Coinbase’s former Chief Technology Officer, Balaji Srinivasan, placed a bold bet on Friday, predicting that Bitcoin’s price will soar to $1 million by June 17 due to a rapid devaluation of the U.S. dollar within the next three months.
According to the proposed conditions, if Bitcoin’s price doesn’t hit $1 million by June 17, Medlock will receive $1 million in the USD-pegged stablecoin USD Coin (USDC) and 1 BTC. Similarly, if Bitcoin’s value reaches or surpasses $1 million by the specified date, Balaji will retain the 1 BTC and the $1 million in USDC. Srinivasan further elaborated on the details in the thread:
If Bitcoin doesn’t achieve the historic gains he anticipates, both individuals will receive $1 million each in Circle’s USDC stablecoin.
Srinivasan’s prediction is based on his belief that the global economy is on the brink of a significant shift, which he refers to as “hyperbitcoinization.” He anticipates that the U.S. dollar will soon experience a period of rapid hyperinflation, ultimately leading to the global economy adopting Bitcoin as a form of digital gold.
Recent events with Silicon Valley Bank, Silverage was result of Inflation and possible bad risk management. Big Global such as Credit Suisse had to be rescued by UBS which further shows that the current banking system is possibly in trouble.
With all these Balaji may have some theory why 1 million mark is possible. The time frame is way too short so only time will tell who stands right.
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