In a shocking move, Balaji Srinivasan - the former CTO of Coinbase Global Inc. - has made it known that he predicts Bitcoin will take only three months to reach $1.0 million per coin by June 17th.

The entrepreneur and investor relates his super bullish view to the recent bank failures that he warns will hyperinflate the U.S. dollar. In a recent tweet, he said: “Central bank, the banks, and the bank regulators have bankrupted all of us. They hid their insolvency from you, the depositors. And they’re about to print $2.0 trillion to hyperinflate the dollar.”

Srinivasan is not the only one certain about Bitcoin reaching the $1.0 million threshold. He’s in a bet with James Medlock (pseudonymous Twitter speaker) to whom he’ll have to pay $1.0 million if Bitcoin doesn’t reach his suggested valuation by June 17th. Srinivasan agreed to the bet on Twitter in which he said, “you buy 1 BTC. I will send $1.0 million. This is ~40:1 odds as 1 BTC is worth ~26K. The term is 90 days.”

The discussion started on March 17th when Medlock said he was willing to bet $1.0 million that fears of hyperinflation in the United States were merely overblown – a bet that Srinivasan accepted.

Custodia Bank founder Caitlin Long has also dubbed Bitcoin an insurance policy; a scarce asset, believing that BTC will shoot up to $1.0 million per coin. Bitcoin is currently trading well above its 200-day Moving Average.

Key Points

  • Former Coinbase CTO says Bitcoin will hit $1.0 million by June 17th.
  • Custodia Bank founder dubs BTC an insurance policy; a scarce asset.
  • Bitcoin is currently trading well above its 200-day Moving Average.
  • Balaji Srinivasan is in a bet with James Medlock to pay $1.0 million if Bitcoin doesn’t reach his suggested valuation.

TL;DR

Balaji Srinivasan, the former CTO of Coinbase Global Inc and Custodia Bank founder Caitlin Long both believe that Bitcoin will shoot up to $1.0 million per coin, with Srinivasan even going so far as to make a bet with James Medlock that if Bitcoin does not reach his suggested valuation by June 17th, he will have to pay $1.0 million.