- Former Coinbase CTO says Bitcoin will hit $1.0 million by June 17th.
- Custodia Bank founder dubs BTC an insurance policy; a scarce asset.
- Bitcoin is currently trading well above its 200-day Moving Average.
Bitcoin will take hardly three months to shoot up to $1.0 million per coin, says Balaji Srinivasan – the former CTO of Coinbase Global Inc.
Why is he super bullish on Bitcoin?
The entrepreneur and investor relates his super bullish view to the recent bank failures that he warns will hyperinflate the U.S. dollar. In a recent tweet, he said:
“Central bank, the banks, and the bank regulators have bankrupted all of us. They hid their insolvency from you, the depositors. And they’re about to print $2.0 trillion to hyperinflate the dollar.
Srinivasan also launched a campaign he’s calling “BitSignal” that promises a $1,000 reward (each) to 1,000 best pieces of content that informs on the impending devaluation of the USD.
BTC is currently trading well above its 200-day Moving Average.
Srinivasan is in a bet with James Medlock
Srinivasan made the forecast on Twitter where he agreed to a bet with James Medlock (pseudonymous Twitter speaker) to whom he’ll have to pay $1.0 million if Bitcoin doesn’t hit his suggested valuation by June 17th.
You buy 1 BTC. I will send $1.0 million. This is ~40:1 odds as 1 BTC is worth ~26K. The term is 90 days.
The discussion started on March 17th when Medlock said he was willing to bet $1.0 million that fears of hyperinflation in the United States were merely overblown – a bet that Srinivasan accepted.
Also on Monday, Custodia Bank founder Caitlin Long dubbed Bitcoin an insurance policy; a scarce asset.
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