Balaji Srinivasan Explains Rationale for $1 Million Bitcoin (BTC) Bet, Says It Could Take Over 90 Days

[ad_1]

Entrepreneur Balaji Srinivasan explained the rationale for his bet that the price of bitcoin (BTC) could hit $1 million by June 17 as he spoke remotely via video link at the CoinDesks conference Consensus 2023, held in Austin, Texas.

“Could it take 900 days or even 90 months? It’s possible, I don’t have a 100% chance on that,” Srinivasan said on Friday.

“I may be wrong, but I burn a million to tell you they print trillions.”

He described his prediction as a “symbol” of “the collapse of full faith and credit in the American financial system”, due to a proliferation of government money printing to prop up a fragile banking system.

Linking the odds of bitcoin hitting $1 million to the likelihood of some sort of Black Swan event in the US economy, Srinivasan said he thinks there’s a 10% chance that something very wrong will happen. serious happens in a few months, a 70% chance of having one in years, a 19% chance in a few decades and a 1% chance that it will take a century or more.

“So I don’t think it’s 100%, but the specific number I think is high because I see a lot of fragility in the system.”

CORRECTION (April 28, 17:30 UTC): Previous release stated that Srinivasan indicated there was a 90% chance of a serious issue occurring within decades. Correct to 19% and add 1% probability that it will take a century.

[ad_2]