- A former Coinbase CTO predicts Bitcoin will reach $1.0 million in 90 days.
- Custodia Bank founder sees BTC as an insurance policy; a scarce asset.
- Bitcoin is currently above its 200-day Moving Average.
Balaji Srinivasan, the former CTO of Coinbase Global Inc., believes Bitcoin will surge to the million-dollar mark within 90 days. The entrepreneur and investor believes the recent bank failures will contribute to a hyperinflation of the U.S. dollar.
His Super Bullish View
In a recent tweet, he said:
“Central bank, the banks, and the bank regulators have bankrupted all of us. They hid their insolvency from you, the depositors. And they’re about to print $2.0 trillion to hyperinflate the dollar.
Srinivasan has also launched a campaign known as “BitSignal” which rewards the 1,000 best pieces of content that informs on the impending devaluation of the USD with $1,000 each.
At the moment, Bitcoin is trading above its 200-day Moving Average.
His Bet with James Medlock
Srinivasan made the forecast on Twitter where he agreed to a bet with James Medlock (pseudonymous Twitter speaker) to whom he’ll have to pay $1.0 million if Bitcoin doesn’t hit his suggested valuation by June 17th.
You buy 1 BTC. I will send $1.0 million. This is ~40:1 odds as 1 BTC is worth ~26K. The term is 90 days.
The wager began on March 17th when Medlock said he was willing to bet $1.0 million that fears of hyperinflation in the United States were merely overblown – a bet that Srinivasan accepted.
Custodia Bank founder Caitlin Long recently described Bitcoin as an insurance policy; a scarce asset.