It's been a wild ride in the financial system the past few weeks and I saw former Coinbase Chief tech officer Balaji Srinivasan has warned the latest banking crisis could spark hyperinflation in the U.S.
Hyperinflation would be terrible for the current economy so crypto enthusiast and and Srinivasan have advised people to buy bitcoin now and get your coins off exchanges for such an event. Do I think this will happen it's unlikely in my opinion because the government is doing everything it can think of to stop it and that could put pressure on the FED to change their policies. I don't think we actually have 'real' inflation right now. What we have is margin expansion which is when companies try to milk all the profit they can which is why we actually have prices increases. Now that I have stepped off my soapbox let's get back to the heart of this article and let me explain the meaning behind the click bait title.
Srinivasan has made a $1 million bet that the bitcoin price will be over $1 million in just 90 days, meaning a 3,600% bitcoin price increase by June 16. Well it's back to that hyperinflation which does happen fast. He talked about seeing pandemics and bank runs that all happened very fast which caught people off guard. He also thinks that the Federal Reserve has lied about how much money there is in the banks. All valid point, but would I bet 1 million dollars that it Bitcoin would hit 1 million dollars in 90 days - hell no!
A user named @jdcmedlock posted on Twitter that he'd bet anyone $1 million dollars that the U.S. does not enter hyperinflation. Srinivasan outlined the terms of the bet as, if bitcoin is worth more than $1 million in 90 days then he wins and if it's worth less the counterparty gets the $1 million. The Bitcoin for @jdcmedlock was not his own, but actually pro poker player Isaac Haxton. TO my knowledge the deal is not closed so I wonder if it will actually happen. I guess we will have to wait to see. Right now, Bitcoin has been on the move with more news of failing banks, but sits at $28K with For the sake of the economy I hope Srinivasan looses this bet if taken. I know Bitcoin holders would be happy, but to understand the economic damage that would take place is scary to think about.
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Not a chance that happens
I agree that was a dumb bet. The world needs to implode and if that happens all I care about is food, water and ammo.
I’ve got all three I’m good
Pretty wild statment, I don't think bitcoin can go to 1 million $ in 3 months, Yes it can cross 40k or 50k $ if the moment we have these will continue and good news keep coming.
It seems very improbable with the pice action we have been seeing. If ot gets there because of hyper inflation I'm worried about the world.
I think this 28.5k resistance is going to be hard to beat. What do I know though. The past several years have taught me to not put much stock in predictions at all. I think 1 million is a stretch.
The resistance is strong at that level and think about how many people are trapped at ATH that resistance has to been one hell of a wall. I think it's a moon shot, but like you said what do I know.
I saw that and I don't think it has been finalized yet either. From what I heard, I think he was trying to get a smart contract and I heard that he was willing to take the bet with like two people. I do think BTC will be worth more but I think his timeline is wrong.
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As of yesterday it seems like nothing is official. I guess the timeline started so maybe he'll back out. I just don't see it unless stuff hits the fan or someone comes in and manipulates the price. It will get there someday but not in this timeline.
Yes, I have also heard the news that BTC will reach a million dollars in just 90 days and most of us don't believe that, even I don't either. There are pros and cons to everything as you said above it may cause the economy crisis but I even don't believe it can happen.
I think so much would have to go wrong. Things have already gone wrong, but I'm talking worse than 2008 wrong.
No way will BTC gut 1M in 3 months. Although I'd love to be wrong.
On inflation, many companies are being subjected to huge rising costs especially across energy, food, services and wages. That is true inflation. As a small business owner, I'm well aware of this, and have made the decision to close our business this year because our profit margins are no longer worth it due to the increases noted.
I'm sorry to hear that but have your supplier cost really gone up. I speak for large businesses that are manipulating prices. This market is very tough on smaller companies. I work for a large company we have reduced head count maintained output and have increased prices while also passing additional cost one. We sold less this year but made more profit. We have a surplus inventory and are shutting down production brocade we rather be light on inventory. Explain that one?
Bitcoin made already higher ROI in shorter time period.
21/03/2011 it was around 0.75 USD on 09/06/2011 it was 29.58 USD
3,944,00% increase
no bank crisis, no inflation...
why people think history can't repeat itself... anyway, the governments (hand in hand with banks, big corps.), worldwide, but at least in the west caused it by purpose, plandemic, lockdowns, economy destruction by purpose, money printing... do you really think they did not know what it will result? ergo they wanted hyperinflation and/or bank/financial system collapse
anyway, these guys are just advertising themselves for free globally, even in msm. that's a great investment...
+++ it is good for your silver, at least. the crypto guys, who i follow and called BTC under 20$, now are calling silver to 400-500$ USD within 5 years... maybe time to buy for me, too.
Yes I agree that btc has made wilder gains in similar time periods but with the amount of institutional traders that are in the space I just don't see us getting the wild gains like the in the start.
There's more chance of BTC reaching $30k than million. The sums really dont add up !
I agree $30k seems very realistic.
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I also read this news two days ago, but I don't think that anything is going to happen to him because as we all know that the situation in the whole world is very down at this time and in many countries at this time. People don't even have money for food because things have become so expensive. If Bitcoin breaks 28,500 and goes higher in the next few days and then support there, we can say that within the next three months, we see Bitcoin going up to about fifty thousand dollars.
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