Balaji S. Srinivasan is an entrepreneur and investor from the United States. He was the former Chief Technical Officer of Coinbase and a co-founder of Counsyl. He recently gained headlines for predicting that the price of Bitcoin will hit $1 million within the next 90 days.
Even though many experts are still dubious, Srinivasan thinks that the current global banking crisis and the imminent hyperinflation will cause Bitcoin’s value to soar.
He seems to be following through on his prediction, and he offers a thorough explanation of why he thinks so. Read on.
Former Coinbase CTO Compares the US Dollar to the Collapsed World War I Currency
The former CEO of Coinbase is reiterating his bullish Bitcoin position while telling his 847,700 Twitter followers that the US currency may soon resemble the condition of Weimar marks following Germany’s loss in World War I.
“Imagine this graph, but in fast forward. That’s what happens when people exit a failing fiat currency and enter gold. In this case, they’ll exit the dollar and enter digital gold. The bet isn’t a way to make money. It’s a way to alert innocent dollar holders: get to Bitcoin.”
The Weimar marks fell in 1923 as a result of a period of hyperinflation, which caused a sharp decline in their value relative to the US dollar. One dollar was equivalent to one trillion marks at that time.
The present financial crisis, which resulted in the failure of Silicon Valley Bank (SVB), Signature Bank, and Silvergate, is also being attributed by Srinivasan to the Federal Reserve. The angel investor claimed that the Fed sold US treasuries to banks and then swiftly increased interest rates, a move that reduced the value of the bonds.
Others share similar views
Balaji is not the only one with this opinion about BTC. Other industry leaders also have tremendous faith in the potential of BTC.
According to Cathie Wood’s Ark Investment Management, bitcoin might reach $1.48 million by 2030, representing a 6,326% rise from its current price. Recent research by Ark described the token’s prospects and stated that by the end of the decade, bitcoin may “grow into a multi-trillion dollar market.”
Arthur Hayes, a former CEO of BitMEX, has reaffirmed his forecast that Bitcoin will cost $1 million, citing China’s recent reduction in the reserve requirement ratio (RRR) as a factor that will increase the cryptocurrency’s value.
What do you think about this insane prediction made by Srinivasan? Is there a possibility of this happening?
The current price today is $28,076.93 USD with a live market cap of $542,552,252,178 USD. In order to be valued at $1 million, BTC will have to grow at a rate of approximately 11% every day.