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- Bitcoin and other major cryptocurrencies have significantly increased in value this year.
- Balaji Srinivasan, a former CTO at Coinbase and an early bitcoin investor, has made a $1 million bet that the bitcoin price will reach $1 million due to the U.S. dollar entering a hyperinflationary death spiral.
Balaji Srinivasan Explains His $1 Million Bitcoin Price Bet
Balaji Srinivasan has made headlines in the crypto world after he made a $1 million bet that the bitcoin price will reach $1 million due to the U.S. dollar entering a hyperinflationary death spiral. Srinivasan, a former CTO at Coinbase and an early bitcoin investor, made the bet to raise awareness of the fiat crisis and the risks associated with the U.S. financial system. He remains highly skeptical of the U.S. financial system due to the proliferation of money printing by the government to prop up fragile banks.
Srinivasan believes that there is a 10% chance of a very serious issue in months, 70% in years, 19% in decades, and 1% that it takes a century or so on, referring to a so-called “black swan”-style event. Despite dialing back his previous prediction of bitcoin reaching $1 million by June 16, Srinivasan believes that his bet will draw attention to the risks associated with the U.S. financial system and encourage people to take action to protect their assets.
Fresh Concerns About the U.S. Banking System Push Bitcoin Price Higher
This week, the banking crisis that saw the demise of Silicon Valley Bank, Credit Suisse, and crypto-friendly banks Signature and Silvergate earlier this year has hit San Francisco-based First Republic. The government is in talks to rescue First Republic after it suffered $100 billion of outflows, and its share price crashed by 98% this year while interest rates heavily weighed on the value of the bank’s mortgage book and other assets. Balaji Srinivasan believes that fresh concerns around the U.S. banking system have pushed the bitcoin price higher this week, similar to what happened earlier this year during the Silicon Valley Bank banking crisis.
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Srinivasan’s Criticisms of the U.S. Financial System
Balaji Srinivasan is highly critical of the U.S. financial system due to the proliferation of money printing by the government to prop up fragile banks. He believes that the U.S. dollar is at risk of entering a hyperinflationary death spiral, which could lead to the bitcoin price reaching $1 million. Srinivasan has warned people to take action to protect their assets, stating that “Trust the Fed, end up dead,” and “Fed lied, banks died.”
His $1 million bet is a “directional signal” to raise awareness of the fiat crisis and the risks associated with the U.S. financial system.
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