Balaji Srinivasan, the former chief technology officer of Coinbase, has made an extremely bold prediction that Bitcoin (BTC) will skyrocket over 3,300% in less than 90 days. In an interview with ARK Invest, the angel investor stands firm on his prediction that Bitcoin will hit $1 million by mid-2023.
Srinivasan suggests that troubles in the US banking system could be the catalyst that leads to a mass exodus from the traditional banking system and a surge in Bitcoin adoption. He highlights that the recent instability caused by the Federal Reserve has created an environment where people are seeking refuge in Bitcoin as a store of value.
While acknowledging that predicting the macroeconomy is challenging, Srinivasan argues that the speed of digital bank runs can cause sudden, dramatic changes in the market, potentially leading to his prediction of BTC hitting $1 million within 90 days.
“Bitcoin is actually free markets. And now we’re having the true election, which is between USD [US dollar] and BTC where people are again voting against central planning of a very different kind. And that’s actually the macro frame that I have on this – that the level of instability the Fed has been causing, they’re now in the state of like a plane [experiencing turbulence].”
Srinivasan’s comments suggest that Bitcoin is becoming a popular alternative to traditional banking, particularly as the Federal Reserve continues to create instability in the market. As the digital asset market continues to mature and gain more widespread adoption, it will be interesting to see if Srinivasan’s prediction comes to fruition.
