• The former CTO of Coinbase, Balaji Srinivasan has predicted that Bitcoin’s price will reach $1 million in the next 90 days.
• He believes that bank failures and hyperinflation will lead to a surge in Bitcoin’s value as people lose faith in the dollar system.
• Recent shutdowns of Silicon Valley Bank and Signature Bank have raised questions about the future of traditional banking systems.
Will Bitcoin (BTC) Price Hit $1 Million in 90 Days?
Balaji Srinivasan, the former CTO of Coinbase, has recently garnered attention for his prediction that Bitcoin’s price will reach $1 million over the next 90 days. While many experts remain skeptical, Srinivasan believes that the ongoing global banking crisis and the impending hyperinflation will lead to a surge in Bitcoin’s value.
Bank Failures and Redenomination of Digital Gold
According to Srinivasan, bank failures will ultimately lead to hyperinflation, making the redenomination of digital gold a more viable option than physical gold. He explained that gold held back the ability of states to wage wars in the 20th century but is no longer as relevant in the digital age.
Digitization and Confidence In Bitcoin
Srinivasan highlighted ChatGPT’s recent boom, which signed up around 100 million people in just a few weeks. While this pales in comparison to the approximately 400 million people globally holding crypto, it shows a growing interest in digital assets. He also pointed out that $42 billion was moved out of Silicon Valley Bank in just one day, indicating a growing lack of confidence in traditional banking systems.
The Bet on Bitcoin’s Future
Srinivasan’s $1 million bet on Bitcoin’s price increasing by 3,600% by June 16 has raised eyebrows. However, he remains confident that hyperinflation will happen quickly and its effects will be felt across the digital realm due to digitization and pandemics such as riots or bank runs happening quickly within our society today.
Shut Down Of Silicon Valley And Signature Banks
The recent shutdowns of Silicon Valley Bank and Signature Bank have raised questions about their future as they specialize with tech companies lending money and crypto-friendly banking respectively . Barney Frank , co-author of Dodd-Frank Act , made an announcement stating “we need new laws for these new banks” which shows us how serious these recent shutdowns are taken throughout our society today .