“I may be wrong but I’m burning a million to tell you they’re printing trillions,” Srinivasan said, during CoinDesk’s Consensus 2023 conference.
AUSTIN, Texas — Entrepreneur Balaji Srinivasan explained the rationale for his bet that bitcoin (BTC) could reach $1 million in price by June 17 of this year, during CoinDesk’s Consensus 2023 conference.
Srinivasan, the former chief technology officer of crypto Coinbase who is credited by many for predicting the effects of COVID-19 earlier than most, predicted stupendously bullish prospects for bitcoin in response to the devaluing of the U.S. dollar with prospects of it reaching $1 million 90 days from March 17.
“Could it be that it takes 900 days or even 90 months? It’s possible, I don’t have a 100% probability on it,” Srinivasan said on Friday.
“I may be wrong but I’m burning a million to tell you they’re printing trillions.”
He described his prediction as a “symbol” of the “collapse in full faith and credit in the U.S. financial system,” owing to a proliferation of money printing by the government to prop up a fragile banking system.
Relating the chances of bitcoin reaching $1 million to the probability of some sort of Black Swan event in the U.S. economy, Srinivasan said he thinks there’s a 10% chance of a very serious issue in months, a 70% chance of one in years, a 19% chance within decades and a 1% chance it takes a century or more.
“So, I don’t think it’s 100%, but the specific number I think is high as I see a lot of fragility in the system.”
CORRECTION (April 28, 17:30 UTC): Earlier version said Srinivasan said there’s a 90% chance of a serious issue within decades. Corrects to 19% and adds the 1% probability that this would take a century.
Disclaimer: CryptoNewsBook is an online aggregator that fetches latest crypto news from different sources. This article is provided for general information purposes ONLY and contains data fetched from third party sources; hence, we do not endorse its accuracy. For more details, kindly visit The Source. Please report any fake news or false statement to Our Support Team. If you are the original owner of this content and wish it to be removed on this platform, kindly forward your request to Our Support Team.
Also Note: Cryptocurrencies are unregulated, and no part of this article should be understood nor interpreted as a recommendation/advice. #s5