How Realistic Is Former Coinbase CTO’s $2 Million Bitcoin Wager on U.S. Hyperinflation? - Decrypt
19 Mar 2023 9:53 PM
Two skeptics take Balaji Srinivasan up on his bold bet that the price of Bitcoin would reach $1 million in three months....
- Balaji Srinivasan, Coinbase's former CTO, bet $1 million that Bitcoin's price will reach $1 million by June 17, 2021.
- Srinivasan believes that the global economy is on the brink of rapid change, and the U.S. dollar will experience hyperinflation, leading to the "redenomination" of the global economy on Bitcoin as digital gold.
- The market capitalization of Bitcoin would increase to around $19.3 trillion from about $549 billion today, according to CoinGecko.
- The bet has sparked discussions on Twitter, with some supporting Srinivasan's view and others calling it unrealistic and risky.
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The article presents a mixed sentiment towards Balaji Srinivasan's bet on Bitcoin's price. While some support his view that Bitcoin could be a store of value during an existential crisis for the financial system, others consider the bet unrealistic and risky.
What is Balaji Srinivasan's bet on Bitcoin's price, and what is his rationale behind it?
How would the market capitalization of Bitcoin change if Srinivasan's prediction comes true?
What is the "hyperbitcoinization" that Srinivasan refers to, and how does it relate to the global economy?
What are some of the criticisms of Srinivasan's bet, and why do some consider it unrealistic and risky?
How has Bitcoin performed during the onset of the coronavirus pandemic, and what does Adam Cochran say about Bitcoin's potential value as an asset?