Entrepreneur Balaji Srinivasan explained the rationale for his bet that bitcoin (BTC) could reach $1 million in price by June 17 of this year, during CoinDesk’s Consensus 2023 conference.
Srinivasan, the former chief technology officer of crypto Coinbase who is credited by many for predicting the effects of COVID-19 earlier than most, predicted stupendously bullish prospects for bitcoin in response to the devaluing of the U.S. dollar with prospects of it reaching $1 million 90 days from March 17.
“Could it be that it takes 900 days or even 90 months? It’s possible, I don’t have a 100% probability on it,” Srinivasan said on Friday.
“I may be wrong but I’m burning a million to tell you they’re printing trillions.”
He described his prediction as a “symbol” of the “collapse in full faith and credit in the U.S. financial system,” owing to a proliferation of money printing by the government to prop up a fragile banking system.
Relating the chances of bitcoin reaching $1 million to the probability of some sort of Black Swan event in the U.S. economy, Srinivasan said he thinks there’s a 10% chance of a very serious issue in months, a 70% chance of one in years and a 90% chance within decades.
“So, I don’t think it’s 100%, but the specific number I think is high as I see a lot of fragility in the system.”
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