How Bitcoin Will Breach $1 Million? Ex-Coinbase CTO Clarifies

Bitcoin News: Balaji Srinivasan, Coinbase’s former CTO mega bet on Bitcoin (BTC) price to hit $1 million over the next 90 days attracted scrutiny from several market experts. However, Srinivasan is not holding back to prove that the 1 BTC= $1 million scenario is possible amid the global banking crisis.

Bitcoin Becoming A Safe Haven?

According to Balaji Srinivasan, bank failures will lead to hyperinflation and it is because of the redenomination of digital gold in sight rather than literal gold. He highlighted that the 20th century was the exception as gold hold back the ability of states to wage wars.

Srinivasan moved ahead with his claim on digitization and mentioned the example set by ChatGPT over the past few weeks. The sudden boom of ChatGPT signed up around 100 million people in weeks. However, around 400 million people are holding crypto globally and recently $42 billion were moved out of Silicon Valley Bank in just one day, he added.

Also Read: Bitcoin Price Ready To Hit $1 Million; Arthur Hayes Bullish Over This Reason

Coinbase’s former CTO highlighted that once people will come to know that the Federal Reserve System has presided over banks that are having countless bank runs. This will make people lose their confidence in the dollar system and eventually they will move over to find a safe haven that Bitcoin represents.

He further added that if the Fed is unwilling to tighten monetary policy in order to fight the spiraling inflation. This is just because of the fear of collapsing banks. The Financial regulator announced BTFP’s offering just went from $25 billion to $2 trillion in just a few days. Read More Bitcoin News Here…

Coinbase’s former CTO believes that the new swap facility is similar and now all deposits are now effectively “FedDIC” insured. However, the current scenario is moving toward major instability. As things gets worse from here many people will hedge from their bank accounts to Bitcoin in a loop.

Also Read: Bitcoin (BTC) Price Climbs Past $28,000 For the First Time In Nine Months, Bull Party Started?