Former Coinbase Chief Technology Officer Balaji Srinivasan has a seriously bold statement Bitcoin (BTC) value prediction.
In a series of tweets, Srinivasan says he’s willing to bet that BTC will explode to $1 million in just 90 days from now.
The bet With professional poker player Isaac Haxton, a portion of the proceeds will go to charity.
The investment guru tells his 780,400 Twitter followers that he thinks banks are in serious trouble after investing heavily in long-standing U.S. Treasuries, and BitcoinThe rise of coincides with a major economic crash.
According to Srinivasan, two years ago, when fiscal stimulus at the height of the Covid-19 pandemic greatly reduced demand for conventional loans, banks pushed into government bonds. Investors too says Financial institutions decided to accumulate large amounts of government bonds under the assumption that the Federal Reserve would keep interest rates low.
“They had good reason to believe that. Powell said he would be ‘patient’ on rate hikes until November 3rd 2021. Then he re-nominated on November 22nd, 2021, and raised rates much faster than anyone expected – which Yellen and the FDIC too [Federal Deposit Insurance Corporation] Admit the cause of the current banking crisis… the ten year walk to near zero interest rates in the 2010s was a surprise attack on every dollar holder… so anyone betting on long term Treasuries is killed in 2021. And now, anyone betting on short-term Treasuries will be killed in 2023.
Srinivasan says Which threatens the banking sector recession Bitcoin In the event of a rapid rise in value against the US dollar. The angel investor believes that BTC can seasonally rise to $1 million in 90 days.
“This is the moment that the world rebrands to Bitcoin as digital gold, returns to the same model as before the 20th century. What is going to happen is that individuals, then firms, then large funds will buy Bitcoin. Then sovereigns like El Salvador and small crypto-friendly countries .
A US state like Florida or Texas or a ‘normal’ country like Estonia, Singapore, Saudi, Hungary or the UAE will take a big step when buying Bitcoin. and when [Prime Minister Narendra Modi] Tells India’s central bank to buy bitcoin, even as a hedge, it’s over.”
According to the angel investor, everything will happen “very fast” because we now live in a digital world.
At the time of writing, Bitcoin is trading for $27,538.
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Post Bitcoin Will Soon Hit $1,000,000 Per BTC Amid Global Economic Crash, Says Former Coinbase Executive Appeared in the first Daily Hodl.