Balaji Srinivasan, a former CTO of Coinbase, has placed a $2 million bet that Bitcoin would hit the $1 million price mark in 90 days. This bet was in response to financial expert James Medlock who proposed a $1 million bet that the US would not enter hyperinflation despite the recent collapse of banks in the country.
Bitcoin Will Hit $1 Million In 90 Days, Balaji Says
In a Twitter thread on March 17, Balaji explained his views and why he was proposing the bet. He claims the current banking situation is similar to the 2008 financial crisis, but this time, central bankers, banks, and regulators have lied to all dollar holders and depositors. According to the investor, the banking crisis was beyond fractional reserves as banks do not have enough funds on a market-to-market basis to cover withdrawals.
Balaji also alleges that banks saw the crash coming but were allowed by regulators to hide their literal insolvency until it became a major problem. Citing the travails of former FTX chief executive Sam Bankman-Fried, he added that banks deployed a similar system of using customer deposits to invest in…