3 minutes reading time (536 words)

In 90 days, Bitcoin will cost $1.000.000

Sunday, 19 March 2023

Balaji Srinivasan | former CTO of Coinbase

Balaji Srinivasan, a venture capital investor and former CTO of cryptocurrency exchange Coinbase, has made a bet on the rise in the value of BTC to $1 million in the next 90 days. Balaji Srinivasan, a partner at investment firm Andreessen Horowitz, has tweeted that he is transferring $2 million into USD Coin (USDC) stablecoins to participate in a "million dollar" bet.

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 believes that in the near future the world may be overwhelmed by hyperinclination, where BTC will become full-fledged digital gold. He predicts that not only private investors, commercial firms and funds will actively buy BTC, but the governments of many sovereign states, including the US, the Middle East and the EU, will join them.

"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 with a smart contract, we can do it on chain, so I can send USDC. If you won't do that, name a custodian"

Balaji (@balajis) March 17, 2023

Srinivasan believes that the US Federal Reserve (Fed) is deliberately hiding from the world community how many assets are actually on the balance sheets of American banks. In his opinion, as soon as people realize the deception, then everything will happen very quickly, and all dollar liquidity will be destroyed.

"REGULATORS KNEW BANKS WERE INSOLVENT, BUT DIDN'T NOTIFY DEPOSITORS. Why was this banking crisis such a surprise? Is it really your job to diligence your employer's bank's financials? Aren't you paying for regulators to do that? Unfortunately, the regulators were captured. As these posts from Sept 2022 and Nov 2022 show, regulators like FDIC and the Fed *knew* that SVB — and hundreds of other banks — had less assets than their liabilities. In other words, the banks didn't have your money. They intentionally used accounting tricks to hide their insolvency. And the regulators let them hide things in footnotes. What the regulators didn't do was notify you, the depositors, that all your money was gone. You paid for all the regulation, and got none of the consumer protection,"
wrote Srinivasan.

The businessman claims that as soon as Indian Prime Minister Narendra Modi instructs the Central Bank of India to buy BTC, the game will be over. He advises to buy Bitcoins in advance. Srinivasan stated that under the terms of the bet, the losing side pays the winner $1 million. Now the cost of BTC has reached $27,500. the revival of the digital asset market.