Former Coinbase executive Balaji Srinivasan is making a seriously bold Bitcoin (BTC) prediction based on his belief that the US dollar could follow in the footsteps of a fiat currency that collapsed about a hundred years ago.
Last week, Srinivasan caught the attention of crypto traders after placing a million-dollar bet that Bitcoin will skyrocket to $1 million in just 90 days.
Now, the former Coinbase chief executive officer is doubling down on his extremely bullish Bitcoin stance as he tells his 847,700 Twitter followers that the US dollar could soon mirror the state of Weimar marks following the defeat of Germany in World War I.
“Imagine this graph, but in fast forward. That’s what happens when people exit a failing fiat currency and enter gold. In this case, they’ll exit the dollar and enter digital gold. The bet isn’t a way to make money. It’s a way to alert innocent dollar holders: get to Bitcoin.”Â
In 1923, the Weimar marks collapsed due to a period of hyperinflation which saw its value plummet against the US dollar. During that time, one dollar was equal to one trillion marks.
Srinivasan is also blaming the Federal Reserve for the current banking crisis that led to the collapse of Silicon Valley Bank (SVB), Signature Bank and Silvergate. According to the angel investor, the Fed sold US treasuries to banks and then raised interest rates at a historic pace, a move that negatively impacted the value of the bonds.
“Many people tried to pin SVB on tech scapegoats. As if your business checking account bankrupted a $200 billion bank. The Fed was of course the culprit. Sell bonds to everyone, promptly devalue them, cover up the subsequent insolvency, and deny responsibility.”Â
According to Srinivasan, the world will witness massive changes this year catalyzed by the devaluation of the dollar.
“This year may be one for the books…Â
The devaluation of the dollar.
The rise of Bitcoin.
The global flippening to the East.
Even for someone who was thinking about these trends, the pace of change will feel shockingly, disorientingly fast. It reminds me a bit of the early 1900s. In 1910, you still had nine royals meeting. The old world of princes was still around and seemingly immortal. But under the surface, technology had changed everything. And the 20th century roared into existence a few years later.”
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