The craziest bet in crypto ever…
What’s more about it?
Some in-depth analysis:
It's a controversial prediction made by tech entrepreneur @balajis.
He sold his genetic testing company for $300M+ and was once the CTO of Coinbase.
He's also made some pretty spot-on predictions,like the impact of COVID-19 and the rise of pseudonyms in digital identities.
Now Balaji's back with a new prediction:
Bitcoin will be worth $1M+ in 90 days.
And he's making two separate million-dollar bets to back it up.
More details about the bet here.
Why is Balaji so sure that Bitcoin is about to blow up?
U.S. banks are in deep trouble.There isn't enough money in the banks to cover withdrawals.
And economists are saying that over 185 other banks may be at risk too. Which means...
The U.S. government might print $2T in new liquidity to save the banks.
Printing all that new money will devalue the dollar and lead to hyperinflation.
That's when the dollar's value goes down and prices of goods and services go up.And up. And up.
Hyperinflation is fast.
Balaji argues that it’s even faster in today’s world.
Viral tweets spread faster than wildfire. And It accelerates things. (i.e. Silicon Valley Bank saw $42B worth of withdrawals in 24H.)
Balaji believes in Bitcoin investing.
He thinks people will start turning to Bitcoin as a hedge against inflation and an alternative to fiat currency.
Will Balaji win?
Some best takes on Twitter:
A week passed, and there is a 0.2K growth.
A win for Balaji bet might need more than just attention.