Balaji Srinivasan, an investor, believes that hyperinflation is already happening. He thinks the price of Bitcoin will reach $1 million soon and is betting a lot of money on it to happen within 90 days. He also recommends people to buy Bitcoin because he believes it can help protect your wealth from bad things like hyperinflation, worth loss, bank freezes, and others.
Tech Entrepreneur Balaji Srinivasan Advocates for Bitcoin Amidst Hyperinflation Trends
Balaji Srinivasan, a tech entrepreneur, bestselling writer and investor, thinks that the world is experiencing hyperinflation. He used to be the Chief Technology Officer of cryptocurrency exchange Coinbase and was also working at venture capital company Andreessen Horowitz (identified as A16z).
Jack Dorsey, an ex-Twitter CEO, tweeted that there will be hyperinflation coming soon and it will change everything. Srinivasan agrees with him and mentioned in a tweet that hyperinflation is not just going to happen but it is already happening now.
An angel investor recently mentioned some news about the government and Federal Reserve giving money to Silicon Valley Bank and Signature Bank. The Treasury Department announced that they will have up to $25 billion ready to help out with a program called Bank Term Funding Program (BTFP). Neel Kashkari, who is the president of the Federal Reserve Bank of Minneapolis, stated that there is an unlimited amount of money at the Federal Reserve.
Srinivasan said in December that bitcoin could be helpful if you’re dealing with hyperinflation, when the money loses value, banks won’t give people their money or the government takes away your wealth. He also mentioned that if you look at countries like Venezuela, Lebanon, and Nigeria this has already happened. He added that it’s possible that bitcoin will eventually take on a role similar to gold which is often used as a way to protect your money from inflation, but that it would probably take a really long time for this to happen.
Srinivasan, who thinks hyperinflation is already here, has told investors to buy Bitcoin. He has also advised them to move their newly-bought coins away from the exchanges.
$1M Bitcoin Bets
James Medlock challenged people on Twitter that he would bet anyone one million dollars that the USA wouldn’t have hyperinflation. Srinivasan agreed to the challenge and said he’s willing to send one million USD when someone buys forty times more Bitcoin worth around 26,000$ which means a total value of 1 Million Dollars. They only need an agreed upon custodian who will settle things in case digital dollar devaluation occurs within 90 days.
Balaji Srinivasan announced on Twitter that he would be putting $2 million into USDC with two other people. He also suggested that everyone else should just buy Bitcoin because it would be more affordable than locking one up for 90 days. Medlock then asked if Balaji is ready to do the bet and several people offered to join in by providing 1 Bitcoin.
Srinivasan said: “Yes, it’s possible to do this bet with money. We could use a smart contract or even simpler – an escrow service. The escrow person will need one Bitcoin address and one Ethereum address for the USDC. The assets would stay there on the chain for 90 days.” He added extra information to make sure everything was clear.
Medlock and the CEO of crypto exchange Binance, Changpeng Zhao (CZ), made a bet based on the value of Bitcoin. If Bitcoin is worth less than $1 million USDC 90 days after CZ acts as an escrow, then Medlock will win and get both 1 Bitcoin and the $1 million USDC. But if it’s more than $1 million USDC at the time, then the CEO will win and get both the 1 BTC and still receive their agreed-upon amount of $1 million USDC even though it would be worth less than before. After agreeing to this, CZ offered to act as an escrow for them. Right now, one Bitcoin is worth about 27 thousand dollars.
Do you think that prices are going up quickly? Do you also believe that the worth of bitcoin can get as high as $1 million within 90 days? Leave your opinion in the comment section.