Bitcoin Will Soon Crush $1,000,000 Per BTC Amid Global Economic Crash, Former Coinbase CEO Says
Former Coinbase CTO Balaji Srinivasan describes a seriously bold Bitcoin (BTC) price prediction.
In a series of tweets, Srinivasan says he’s willing to bet on BTC exploding to a staggering $1 million in just 90 days from now.
The bet would be featuring professional poker player Isaac Haxton, with a portion of the proceeds going to the charity GiveDirectly.
The investment guru tells his 780,400 Twitter followers that he believes banks are in serious trouble after investing heavily in long-dated US Treasuries, and Bitcoin’s rise will coincide with a major financial crash.
According to Srinivasan, banks splurged on government bonds two years ago when fiscal stimulus at the height of the Covid-19 pandemic drastically reduced demand for typical loans. The investor too says that financial institutions made the decision to accumulate a huge amount of government bonds under the impression that the Federal Reserve would keep interest rates low.
“They had good reason to believe this. Powell said he would be “patient” with rate hikes as late as November 3, 2021. Then he was renominated on November 22, 2021, and raised rates much faster than anyone had expected — something more and with Yellen and the FDIC [Federal Deposit Insurance Corporation] admitting caused the current banking crisis… Going from ten years of near-zero interest rates in the 2010s was a surprise attack on every dollar holder… So everyone who bet on long-term Treasuries was killed in 2021. And now, everyone who bet on short- Treasuries are going to be killed in 2023.”
Srinivasan says that the threat of a banking sector meltdown puts Bitcoin in a position to quickly rise in value against the US dollar. The angel investor believes that BTC could theoretically rise to $1 million in just 90 days.
“This is the moment the world is redomining Bitcoin as digital gold, going back to a model much like before the 20th century. What’s going to happen is that individuals, then companies, then large funds will buy Bitcoin. Then sovereigns like El Salvador and tiny crypto-friendly countries.
The big move will be when an American state like Florida or Texas, or a “normal” country like Estonia, Singapore, Saudi, Hungary or the UAE buys BItcoin. And when [Prime Minister Narendra Modi] asks India’s central bank to buy Bitcoin, even as a hedge, it’s over.”
According to the angel investor, everything will happen “very quickly” as we now live in a digital world.
At the time of writing, Bitcoin is trading at $27,538.
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