Bitcoin will soon smash $1,000,000 per BTC amid global economic crash, says former Coinbase executive
Former Coinbase Chief Technology Officer Balaji Srinivasan details a seriously bold Bitcoin (BTC) price prediction.
In a series of tweets, Srinivasan says he’s willing to bet BTC will explode to a staggering $1 million in just 90 days.
The bet would be made with professional poker player Isaac Haxton, with a portion of the proceeds going to charity GiveDirectly.
The investment guru tells his 780,400 Twitter followers that he believes banks are in serious trouble after investing heavily in long-dated US Treasuries and that Bitcoin’s rise will coincide with a major economic crash.
According to Srinivasan, banks turned their attention to government bonds two years ago when fiscal stimulus at the height of the Covid-19 pandemic drastically reduced demand for typical loans. The investor also says that financial institutions made the decision to accumulate a tremendous amount of government bonds because they felt the Federal Reserve would keep interest rates low.
“You had good reason to believe that. Powell said he will be “patient” with rate hikes until Nov. 3, 2021. Then on November 22, 2021, it was renamed and hiked rates much faster than anyone expected — including Yellen and the FDIC [Federal Deposit Insurance Corporation] admit it caused the current banking crisis… Walking ten years of near zero interest rates in the 2010s was a surprise attack on every dollar holder… So everyone who backed long-dated Treasuries was killed in 2021. And now anyone short betting -Term Treasuries will be killed in 2023.”
Srinivasan says the threat of a banking sector collapse puts Bitcoin in a position to appreciate quickly against the US dollar. The angel investor believes BTC could skyrocket to $1 million in just 90 days.
“This is the moment when the world rebrands bitcoin as digital gold and reverts to a model similar to that of the pre-20th century. What will happen is that individuals, then companies, and then large funds will buy bitcoin. Then states like El Salvador and tiny crypto-friendly countries.
The big move will be when a US state like Florida or Texas or a “normal” country like Estonia, Singapore, Saudi, Hungary or the UAE buys BITcoin. And when [Prime Minister Narendra Modi] Central Bank of India says buy bitcoin, even as a hedge, it’s over.”
According to the Angel Investor, everything will happen “very quickly” since we now live in a digital world.
At the time of writing, Bitcoin is trading at $27,538.
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