‘Buy Now’ – $2 Trillion Fed Bazooka Triggers Shock Hyperinflation Warning Amid Bitcoin, Ethereum and Crypto Price Surge
BitcoinBTC, ethereum and other major cryptocurrencies have rallied this week amid a banking crisis that could be about to cause a massive earthquake from the Federal Reserve.
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The Bitcoin price has topped $27,000 per bitcoin, up over 30% since this time last week, reaching a level it hasn’t seen since last June. The Bitcoin boom has also sent the price of ethereum and other major cryptocurrencies skyrocketing.
Now, after JPMorgan analysts said the Fed’s new bank backstop program could inject up to $2 trillion into the financial system, tech investor and former CoinbaseCOIN tech officer Balaji Srinivasan has warned that the latest banking crisis could trigger hyperinflation in the U.S. — and advised people to “buy bitcoin now and get your coins from exchanges.”
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“The central bank, the banks and the banking regulators have bankrupted us all,” Srinivasan, who has been credited with calling the severity of the Covid-19 pandemic before healthcare, posted to Twitter.
“They hid their insolvency from you, the depositors. And they are about to print $2 trillion to hyperinflate the dollar. In the digital age, this will happen very quickly. So buy bitcoin now and get your coins off the exchanges.”
Last week, Silicon Valley Bank (SVBVB), a regional bank that specialized in lending to startups and technology companies, was shut down after panic among depositors that it was insolvent. Signature Bank was also shut down by regulators, a move that may have been due to concerns over its anti-money laundering controls.
The collapse of SVB was the biggest US bank failure since the 2008 financial crisis, sending shockwaves through the financial system as customers tried to withdraw money and authorities tried to restore confidence.
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“The whole banking system is lying to you about solvency,” Srinivasan said. “They’re trying to make sure you don’t go out to bitcoin before they print the money.”
Srinivasan added that the “speed of hyperinflation” could catch “people off guard.”
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