$1M Bitcoin - Hyperinflation Inbound
The former Chief Technical Officer (CTO) of Coinbase, Balaji Srinivasan, has made a $1 million bet that Bitcoin will reach $1M within 90 days.
I will take that bet.
— Balaji (@balajis) March 17, 2023
You buy 1 BTC.
I will send $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… https://t.co/tcuBNd679T pic.twitter.com/6Aav9KeJpe
Balaji tweeted back in 2020 predicting many trends that continue with us today.
Going viral
— Balaji (@balajis) January 30, 2020
What if this coronavirus is the pandemic that public health people have been warning about for years?
It would accelerate many pre-existing trends.
- border closures
- nationalism
- social isolation
- preppers
- remote work
- face masks
- distrust in governments
Balaji says that Hyperinflation is happening now. The recent bank failures has caused the FED to print $318 Billion which will lead to more inflation. There are 186 banks that are facing problems like Silicon Valley Bank. How much more will be printed?
Yesterday, WSJ said that 186 banks are facing the same risks as Silicon Valley Bank.
— The Kobeissi Letter (@KobeissiLetter) March 19, 2023
Today, a coalition of 110 banks are asking for FDIC insurance on all deposits for 2 years.
Every hour counts right now as hundreds of banks face the same issue.
Panic is spreading quickly.
If there is a bank run, more banks will collapse. During bank runs hyperinflation can happen quickly.
HYPERINFLATION IS COMMON AND VERY FAST
— Balaji (@balajis) March 16, 2023
The speed of hyperinflation takes people off guard.
Cato made a table of 56 episodes.
Prices in 1945 Hungary doubled in 15 hours!
How fast will this be in the internet age?
Buy Bitcoin and get your coins off https://t.co/FESPFu4MSH… https://t.co/wuj2oAqPNz pic.twitter.com/rOgeN28DPC
The way out he says is to buy Bitcoin and hedge against the hyper inflation.
My take is that Central banks will bring in their own CBDC as the only answer to the banking crisis.
Regardless of what happens we are going to see wild events in coming months. Buckle up!