Bitcoin to $1 million: Former Coinbase CTO predicts Bitcoin to rise 35,000% in June amid US banking uncertainty
Former Coinbase Chief Technology Officer (CTO) Balaji Srinivasan is betting big Bitcoin (BTC/USD), predicts that the cryptocurrency will reach $1 million by June 17 due to a rapid devaluation of the US dollar.
Srinivasan made a $1 million bet via Twitter with two individuals, offering Circle’s USDC stablecoin to pseudonymous Twitter personality James Medlock and another unnamed individual if Bitcoin fails to achieve the historic gains he predicts. The bet is part of Srinivasan’s view that the global economy is on the way to change, leading to what he calls “hyperbitcoinization” and a renaming of the global economy to Bitcoin as digital gold.
Srinivasan’s prediction comes amid a series of bank crashes in the US that have injected fear and uncertainty into financial markets. Bitcoin’s recent surge above $28,000, outpacing Wall Street bank stocks, has led some on Twitter to call it “The Great Decoupling.” The bold bet has sparked lively debate on Twitter, with prominent voices including Jimmy Song and Adam Cochran weighing in on the possibility.
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Although Cochran acknowledged that Bitcoin could be useful during an existential crisis for the financial system, he argued that Srinivasan’s efforts are driven by unrealistic hope in a risky macro environment. Cochran argued that a collapse of the US and European banking systems would eventually overshadow the potential value of Bitcoin as an asset, making bunkers or beans a better use of money than buying the world’s largest cryptocurrency.
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Srinivasan’s efforts have sparked renewed excitement and hope in the crypto market after a rough 2022, a time when prices fell and many crypto firms collapsed.
After Srinivasan’s bet on Bitcoin’s rise to $1 million, Bloomberg’s Matt Levine questioned why Srinivasan chose to bet instead of just buying Bitcoin. In response to Levine’s tweet, some suggested that Srinivasan might be trying to manipulate the price of Bitcoin, while others argued that he might be seeking exposure for himself and the cryptocurrency. According to Datawallet, Srinivasan’s estimated net worth is around $150 million. He previously co-founded Earn.com, which rewarded users with digital assets for completing small tasks, before it was acquired by Coinbase, where he served as CTO.
Others share Srinivasan’s bold prediction that Bitcoin could reach $1 million in value. Last year, Ark Invest, led by Cathie Wood, also made a similar forecast, estimating that Bitcoin’s value could exceed $1 million by 2030.
Wood’s prediction was based on the assumption that Bitcoin would continue to gain acceptance among institutional investors, leading to an increase in demand and a subsequent rise in price. Ark Invest is a well-known investment firm specializing in disruptive innovation, and Wood is one of the most prominent voices in the investment community advocating for Bitcoin.
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While Srinivasan’s prediction of a $1 million Bitcoin price within the next three months is more ambitious than Wood’s, it is not without precedent. Bitcoin has experienced huge price swings recently, with some investors making fortunes during bull markets. But the cryptocurrency has also been subject to extreme volatility, and it is not uncommon for the price to plummet as quickly as it rises.
Regardless of whether Srinivasan’s efforts pay off, it has generated a lot of attention in the cryptocurrency community. Many people are eager to see if he will be proven right, and the outcome of his efforts could have far-reaching implications for the future of Bitcoin and the broader crypto market.
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