Bitcoin is doing well as of late, and many analysts – including former Coinbase chief technology officer Balaji Srinivasan – believe the currency is going to hit unprecedented levels within the next few months.
Balaji Srinivasan Is a Big Bitcoin Believer
In a recent interview, Srinivasan said that hyperinflation could cause bitcoin to hit a price of about $1 million per unit. The clincher? He thinks this could happen as early as June of this year. For that to occur, bitcoin would need to endure a spike of more than 3,600 percent in just 60 days.
This is a crazy idea in a lot of ways. To be fair, Srinivasan is not the only person who had deemed bitcoin capable of hitting the million-dollar mark. In the past, industry heads such as John McAfee were quick to say that bitcoin had what it took to strike $1 million, while Cathie Wood of Ark Invest has mentioned that she thinks BTC is capable of reaching such a milestone.
The difference between their predictions and the one from Srinivasan, however, is that they fully acknowledged bitcoin would need time to hit this number. Somewhere in the vicinity of a few years, at least, where Srinivasan is claiming the move could happen extremely fast. Why? Because he thinks hyperinflation will happen fast, and this could push bitcoin beyond anything people initially believed plausible. He stated:
Why will it be so fast? Well, hyperinflation happens fast. We’ve seen digital pandemics (COVID), digital riots (BLM), and digital bank runs (SVB). Everything will happen very fast once people check what I’m saying and see that the Federal Reserve has lied about how much money there is in the banks. All dollar holders [will] get destroyed.
The news of his prediction initially came about in a tweet. He dared any of his followers to bet against the U.S. entering hyperinflation, and he said he would pay anyone $1 million if they’re indeed right and he’s wrong. He commented:
The counterparty gets the $1 million… We [need] to define hyperinflation in [bitcoin] vs. [U.S. dollars] terms because all other fiat currencies can and will be inflated away… I am moving $2 million into USDC for the bet. I will do it with [@jdcmedlock] and one other person, sufficient to prove the point.
The Fed Hasn’t Told the Truth
Srinivasan is a firm believer that the Fed has lied to Americans, and that the country is going to run out of money very quickly. He said:
The central bank, the banks, and the bank regulators have bankrupted all of us. They hid their insolvency from you, the depositors, and they’re about to print $2 trillion to hyperinflate the dollar. In the digital age, this will happen very quickly. So, buy bitcoin now and get your coins off exchanges.
