Want Bitcoin [BTC] reach $1 million in 90 days? CEO of Real Vision predicts…
- Real Vision CEO Raoul Pal believes Balaji Srinivasan’s bet on Bitcoin hitting $1 million within 90 days is a marketing ploy.
- Pal talked about crypto failures like FTX, the US government’s crackdown on crypto, and Srinivasan’s bet that Bitcoin will reach $1 million within 90 days.
On March 20, entrepreneur Anthony Pompliano “Pomp” invited Real Vision CEO Raoul Pal to his podcast, where he asked the latter about a variety of topics surrounding Bitcoin [BTC] and its many run-ins with regulatory bodies.
Speaking on “Bitcoin and the Financial Crisis of 2023,” Pal talked about crypto failures like FTX, the US government’s crackdown on crypto, and former Coinbase CTO Balaji Srinivasan’s bet on Bitcoin hitting $1 million within 90 days.
Regarding the recent collapse of crypto-friendly Silicon Valley Bank (SVB), Pomp Pal asked if we should compare the collapse of crypto exchange FTX last November. Pal pointed out that, although it is true that both institutions made bad investments. The decisive difference, however, is that while SVB is a bank, FTX is only a brokerage house. While SVB had the right, as a banking institution, to invest in customer funds, FTX, as a crypto brokerage firm, had no right to invest customer funds.
Pal also pointed out that although the banks have not been allowed to participate in prop trading, FTX mainly did so with customer money.
Pomp asked Pal why the US government was pushing against cryptocurrency. Pal replied that the US government understands cryptocurrency and is very aware of the gigantic impact of possible bank runs as a potential result of Bitcoin’s popularity. It is for this reason that the US government is pushing back against the mass adoption of cryptocurrency by bringing in many rules and regulations.
The crypto industry has dealt with several failures like Terra [LUNA], Three Arrows Capital, Celsius, Voyager Digital and FTX since 2022. In addition, hacking attempts have continued to plague crypto platforms. Due to such incidents, customers have lost millions of dollars so far.
Pomp also asked Pal if the US government will use the reserve to buy Bitcoin to quell the market panic. Pal responded in the negative, saying that unlike countries in the Middle East, the US government will not buy Bitcoin as it is an extremely volatile asset.
Pal also pushed his own “theory” that Satoshi Nakamoto is none other than a state actor, who created Bitcoin as an alternative financial system in case the regular banking system fails; in fact, these bodies already own Bitcoin, Pal suggested.
Can Bitcoin Reach $1 Million?
Towards the end of the podcast, Pal put his views on Balaji Srinivasan’s bet on Bitcoin reaching $1 million within 90 days.
Pal said:
“He is [Srinivasan] has a 0.0% chance of being right.”
I’ll take that bet.
You buy 1 BTC.
I am sending $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian that will still be there to settle this in the event of digital dollar devaluation.
If anyone knows how to do this… pic.twitter.com/6Aav9KeJpe— Balaji (@balajis) March 17, 2023
Srinivasan believes that as traditional currencies enter a period of rapid hyperinflation, the global economy will turn to Bitcoin as digital gold as the new currency of choice.
Pal said that it is Srinivasan’s marketing ploy to spread the concept of hyper-bitcoinization. However, he added that it could happen within 12 months, but it is not appropriate to set a date, he warned.
