Will Bitcoin reach $1 million in 90 days?
April 03, 2023
Balaji Srinivasan bets $1 million that Bitcoin will reach $1 million within 90 days, amidst economic turmoil. Here's why:
- Banks suffered massive losses due to bond value drops as interest rates rose, making them vulnerable to bank runs.
- The Fed introduced the Bank Term Funding Program (BTFP) to lend money to struggling banks, effectively printing more money.
- Bitcoin's fixed supply and independence from centralized manipulation make it an attractive store of value in times of economic uncertainty.
- The insolvency of banks and potential inflation from bailouts could drive people towards hard assets like Bitcoin, though the exact timeline and impact remain uncertain.