Contents
- Trillions of USD needed to push Bitcoin to $1 million
- Community reaction to $1 million BTC stake
$1 million per Bitcoin (BTC) within 3 months possible if this happens: Expert
Yuri Molchan
Cryptoanalyst has named the amount that needs to be invested in Bitcoin so that it can reach $1 million within three months
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Crypto trader and analyst Ali Martinez has commented on the extremely optimistic bet of Balaji Srinivasan that Bitcoin will reach the $1 million level within just 90 days.
Ali believes that in theory it is possible; however, it would require a huge amount of investment in the flagship digital currency.
Trillions of USD needed to push Bitcoin to $1 million
Balaji Srinivasan, who used to work as a16z partner and Coinbase CTO, announced on his Twitter page that he expects Bitcoin to reach a staggering $1,000,000 price level within 90 days – that would be a 40x rally for BTC.
He even made a bet: if it doesn’t happen, he will pay the opponent $1 million who will oppose his Bitcoin bet. He stated that he had moved USD 2 million into the USDC stablecoin for that purpose.
Explaining his over-optimistic bet on Bitcoin, he said that now, just like in 2008 during the mortgage crisis, bankers and banking regulators have lied to all owners and depositors of US dollars. He believes that the banks do not have enough funds to cover current withdrawals.
According to a tweet by Martinez, a whopping $18,797,203,666,237 needs to be invested in Bitcoin to push it to the $1 million level within three months, consistent with the efforts of Balaji Srinivasan.
Community reaction to $1 million BTC stake
Twitter user James Medlock accepted the bet made by Srinivasan. This Bitcoin price prediction has already prompted several major figures in crypto and investment circles to share their skeptical views. Among them is the skilled commodity trader Peter Brandt, and the researcher and risk manager Nassim Taleb.
Brandt stated that this prediction is “silly”, although he does not rule out that Balaji Srinivasan could just be lucky. The authors of “Black Swan”, “Antifragile” and other popular non-fiction books referred to this bet as a “crazy move”.
Cryptocurrency influencer David Gokhshtein, founder of Gokhshtein Media, commented in a tweet that if Bitcoin reaches $1 million, he would delete his Twitter account. He also promised to do so earlier this year if one of his favorite meme coins, Shiba Inu, reaches $0.001.
