Balaji Srinivasan, an American entrepreneur and former chief technology officer of Coinbase, expects Bitcoin to reach $1 million in 90 days. Srinivasan did not leave this claim as a promise, revealing 1 million dollars.
Srinivasan on Twitter, “I bet $1 million that the US won’t experience hyperinflation.” “I bet,” he said in response to James Medlock. The famous entrepreneur said, “Buy 1 BTC and I will send you 1 million dollars. Duration 90 days. If BTC is below $1 million in 90 days, you win and you get both 1 BTC and $1 million USDC. If BTC is over $1 million after 90 days, I win and I get both 1 BTC and $1 million USDC, which will now be worthless.” used the phrases.
I will take that bet.
You buy 1 BTC.
I will send $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… https://t.co/tcuBNd679T pic.twitter.com/6Aav9KeJpeBalaji (@balajis) March 17, 2023
The duo is now looking for someone reliable to act as depository for the bet. Srinivasan stated that a smart contract can be created and the transaction can also be done this way instead of the custodian.
“They knew the great crash was coming”
The former executive of Coinbase claimed that “bankers lie like they did in 2008.” “Central banks, banks and banking regulators were aware that a major collapse was coming,” Srinivasan said, claiming that US banks did not have enough money to cover withdrawals and that central bank officials had known about it since last year. said.
“They did the same with Sam Bankman-Fried”
Citing Sam Bankman-Fried as an example of banks, Srinivasan said, “What banks do is the same thing SBF uses accounting tricks to use your money to get ‘shitcoin’. They all used the money in deposits to buy the best shitcoin: long-term US bonds. And they all went down at the same time, the same way, because they bought the same asset from the same seller who simultaneously devalued it: the Fed.” used the phrases.
“Companies, big funds and big countries will buy Bitcoin”
Srinivasan claims that there will be a ‘hyperbitcoinization’ situation in the world. Arguing that the world will rename Bitcoin as digital gold and return to a very similar model of the 20th century, Srinivasan said, “Individuals, then companies and then big funds will buy Bitcoin. These will be followed by independent countries like El Salvador and small crypto-friendly countries. The big move will be when a US state like Florida, Texas, or a ‘normal’ country like Estonia, Singapore, Saudi Arabia, Hungary or the UAE buys Bitcoin.” said.
“Everything will happen very quickly”
Srinivasan responded to the comments that the 90-day period was too short:
“Hyperinflation happens fast. We’ve seen digital pandemics, digital revolts, and digital bank breakouts. Things will happen very fast when people realize that the Fed is lying about how much money is in the banks. All dollar holders will experience destruction. The digital devaluation of the dollar is coming and it will be severe.”
Bank bankruptcies in the USA are not on the agenda
The impact of the Fed’s rate hikes was felt deeply in the US banking sector. Three US banks went bankrupt in two weeks. Silvergate was closed first, followed by Silicon Valley Bank and Signature Bank. While another bank, First Republic Bank, was going to fail, it took a breather with the transfer of $30 billion by major US banks such as JPMorgan, Wells Fargo and Citi. There are 4 days left until the interest rate decision to take place next week and the uneasiness continues in the markets.
Bitcoin has experienced a price increase of over 60 percent so far in 2023. Much of the increase in Bitcoin came after bank bankruptcies emerged. The number one cryptocurrency has gained 40 percent in the last week.
