Impending 3,300% Bitcoin Explosion Possible Amid Rush To Grab BTC Parachute, Says Balaji Srinivasan
Former Coinbase CTO Balaji Srinivasan is doubling down on his prediction that Bitcoin (BTC) will explode over 3,300% from current levels in less than 90 days.
Srinivasan says in an ARK Invest interview that problems in the US banking system would cause people to flee to Bitcoin.
According to the angel investor, his seriously bold prediction that BTC will reach $1 million in less than three months from now is likely due to the speed of digital bank runs.
“I think we will see an exit from the US banking system towards Bitcoin in the next weeks and months and maybe years to come.
The exact 90 day timeline? You know, I don’t think it’s impossible for it to happen given how fast digital bank runs are happening, but directionally it’s a lot easier. Timing is hard, preparation is easy.”
Srinivasan says the Federal Reserve has caused instability that could lead many people to seek refuge in Bitcoin.
“Bitcoin is actually free markets. And now we have the true choice, which is between USD [US dollar] and BTC where people again vote against central planning of a completely different kind. And that’s actually the macro frame I have on this — that the level of instability the Fed has caused, they’re now in the state of an airplane [experiencing turbulence].
Can I predict every crazy swing they’re going to make? I can not. And ultimately, predicting much of the macro economy.
Do I know there’s going to be passengers who press the release button and like this pilot doesn’t know what they’re doing, we go into the parachute, the Bitcoin parachute, we get out of the plane? Yes, I think there will be more.”
Bitcoin is trading at $27,897 at the time of writing.
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