Bitcoin Will Soon Break $1,000,000 Per BTC Amid Global Economic Crisis, Says Former Coinbase Executive – The Daily Hoddle
Former Coinbase Chief Technology Officer Balaji Srinivasan is detailing a seriously bold Bitcoin (BTC) price prediction.
In a series of tweets, Srinivasan says he is willing to bet that BTC will reach $1 million in just 90 days from now.
bet Featuring professional poker player Isaac Haxton, a portion of the proceeds will go towards the GiveDirectly charity.
The investment guru told his 780,400 Twitter followers that he thinks banks are in serious trouble after heavily investing in long-term US Treasuries, and that the rise of bitcoin will be accompanied by a major economic crash.
According to Srinivasan, two years ago, when fiscal stimulus at the peak of the COVID-19 pandemic significantly reduced demand for typical loans, banks stressed government bonds. investors too They say that financial institutions decided to accumulate large amounts of government bonds under the assumption that the Federal Reserve would keep interest rates low.
“He had good reason to believe it did. Powell said he would be ‘patient’ on rate hikes until November 3, 2021. He was then renominated on November 22, 2021, and raised rates much faster than anyone expected.” increased – even Yellen and the FDIC [Federal Deposit Insurance Corporation] Accept that the current banking crisis is the cause… The hike from 10 years of near zero interest rates in 2010 was a surprise attack on every dollar holder… So anyone who bet on long term Treasuries got hit in 2021 Went. And now, anyone who bet on short-term Treasuries is about to be killed in 2023.
Srinivasan They say That the threat of a banking sector meltdown positions bitcoin to rapidly increase in value against the US Dollar. The angel investor believes BTC could skyrocket to an astonishing $1 million in just 90 days.
“This is the moment the world redefines bitcoin as digital gold, returning to a model like 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 smaller crypto-friendly countries.
The big step will be when US states like Florida or Texas, or ‘normal’ countries like Estonia, Singapore, Saudi, Hungary or the United Arab Emirates buy bitcoin. and when [Prime Minister Narendra Modi] Asks India’s central bank to buy bitcoin even as a hedge, it’s over.
According to the angel investor, everything will happen “much faster” because we live in a digital world now.
At the time of writing, bitcoin is trading at $27,538.
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