Balaji Srinivasan, a former CTO of Coinbase and a venture capital investor, has made a bold prediction that BTC will reach a value of $1 million within the next 90 days.
He has put his money where his mouth is, announcing that he will transfer $2 million into USD Coin (USDC) stablecoins to participate in a “million dollar” bet.
According to Srinivasan, BTC is on the brink of hyperbitcoinization, where it will become a full-fledged digital gold, with private investors, commercial firms, funds, and even governments, including the US, Middle East, and EU, actively buying BTC.
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/6Aav9KeJpe
— Balaji (@balajis) March 17, 2023
Srinivasan also believes that the US Federal Reserve System (FRS) is hiding the true amount of assets on US bank balance sheets from the world community.
He argues that once this deception is uncovered, the value of the US dollar will rapidly depreciate, and all dollar liquidity will be destroyed.
The businessman claims that regulators knew that American banks were non-paying, but did not warn depositors about this.
The recent banking crisis took everyone by surprise, but according to Srinivasan, it was long in the making.
Srinivasan advises people to buy BTC in advance, as he believes that once Indian Prime Minister Narendra Modi instructs the Central Bank of India to buy BTC, the game will be over.
He has even put his money where his mouth is, with the terms of his bet stating that the losing side pays the winner $1 million.
Currently, the value of BTC has reached $27,500, and many are anticipating a revival of the digital asset market.