Bitcoin’s Rise Will Coincide With a Major Economic Crash, Says Former Coinbase Executive – Gulf Insider
Former Coinbase chief technology officer Balaji Srinivasan is detailing a seriously bold Bitcoin (BTC) price prediction. In a series of tweets, Srinivasan says he’s willing to bet BTC explodes to a staggering $1 million in just 90 days from now. The bet would be with professional poker player Isaac Haxton, with part of the proceeds going toward the charity GiveDirectly.
The investment guru tells his 780,400 Twitter followers that he thinks banks are in serious trouble after heavily investing in long-dated US treasuries, and Bitcoin’s rise will coincide with a major economic crash.
According to Srinivasan, the banks binged on government bonds two years ago when fiscal stimulus at the height of the Covid-19 pandemic drastically reduced the demand for typical loans. The investor also says that financial institutions made the decision to accumulate an enormous amount of government bonds under the impression that the Federal Reserve would keep interest rates low.
Srinivasan says that the threat of a banking sector meltdown puts Bitcoin in a position to rapidly ascend in value against the US dollar. The angel investor believes that BTC could meteorically rise to $1 million in just 90 days. According to the angel investor, everything will happen “very fast” as we now live in a digital world. At the time of writing, Bitcoin is trading for $27,538.
