Balaji Srinivasan, former CTO of Coinbase, predicts that Bitcoin will reach $1 million within the next 90 days. Srinivasan argues that this will occur as a result of banks’ heavy investment in long-dated US treasuries, which has created a banking sector crisis due to an unexpected rate hike by the Federal Reserve. The looming banking sector meltdown puts Bitcoin in a strong position to rapidly increase in value against the US dollar. Individuals, companies, and large funds will invest in Bitcoin, followed by sovereign states such as El Salvador and other crypto-friendly countries. Srinivasan argues that the world will re-evaluate Bitcoin as digital gold, and people will invest in it. He believes that the big move will occur when a US state such as Florida or Texas or a ‘normal’ country like Estonia, Singapore, Saudi Arabia, Hungary, or the UAE purchases Bitcoin. If India’s central bank follows the example of Prime Minister Narendra Modi, it will be a strong signal that Bitcoin has won.
Bitcoin’s Future: Former Coinbase Executive Predicts $1,000,000 per BTC Amid Economic Crash
According to Balaji Srinivasan, the former CTO of Coinbase, Bitcoin’s value is about to soar to an astonishing $1 million within the next 90 days. Srinivasan has challenged professional poker player Isaac Haxton to a bet on the topic, with a portion of the proceeds going to the charity GiveDirectly.
Srinivasan believes that Bitcoin’s rise in value will be closely associated with a significant economic crisis that is about to occur due to the banks’ heavy investment in long-dated US treasuries. Two years ago, financial institutions acquired a large quantity of government bonds, assuming that the Federal Reserve would maintain low-interest rates. This situation has now created a banking sector crisis as a result of the Federal Reserve’s unexpected rate hike.
Srinivasan argues that the looming banking sector meltdown puts Bitcoin in a strong position to rapidly increase in value against the US dollar. The digital currency could rise to $1 million in just three months, he believes. As a result, individuals, companies, and large funds will invest in Bitcoin, followed by sovereign states such as El Salvador and other crypto-friendly countries.
The former Coinbase executive argues that the world will re-evaluate Bitcoin as digital gold, which will prompt individuals, firms, and countries to invest in it. He believes that the big move will occur when a US state such as Florida or Texas or a ‘normal’ country like Estonia, Singapore, Saudi Arabia, Hungary, or the UAE purchases Bitcoin. If India’s central bank follows the example of Prime Minister Narendra Modi, it will be a strong signal that Bitcoin has won.
Srinivasan’s opinion is that the digital age we live in will make all of these events happen quickly. At the time of this writing, Bitcoin is trading at $27,538.
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