coinbaseFormer CTO Balaji Srinivasan has settled his Bets From March That Bitcoin Will Reach $1 Million Only 90 days in, warning the public that he still believes hyperinflation is coming.
Srinivasan began his Twitter thread by saying, “I burned a million to tell you they’re printing trillions.”
“So I spent my money to send an expensive signal that something is wrong with the economy, and it’s not going to be a ‘soft landing’ [Fed chair] Powell shows promise – but something far worse,” wrote the former Coinbase CTO.
things can go wrong very quickly
Meanwhile, in a video posted to the same Twitter thread, the former Coinbase CTO explained that he decided to settle his bet early, while making the case for why the current problems in the economy could get worse very quickly.
To illustrate how quickly events can unfold, Srinivasan cited several historical events, the most recent of which was the two days it took Silicon Valley Bank (SVB) until the government printed $200 billion. Had done
He further pointed out that it took only two weeks for $500 billion to move out of local banks, that it took two months for the US to go from zero coronavirus patients to lockdown, and that it took Ben Bernanke two quarters of the time. 2008 said the global financial crisis would be considered “a mild recession”.
“It was too late in each of these cases, and the thing is that right now, in the economy, many things are breaking down at once,” said Srinivasan, who is also a prominent venture capitalist.
a legal crisis
He followed up with more details in a blog Postwhich began by saying that the ongoing banking crisis in the US and Europe “isn’t a financial crisis. It’s a fiat crisis.”
,[…] Filling the system with money when it is already under stress and experiencing high inflation will lead to a fiat crisis,” Srinivasan wrote, before explaining how he believed events would play out. Will appear:
“The loss of global confidence in the US financial system, followed by the introduction of digital lockdowns via the CBDC-equivalent, accelerated physical exodus from blue states, and the associated capital flight from the dollar to assets such as gold, bitcoin and foreign currencies controlled by the Federal Reserve Out of.
“bitsignal” bet
Srinivasan, along with the pseudonymous Twitter user James Medlock, made a $1 million bet on Twitter on 17 March in response to a tweet by Medlock that he would “bet anyone $1 million that the US does not enter hyperinflation”. Is.”
“I’ll take that bet. You buy 1 BTC. I’ll send $1 million USD,” Srinivasan replied in the now-famous tweet he called “BitSignal”.