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Former Coinbase CTO predicts this about the future of BTC but here’s the hitch

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  • Former Coinbase CTO Balaji Srinivasan has reiterated his confidence in his famous million dollar projection for Bitcoin.
  • Balaji believes that if USD loses its status as the global reserve currency, BTC would be the best alternative.

Balaji Srinivasan, the former Chief Technology Officer of Coinbase, recently appeared in an interview with Cathie Wood, the visionary investor behind Ark Invest. During the interview, Balaji talked about his take on the relationship between the economy and Bitcoin [BTC] and his famous Bitcoin bet.

Herein, the former Coinbase executive claimed that the flagship cryptocurrency would reach a million dollar valuation within 90 days. 

All in agreement but…

In the interview, Balaji Srinivasan reaffirmed his bold price prediction for the king of cryptocurrencies. The former Coinbase executive was confident that BTC will reach a million dollars in the timeframe that he predicted.

Interestingly, Cathie Wood shared Balaji’s confidence, but only on the valuation. According to the Ark Invest Chief, a million dollar price mark would be realistic considering a 10-year timeframe. 

However, both the investors agreed on one thing, the actions of the United States Federal Reserve will lead to the downfall of the US Dollar. This could pave the way for the world’s largest cryptocurrency to emerge as the new safe haven for investors fleeing from USD.

While Balaji Srinivasan seems to be counting on rapid hyperinflation for Bitcoin to achieve this massive feat, Wood stated that fears of deflation and country party risk will help ignite Bitcoin’s next bull run. 

Speaking on clashes between Keynesian economists and Bitcoin, Balaji stated that while the Keynesians were eager to denounce Bitcoin, they never took into account the possibility of BTC actually existing.

“The fact that a digital gold like thing now exists is something that they did not predict could exist and this generation of keynesians,” he added.

Balaji also suggested that states in the USA should support crypto as it may emerge as a tool for financial freedom. Furthermore, it could also be a considerable addition to their tax income.

In the unfortunate event of the USD’s downfall and its subsequent loss of status as the reserve currency, Balaji Srinivasan shared his belief that Bitcoin would be a better alternative than China Yuan for a reserve currency.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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