Former Coinbase CTO Doubles Down on Massive Bitcoin Price Prediction, Compares US Dollar to Collapsed WWI Currency
Former Coinbase CEO Balaji Srinivasan makes a seriously bold Bitcoin (BTC) prediction based on his belief that the US dollar may follow in the footsteps of a fiat currency that collapsed about a hundred years ago.
Last week, Srinivasan caught the attention of crypto traders after placing a million dollar bet that Bitcoin will skyrocket to $1 million in just 90 days.
Now the former Coinbase CEO is doubling down on his extremely bullish Bitcoin stance as he tells his 847,700 Twitter followers that the US dollar may soon mirror the state of the Weimar fields after Germany’s defeat in World War I.
“Imagine this graph, but in fast forward. That’s what happens when people get out of a failing fiat currency and into gold. In this case, they are exiting the dollar and entering digital gold. The bet is not a way to make money. There is one way to alert innocent dollar holders: go to Bitcoin.”
In 1923, the Weimar marks collapsed due to a period of hyperinflation that saw their value plummet against the US dollar. During that time, one dollar was equal to one trillion marks.
Srinivasan is too blame Federal Reserve for the current banking crisis that led to the collapse of Silicon Valley Bank (SVB), Signature Bank and Silvergate. According to the angel investor, the Fed sold US Treasuries to banks and then raised interest rates at a historic pace, a move that negatively affected the value of the bonds.
“Many tried to pin SVB on technical scapegoats. As if the corporate checking account bankrupted a $200 billion bank. The Fed, of course, was the culprit. Sell bonds to everyone, immediately devalue them, cover the subsequent insolvency and disclaim liability.”
According to Srinivasan, the world will witness massive changes this year catalyzed by the devaluation of the dollar.
“This year could be one for the books…
The devaluation of the dollar.
The rise of Bitcoin.
The global turn to the East.
Even for someone who thought about these trends, the pace of change will feel shockingly, disorientingly fast. It reminds me a bit of the early 20th century. In 1910 you still had nine royal meetings. The old world of princes was still around and seemingly immortal. But beneath the surface, technology had changed everything. And the 20th century came into being a few years later.”
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