Crypto Twitter Betting on “Hyperinflation” Catapults BTC to $1 Million in 3 Months
Balaji Srinivasan, a venture capitalist and former CTO of Coinbase, claimed that the US economy would enter a phase of hyperinflation in 90 days, sending BTC to $1 million.
Balaji, whose crypto venture Earn.com was acquired by Coinbase in 2019, also offered to pay $1 million in BTC to the top 1,000 tweets warning of the stealth financial crisis.
Balaji bets BTC to be at $1 million
“… I’m setting up the BitSignal. $1 million in BTC to alert us to the hidden financial crisis. $1,000 per tweet, for the top 1,000… They hid their insolvency from you, the depositors. And they’re about to print $2T to hyperinflate the dollar… So buy Bitcoin *now* and get your coins from exchanges,” Balaji tweeted on March 16.
The next day he went hammer and tongs. “THE BANKS ARE INSOLVENT We should have learned to distrust bankers after the crisis of 2008. Back then they used complex language to hide the simple fact that the mortgages were bad. And today they do it to hide that the money is gone. Not in one bank, in all banks. And they knew months ago…,” he so.
In the final ointmenthe said Signature and Silvergate were forced to close because they were knocking crypto.
While Balaji’s tweets generated huge responses, including from the likes of Binance CEO Changpeng Zhao, there seemed to be a lot entertained at the turn of events, famous cryptocurrency critic Molly White pointed to the venture capitalist’s vested interest in painting a doom for traditional banking and finance.
“it’s not like we can put the genie back in the bottle! “- VC who stands to gain massively from the release of the spirit, and who has worked tirelessly to release the spirit,” she tweeted in response to Balaji’s tweet and followed up with, “I’m also pretty good at putting cats in bags, as it happens.”
Buy Pivot: Arthur Hayes
Urging investors to buy bitcoin, Arthur Hayes, co-founder of the BitMEX crypto exchange, previously said that US banks have an unrealized loss of $620 billion. And the US government plans to provide a $4.4 trillion bailout to the banking industry.
The huge bailout will give a boost to the entire financial sector, including cryptocurrencies, especially bitcoin and other leading coins. During Covid-19, when the US government pumped $4.19 trillion into the economy, bitcoin had risen to $69,000, he claimed.
Banking crisis in the center
The regulatory heat that has dogged cryptocurrency companies in recent weeks has given way to a much bigger problem – the banking crisis of 2023. In the space of about a week, three mainstream US banks folded, leaving behind a huge trail of institutional and individual depositors without any access to the funds in their bank accounts. This also triggered massive bank runs involving hundreds of regional banks.
The liquidity crisis facing the banks is said to have been caused by government bonds becoming cheaper after the Fed Reserve raised interest rates in recent months in an attempt to curb inflation, which at one point had reached a 40-year high.