Bitcoin (BTC) Bull Balaji Srinivasan Says Money Printing Will Explode on ‘Historic Scale’ Amid Fiat Currency Crisis
Former CTO of Coinbase, Balaji Srinivasan, believes that the government will once again turn on the money printers and devalue the US dollar like never before.
Srinivasan says his 895,200 Twitter followers that the US is in the midst of a “fiat crisis” as well as a financial crisis.
“Everything is broken. Banks, commercial real estate, blue states. Hear rumblings about insurance too. Printing will be on a historic scale. So will the desire to leave printing.”
Looking more closely at the state of the insurance industry, the Bitcoin (BTC) bull says that insurance companies, like banks, hold government bonds that have been devalued amid the string of rate hikes issued by the Federal Reserve over the past year.
“When it comes to insurance…you know all the ‘safe’ assets that insurance companies have to pay you back? A lot of that is also in Fed-devalued bonds.
Remember that insurance companies have “safe” assets such as bonds and mortgages. And how are these safe assets doing? In a time of unprecedented, surprising interest rate increases? Not so good, Bob.”
Looking at the former Coinbase executive’s chart, bonds appear to make up over 70% of US insurers’ portfolios in 2019.
Srinivasan says that the takeaway from the crises will be not to trust the state.
– This is not just a financial crisis. It is a fiat crisis. All bills are due. Only a few pieces have come to the public. But it will be obvious in retrospect: don’t trust the state.”
The angel investor started catching the attention of crypto traders last month after making a seriously bold Bitcoin forecast. Srinivasan said that Bitcoin looks set to explode in less than 90 days from now to $1 million amid the collapse of the banking sector.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
