| by Editorial
Balaji Srinivasan announces a remarkable bet: he bets on a bitcoin price of $1 million within 90 days. Balaji is a well-known entrepreneur and investor. In addition, the billionaire regularly gives his opinion on the future of and with technology.
Balaji speculates on Twitter about a time when the world will be rearranged. Or rather: re-appreciated. That revaluation will then take place with bitcoin as the digital gold, the new world reserve currency. This is also known as hyperbitcoinization.
Balaji expects individuals, companies and countries to start buying Bitcoin. Balaji is not talking about years, but he expects big changes very soon. He expects a US state or several countries to buy bitcoin.
It is a rather remarkable prediction with a seemingly small chance of success. A million dollars is also a lot of money, but if your assets consist of a multiple of this, it entails less risk.
Bet?
To reinforce his prediction of the future, the technologist makes a bet. He’s making $1 million (and now $2 million) available. The person who wants to place the bet only needs to put in one bitcoin. At the moment they are looking for a reliable intermediary to get it done.
To vote on the poll, open the original article here.
The bet stems from Balaji’s statement that the banking world is about to collapse. We’ve summarized Balaji’s thoughts below, but you can also read the original tweet read of course. Balaji has little interest in the banking system and thinks of a big conspiracy. He suspects people in the banking world that they have been withholding things.
Balaji: “This time the central bankers, banks and banking regulators have lied to all holders of the dollar. This is not a typical fractional banking situation. The problem is that there is not enough capital in the banks to cover withdrawals. They knew this all year and communicated it internally.”
He continues: “The central banks, the banks and the banking regulators all knew there was a huge crash coming – the term is ‘unrealized losses’. But they have you as a depositor (someone who deposits money, ed.) never notified.”
Balaji argues that the banks hid their liquidity problems.
He continues: “Just like SBF used your deposits to buy shitcoins, the banks used accounting tricks to fool themselves and others with the money, and ended up buying the ultimate shitcoin: long-dated U.S. Treasury bonds. And they all got destroyed the same way, at the same time, because they bought the same asset from the same seller who valued it at the same time: the Fed.”
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