Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Balaji Srinivasan Says Hyperinflation Is Happening Now – Make Million Bets on Bitcoin Price Exceeding $1 Million in 90 Days – Finance Bitcoin News
Venture capitalist and angel investor Balaji Srinivasan says hyperinflation is happening now. He expects the price of bitcoin to reach $1 million soon, betting that it will happen in 90 days. Srinivasan also advised investors to buy bitcoin, which he believes is “a hedge against hyperinflation, monetary deterioration, bank freezes and asset seizures.”
Balaji Srinivasan: Hyperinflation is here
Venture capitalist Balaji Srinivasan believes that hyperinflation is happening now. Srinivasan is an angel investor, technology entrepreneur and a Wall Street Journal best-selling author. He previously served as CTO of the crypto exchange Coinbase and was a general partner at the venture capital firm Andreessen Horowitz (A16z).
Commenting on a tweet made by former Twitter CEO Jack Dorsey in October 2021 that hyperinflation will happen “soon” and will “change everything,” Srinivasan tweeted Friday, “Jack is right.” He emphasized:
Hyperinflation is happening – now.
The angel investor was referring to recent government and Federal Reserve bailouts of Silicon Valley Bank and Signature Bank. The Treasury Department said last Sunday that it will make available up to $25 billion as a backstop for its new Bank Term Funding Program (BTFP). He further pointed out that Federal Reserve Bank of Minneapolis President Neel Kashkari previously said, “There is a infinite amount of cash at the Federal Reserve.”
Srinivasan explained last December that bitcoin is “a hedge against hyperinflation, monetary deterioration, bank freezes and asset seizures.” He added: “It has already proven itself in that role, in places like Venezuela, Lebanon, Nigeria.” By comparison, he explained that the largest cryptocurrency “may eventually have a gold-like role” as a hedge against “standard” inflation, but emphasized that it “will take decades to show.”
Believing that hyperinflation is already here, Srinivasan also urged investors to buy BTC in his tweet on Friday. The venture capitalist wrote:
Buy bitcoin and get your coins from exchanges.
$1M Bitcoin Stakes
In addition, Srinivasan took a bet initiated by James Medlock, who announced on Twitter Thursday: “I’ll bet anyone $1 million that the US doesn’t go into hyperinflation.” The former Coinbase CTO responded:
I’ll take that bet. You buy 1 BTC. I am sending $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days. All we need is a mutually agreed custodian that will still be there to settle this in the event of digital dollar devaluation.
In a follow-up tweet, Srinivasan said: “I’m moving $2M to USDC for the effort. I will do it with Medlock and one other person, enough to prove the point… Everyone else should just buy bitcoin as it will be much cheaper for you than locking one up for 90 days.
Several people have offered to help Medlock put up 1 bitcoin for the effort. Medlock then tweeted: “Balaji ready to do this?”
“Yes. Just move money for the stake. We can do it via smart contract, but for convenience, old fashioned escrow can work,” Srinivasan replied. “The escrow person will need one BTC address and one ETH address (for USDC) . The assets would be chained for 90 days.” He explained:
If BTC BTC and $1M USDC. If BTC > $1M USD within 90 days of deposit, I win and get both 1 BTC and (now worthless) $1M USDC.
Medlock replied, “Sir, I think we have an agreement.” CEO of crypto exchange Binance Changpeng Zhao (CZ) joined the conversation, offering to be barred from the effort. At the time of writing, BTC is trading at $27,208.
Do you agree with Balaji Srinivasan that hyperinflation is happening now? And do you think bitcoin’s price will exceed 1 million dollars in 90 days? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
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