US versus China. You think otherwise, you're lying. All that matters is China. It is our core trading partner and not only ours, the whole world's. They are the world's factory. They operate with the biggest trade surplus by far. Sure, tariffs here and there. They're not nothing. We just went over earnings for some of the most relevant American companies in the world, right? Okay? But China is the most important. So let's check in on China. China's trade surplus hits a record 1.2 trillion dollars despite US tariffs, outpaces historic German Japanese highs. Okay. Why am I bringing this up? Why is this relevant? Because I'm not going to say we're lied to as individuals by the American media. But we are spoken to with an extreme bias. What have we heard as Americans over and over and over again? Well, America is the consumption capital of the world. Nobody can live and survive without us. If we tariff you and you don't like it, who are you going to sell your products you're producing to? Nobody. It'll self-destruct your country. You have to work with us. We have all the leverage because we have all the capital. We have all the rich people. We have all the CEOs and the business owners that are ordering and consuming all your... China just hit an all-time high. So clearly these trade wars that were like, "Haha, got you, China." Well, no, we didn't. And I've been saying it on this show over and over and over. For everyone that thinks we got China where we want them, no, we don't. No, we don't. And why that's relevant to you guys, the United States, you guys have not seen yet. The United States is going to continue to go to extreme orders and lengths to get the future of the world that they feel like they need. That's going to require a tremendous amount of money printing. Remember when we were told, "Oh, yeah, Elon Musk, he's going to go check the books, do an audit or two, and we're going to impose tariffs." And that's why you voted for Trump. Newsflash, tariffs don't solve jack. Clearly, China doesn't give a damn about our tariffs. And Elon Musk, I don't even think he wants to talk to Trump ever again. That didn't work either, now did it? We are just getting started. Let's dig in. China came ready for this trade fight and the US has a lot to learn. This is from Bloomberg. Bloomberg. And the funny thing is, guys, we've been talking about in this show week after week after week after week. And slowly but surely, our worldview and the truth that I try and bring to this show, no ads on this show. I'm not going to sell you a gym membership. I'm not going to sell you a protein bar. I'm not going to sell you a hardware wallet. This is about truth-seeking, honest, transparent conversation for the people. That's why this show exists. We are being proven right, guys. In this Bloomberg article, I wanted to read you this part. China's exports to the United States equal about 3% of gross domestic product, which is down from a peak of 7% 20 years ago. After a campaign to diversify away from American consumers that's been every bit as deliberate as US efforts to reduce reliance on Chinese supply chains. That means even if half of China's exports to the US get wiped out, the blow to the overall economy is just 1 and a half percent. This is from Bloomberg. So it's almost as if Bloomberg watches the Jack Mallers show. We've been saying this over and over. For all the media that's like, "Well, no, we got China where we want them because if we stop buying their stuff, they're going to go bankrupt." How about no? And listen, I'm American. I'm not broadcasting out of El Salvador. I'm not broadcasting out of another country. I'm here. I'm here to fight. Okay? I'm here. We're going to build this country better with open-source software, with harder money, with freedom properties. We're going to do it. But you got to face the truth. You got to look in the mirror and admit what you see. The truth is China's been preparing for this for 20 years. We're a tiny fraction of their global exports. They have leverage to negotiate with us. That's just a fact. That's just a fact. Next. The Fed under attack. Okay, let's check in on Trump emotionally abusing our boy Jerome. And I'm actually in Jackson Hole, Wyoming right now. Jerome will be here this week. Can you guys imagine if we shared an elevator ride?

I actually think I'm attending what he's attending. I mean, I don't care enough about Jerome Powell. I mean, he can't do for me. I don't own any of the dollars he prints. I own Bitcoin only. But man, if we shared like a ski lift ride out here in Jackson Hole, Wyoming, that'd be the funniest thing ever. Okay. We got this from Trump. I mean, at this point these come out every day. "Jerome too late Powell must now lower the rate." I found this interesting because you've seen Trump's language progressively go from, "I think he should lower the rate. Look at everyone else's rate. It might be a good idea. This is how much it's costing him if he doesn't lower the rate." But now it's just pretty explicit. He must now lower the rate. I mean, that's how a parent talks to their child. You must now clean your room. So the explicit language here is pretty apparent. "Jerome too late Powell must now lower the rate. Steve Mnuchin really gave me a beauty when he pushed this loser." The damage he has done by always being too late.