Bitcoin At $1 Million In 90 Days
It's been a wild ride in the financial system the past few weeks and I saw former Coinbase Chief tech officer Balaji Srinivasan has warned the latest banking crisis could spark hyperinflation in the U.S.
Hyperinflation would be terrible for the current economy so crypto enthusiast and and Srinivasan have advised people to buy bitcoin now and get your coins off exchanges for such an event. Do I think this will happen it's unlikely in my opinion because the government is doing everything it can think of to stop it and that could put pressure on the FED to change their policies. I don't think we actually have 'real' inflation right now. What we have is margin expansion which is when companies try to milk all the profit they can which is why we actually have prices increases. Now that I have stepped off my soapbox let's get back to the heart of this article and let me explain the meaning behind the click bait title.
Srinivasan has made a $1 million bet that the bitcoin price will be over $1 million in just 90 days, meaning a 3,600% bitcoin price increase by June 16. Well it's back to that hyperinflation which does happen fast. He talked about seeing pandemics and bank runs that all happened very fast which caught people off guard. He also thinks that the Federal Reserve has lied about how much money there is in the banks. All valid point, but would I bet 1 million dollars that it Bitcoin would hit 1 million dollars in 90 days - hell no!
A user named @jdcmedlock posted on Twitter that he'd bet anyone $1 million dollars that the U.S. does not enter hyperinflation. Srinivasan outlined the terms of the bet as, if bitcoin is worth more than $1 million in 90 days then he wins and if it's worth less the counterparty gets the $1 million. The Bitcoin for @jdcmedlock was not his own, but actually pro poker player Isaac Haxton. TO my knowledge the deal is not closed so I wonder if it will actually happen. I guess we will have to wait to see. Right now, Bitcoin has been on the move with more news of failing banks, but sits at $28K with For the sake of the economy I hope Srinivasan looses this bet if taken. I know Bitcoin holders would be happy, but to understand the economic damage that would take place is scary to think about.
Posted Using LeoFinance Beta
