Former Coinbase chief technology officer Balaji Srinivasan is doubling down on his prediction that Bitcoin (BTC) explodes by over 3,300% from current levels in less than 90 days.
Srinivasan says in an ARK Invest interview that troubles in the US banking system would send people fleeing to Bitcoin.
According to the angel investor, his seriously bold prediction that BTC will hit $1 million in less than three months from now is likely due to the speed of digital bank runs.
“I think we see an exit from the US banking system towards Bitcoin over the next weeks and months and perhaps years to come.
The exact timeline of 90 days? You know, I don’t think it’s impossible that happens given how fast digital bank runs happen, but directionally it’s much easier. Timing is hard, prepping is easy.”
Srinivasan says that the Federal Reserve has caused instability that could trigger a lot of people to seek refuge in Bitcoin.
“Bitcoin is actually free markets. And now we’re having the true election, which is between USD [US dollar] and BTC where people are again voting against central planning of a very different kind. And that’s actually the macro frame that I have on this – that the level of instability the Fed has been causing, they’re now in the state of like a plane [experiencing turbulence].
Can I predict every single crazy gyration they’re going to make? I cannot. And ultimately predicting a lot of the macroeconomy is on that.
Can I know that there’s going to be passengers who are hitting the eject button and like this pilot doesn’t know what they’re doing, we’re getting into the parachute, the Bitcoin parachute, we’re getting out of the plane? Yes, I think there will be more.”
Bitcoin is trading at $27,897 at time of writing.
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