NewsletterBalaji Srinivasan: Bitcoin Can Save Investors From Digital Pearl Harbor
American entrepreneur and investor Balaji Srinivasan said his “Bitcoin to $1 million in 90 days” prediction is funnily making him sound like the most intense (Bitcoin) maximalist ever. In web 3.0 lingo, maximalists are those who believe all other cryptocurrencies are inferior to Bitcoin. The entrepreneur’s bold prediction took the financial markets world by a storm considering that Bitcoin price is only under $30,000 currently. Also, if his prediction goes on to be true, the crypto market total value could skyrocket to mainstream levels.
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His views behind the prediction were centered around the US Federal Reserve’s alleged mismanagement that crashed the system. He made the comments in the wake of back to back bank failures in the United States. What started with Silvergate spread to the Silicon Valley Bank collapse and the subsequent action on the Signature Bank.
“The Fed mismanagement crashed the system,” Srinivasan said in his viral tweet. He said the central bank was going to print trillions resulting in a “stealth devaluation of the dollar.”
“Digital Pearl Harbor”
Speaking to investor Anthony Pompliano on Tuesday, Balaji Srinivasan described the current US macroeconomic situation as a Digital Pearl Harbor. Pompliano said Srinivasan’s arguments had very little to do with Bitcoin but with the traditional financial system, to which Srinivasan agreed. In his latest comments, Srinivasan said the printing of dollars led to a situation where people are scared about whether their money is in the bank. In the long term, he predicted that it will be a world where money will move from wires to (crypto) exchanges and funds like small sovereigns.
“The fundamental thing would be certainly the Bitcoin price going up if and when it starts mooning. It will be about not making more money but not to lose money.”
He also said Bitcoin price had in recent weeks showed the true decoupling from the other assets.
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