Crypto Twitter Bets on Hyperinflation Catapulting BTC to $1 Million in 3 Months

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Balaji Srinivasan, a venture capitalist and former CTO of Coinbase, claimed that the US economy will enter a phase of hyperinflation in 90 days, catapulting BTC to $1 million.

Balaji, whose crypto business Earn.com was acquired by Coinbase in 2019, also offered to pay $1 million in BTC to the top 1,000 tweets that warn of a stealthy financial crisis.

Balaji bets BTC will be at $1 million

Yes. Just move money for the bet. We can do this through a smart contract, but for simplicity, old-fashioned escrow can work.

Escrow would need a BTC address and an ETH address (for USDC). The assets would remain on-chain for 90 days.

If BTC < $1M within 90 days of https://t.co/TP82ecUf9J

Balaji (@balajis) March 18, 2023

I set up the BitSignal. $1 million in BTC to alert us to the stealth financial crisis. $1,000 per tweet, for the top 1,000 They hid their insolvency from you, filers. And they’re about to print $2,000,000 to hyperinflate the dollar. So buy Bitcoin *now* and withdraw your coins from exchanges, Balajitweete March 16th.

The next day he went hammer and pliers. BANKS ARE INSOLVEN We should have learned to distrust bankers after the 2008 crisis. Back then, they used complex language to hide the simple fact that mortgages were bad. And today they do it to hide the fact that there is no more money. Not in one bank, in all banks. And they knew months ago, he said.

In the final salvo, he said Signature and Silvergate were forced to close because they banked the crypto.

While Balajis’ tweets generated huge responses, including from Binance CEO Changpeng Zhao, who seemed very amused by the turn of events, well-known cryptocurrency critic Molly White pointed out the interest. venture capitalist’s staff to paint a fate of traditional banking and finance. .

it’s not like we can put the genie back in the bottle! VC who stands to benefit massively from the genie’s release, and who has worked tirelessly to release said genie, tweeted in response to Balajis’ tweet and followed up, I’m also pretty good at bagging cats, l ‘occurrence.

Buy Pivot: Arthur Hayes

Asking investors to buy bitcoin, Arthur Hayes, co-founder of crypto exchange BitMEX, said earlier that US banks were recording an unrealized loss of $620 billion. And the US government plans to provide a $4.4 trillion bailout package for the banking sector.

The huge bailout will give a boost to the entire financial sector including cryptocurrencies, especially bitcoin and other top coins. During Covid-19, when the US government pumped $4.19 trillion into the economy, bitcoin surged to $69,000, he argued.

The banking crisis takes center stage

The regulatory heat imposed on cryptocurrency companies in recent weeks has given way to a much larger problem, the banking crisis of 2023. In about a week, three mainstream US banks have ceased operations, leaving behind a vast trail of institutional and individual depositors without access. funds from their bank accounts. It also triggered massive bank runs involving hundreds of regional banks.

The liquidity crunch facing banks is believed to have been caused by government bonds becoming cheaper after the Federal Reserve raised the interest rate in recent months in a bid to tame inflation, which at one point had reached a 40-year high.

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