Bitcoin Going to $1 Million Within 90 Days & Why It'll Cause Chaos

The cryptocurrency market is all about narratives and currently, there is no narrative that is stronger than Bitcoin. We are living and breathing through a time exactly what Bitcoin was created for. Currencies are being inflated away, and trust in governments is disappearing. But perhaps the final straw was what began happening last week. Starting with Silvergate Bank, SVP, Signature, and even Credit Suisse, banks in the US and around the world began collapsing. The feat is that this is only the beginning. There are rumors that more than 150 major banks around the world are on the brink of collapse. If that happens, the contagion will continue to spread much further than we can even imagine. Fear, panic, and even chaos would be understatements.

All of this is a perfect storm for Bitcoin and perhaps its first real use-case test. So far it has been performing excellently. Rising from $19k to more than $27k in only one week. These two situations playing out at the same have led many in the Bitcoin space to begin thinking about how the rest of this year might play out. Just a week ago the market was in a bearish place, but now depending on the amount of your Bitcoin holdings, it has changed into a Bullish atmosphere. Could Bitcoin make a new all-time high price this year? Could it surpass $100k? Or, could we be on the verge of something unprecedented?

While the banks on the verge of collapse have been the talk of the market the last week. There is one different discussion that has completely taken over the imagination of all Bitcoiners during the last few days.

Balaji S. Srinivasan, former CTO of Coinbase, partner VC at Andreessen Horowitz, and a major player in the cryptocurrency market has let his thoughts about Bitcoin be known. He believes that the US is on the brink of something scary. That the run of banks collapsing has only begun, that the US dollar is on the brink of hyperinflation and that Bitcoin will be soaring up to a price of $1 million. While those are all major claims, what makes this so controversial is that he is predicting that this will all happen within the next 90 days.

Now it is very easy for someone to make incredible predictions in the crypto market. People do it all the time to gain fame, clout, and followers. But what makes this so different is that he is backing up his talk with a large amount of his own money. He has made a bet and had it set in a smart contract for $2 million that Bitcoin will in fact reach a price of $1 million in the next 90 days.

For those of us who have been accumulating Bitcoin non-stop for years, it is exciting to think about this possibility. The things we would be able to buy, and how many of us would never need to work again. Bitcoin absolutely has the potential to reach a price of $1 million or even far surpass it in the future. But for this to happen on such an accelerated timeline, in only 90 days. Not only would this equate to the end of the US empire, but it would mean pain for the entire world.

This theory has long been called hyperbitcoinization. The idea is that Bitcoin will become a vacuum and eat up most of the monetary value in the world. In the long-term, this would actually be very beneficial to people. Earning in a currency that actually rewards them for saving and doesn’t have its value inflated away every year. A money that can’t be controlled by governments. An asset that gives you freedom, and something that you can truly own.

However, in the short term, as this transformation is taking place, it would cause extreme panic, pain, and chaos. It would result in the world becoming a place of those who have Bitcoin, and those who don’t. For example; look to your left, and then look to your right. Look at all of the people around you. Think about your friends, family, and co-workers. How many of them are heavily invested in Bitcoin? How many of them don’t own any at all?

In a scenario where their Dollars, Yen, Euros, and other currencies all went to zero in 90 days. With their life savings evaporating in an instant. Even those who had been rich yesterday, but didn’t have Bitcoin would become poor tomorrow. It would result in extreme pain for nearly everyone. Violence, riots, and chaos would ensue. The world would become a dangerous place and people would be very confused. They would want to know what happened to their money. The people who had been accumulating Bitcoin for years would become a target and would need to go into hiding. This hyperbitcoinization theory has always been an idea that many Bitcoiners predicted would happen several years from now.

However, Balaji is betting that this will happen within the next 90 days. The claims he makes do make a lot of sense, and he is right that everything is currently setting up a perfect storm for not only the rise of Bitcoin but the collapse of the US dollar. I have full confidence that Bitcoin will someday reach a price of over $1 million. But not even I would claim that it will happen during the next 90 days. Let alone bet $2 million on it happening.

How about you? Do you think Balaji’s $1 million Bitcoin price prediction is correct?

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