{"id":18891,"date":"2023-03-19T01:11:04","date_gmt":"2023-03-19T01:11:04","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/balaji-srinivasan-says-hyperinflation-happening-now-makes-million-dollar-bets-on-bitcoin-price-exceeding-1m-in-90-days-economics-bitcoin-news\/"},"modified":"2023-03-19T01:11:04","modified_gmt":"2023-03-19T01:11:04","slug":"balaji-srinivasan-says-hyperinflation-happening-now-makes-million-dollar-bets-on-bitcoin-price-exceeding-1m-in-90-days-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/balaji-srinivasan-says-hyperinflation-happening-now-makes-million-dollar-bets-on-bitcoin-price-exceeding-1m-in-90-days-economics-bitcoin-news\/","title":{"rendered":"Balaji Srinivasan Says Hyperinflation Happening Now \u2014 Makes Million-Dollar Bets on Bitcoin Price Exceeding $1M in 90 Days \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

Venture capitalist and angel investor Balaji Srinivasan says hyperinflation is happening now. Expecting the price of bitcoin to soon hit $1 million, he is making million-dollar bets that it will happen in 90 days. Srinivasan also advised investors to buy bitcoin, which he believes to be \u201ca hedge against hyperinflation, monetary debasement, bank freezes, and wealth seizure.\u201d<\/strong><\/p>\n

Balaji Srinivasan: Hyperinflation Is Here<\/h2>\n

Venture capitalist Balaji Srinivasan believes that hyperinflation is happening now. Srinivasan is an angel investor, tech founder, and a Wall Street Journal bestselling author. He formerly served as the CTO of crypto exchange Coinbase and was a general partner at venture capital firm Andreessen Horowitz (A16z).<\/p>\n

Commenting on a tweet<\/a> made by former Twitter CEO Jack Dorsey in October 2021 stating that hyperinflation will happen \u201csoon\u201d and will \u201cchange everything,\u201d Srinivasan tweeted Friday, \u201cJack is right.\u201d He emphasized:<\/p>\n

\n

Hyperinflation is happening \u2014 now.<\/p>\n<\/blockquote>\n

The angel investor referenced recent government and Federal Reserve bailouts of Silicon Valley Bank<\/a> and Signature Bank<\/a>. The Treasury Department said last Sunday that it will make available up to $25 billion<\/a> as a backstop for its new Bank Term Funding Program (BTFP). He further pointed out that Federal Reserve Bank of Minneapolis President Neel Kashkari previously said: \u201cThere is an infinite amount of cash<\/a> at the Federal Reserve.\u201d<\/p>\n

Srinivasan explained in December last year that bitcoin is \u201ca hedge against hyperinflation, monetary debasement, bank freezes, and wealth seizure.\u201d He added: \u201cIt\u2019s already proven itself in that role, in places like Venezuela, Lebanon, Nigeria.\u201d In comparison, he explained that the largest cryptocurrency \u201cmay eventually have a gold-like role\u201d as a hedge against \u201cstandard\u201d inflation, but stressed that it \u201ctakes decades to show.\u201d<\/p>\n

Believing that hyperinflation is already here, Srinivasan also urged investors to buy BTC<\/a> in his tweet Friday. The venture capitalist wrote:<\/p>\n

\n

Buy bitcoin and get your coins off exchanges.<\/p>\n<\/blockquote>\n

$1M Bitcoin Bets<\/h2>\n

In addition, Srinivasan took a bet initiated by James Medlock<\/a>, who announced on Twitter Thursday: \u201cI\u2019ll bet anyone $1 million dollars that the U.S. does not enter hyperinflation.\u201d The former Coinbase CTO responded:<\/p>\n

\n

I will take that bet. You buy 1 BTC<\/a>. I will send $1M USD. This is ~40:1 odds as 1 BTC<\/a> is worth ~$26k. The term is 90 days. All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.<\/p>\n<\/blockquote>\n

In a follow-up tweet, Srinivasan detailed: \u201cI am moving $2M into USDC for the bet. I will do it with Medlock and one other person, sufficient to prove the point \u2026 Everyone else should just go buy bitcoin, as it\u2019ll be much cheaper for you than locking one up for 90 days.\u201d<\/p>\n

Several people have offered to help Medlock put up the 1 bitcoin for the bet. Medlock subsequently tweeted: \u201cBalajis ready to do this?\u201d<\/p>\n

Srinivasan responded: \u201cYes. Just moving money for the bet. We can do it via smart contract, but for simplicity old-fashioned escrow may work,\u201d Srinivasan replied. \u201cThe escrow person would need one BTC<\/a> address and one ETH<\/a> address (for the USDC). The assets would sit on chain for 90 days.\u201d He clarified:<\/p>\n

\n

If BTC<\/a> < $1M in 90 days after escrow, then you win and get both the 1 BTC<\/a> and the $1M USDC. If BTC<\/a> > $1M USD in 90 days after escrow, then I win and get both the 1 BTC<\/a> and the (now worthless) $1M USDC.<\/p>\n<\/blockquote>\n

Medlock replied: \u201cSir, I believe we have ourselves a deal.\u201d The CEO of crypto exchange Binance, Changpeng Zhao (CZ), joined the conversation, offering to be the escrow for the bet. At the time of writing, BTC<\/a> is trading at $27,208.<\/p>\n

Do you agree with Balaji Srinivasan that hyperinflation is happening now? And do you think bitcoin\u2019s price will exceed $1 million in 90 days? Let us know in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n