Bitcoin Could Reach $1M in 90 Days: Balaji Srinivasan’s Bullish Call Explained

• Balaji Srinivasan, a former chief technology officer of Coinbase (COIN), predicted that the price of bitcoin (BTC) could reach $1 million by June 17.
• He said his prediction was a “symbol” of the “collapse in full faith and credit in the U.S. financial system” due to money printing by the government.
• He estimated that there is a 10% chance of an issue occurring within months, 70% chance within years, 19% chance within decades, and 1% chance it takes a century or more for BTC to reach $1 million.

Balaji Srinivasan’s Bitcoin Prediction

Balaji Srinivasan, a former chief technology officer of crypto exchange Coinbase (COIN), made headlines when he predicted that bitcoin (BTC) could reach $1 million in price by June 17 during an interview at CoinDesk’s Consensus 2023 conference. His bullish call was explained as being linked to government money printing devaluing the U.S dollar.

Rationale Behind Prediction

Srinivasan described his prediction as a „symbol“ of the „collapse in full faith and credit in the U.S. financial system,“ which he attributed to money printing by the government to prop up a fragile banking system. When asked about how likely it was for BTC to reach $1 million, he estimated that there is a 10% chance of an issue occurring within months, 70% chance within years, 19% chance within decades and 1% chance it takes a century or more for BTC to reach this value.

Controversy Surrounding Bet

The bet sparked some controversy among cryptocurrency investors who questioned why someone would make such an audacious prediction without any real evidence or data to back it up. Despite this criticism, Srinivasan stands firm on his opinion and believes that with proper management and execution from governments around the world regarding economic regulation and fiscal policies, this goal can be achieved sooner rather than later.

Effects on Crypto Markets

The effect of this prediction has been two-fold; while some people are skeptical about its probability others are embracing it as bullish news for cryptocurrencies markets as they believe it will encourage investment into these assets despite their volatility over recent times due to global economic uncertainty caused by COVID-19 pandemic related lockdowns around world leading increased unemployment rates which have had significant impacts on stock markets globally resulting record highs across many indices worldwide including Nasdaq Composite Index hitting 15000 mark first time ever recently .

Conclusion

Whether or not Bitcoin reaches $1 million remains uncertain but Balaji Srinivasan’s bold prediction has certainly made waves throughout cryptocurrency circles and beyond providing much needed optimism during troubling times economically speaking globally .