Balaji thinks about the probability of his Bitcoin forecast of $ 1 million (Consensus 2023 Live)

Balaji thinks about the probability of his Bitcoin forecast of $ 1 million (Consensus 2023 Live)

Since Bitcoin is currently being traded at $ 29,150, the asset has to increase by over 3000 % so that Balaji Srinivasan-former CTO of Coinbase-can win his $ 1 million bitcoin bet until June 17.

The investor and entrepreneur spoke at Consensus 2023 about his motives and reasons for the bet and the likelihood that he is actually right.

Is 1 million dollar Bitcoin still in the game?

Before the Consensus Mainstage On Friday, Balaji recalled the audience by video that the big financial crisis in September 2008 conquered the world in storm. This was only five months after the then central bank chair-Ben Bernanke- predicted of the world could be a "easy recession".

Balaji connected this to how the chairman of the US Federal Reserve, Jerome Powell, predicted in April 2023 that the world could be "mild recession" in the previous month.

"I don't know how many months-years-we have," said Balaji. "If you think like a trader, think that too early is false. If you think like a prepper, hell is the truth that is seen too late."

At the time of his bet, Balaji rested his out of bullish thesis that the US dollar is in response to the banking crisis in a hyperinflationary death spiral. Although he still has no precise time frame for such a breakdown, he believes that it is "better to be early" if you try to tie the underside.

"Just to quantify it, I think we have a 10 percent chance of a very serious problem in months, 70 percent in years, 19 percent in decades and 1 percent if it took about a century," he added.

Balaji Srinivasan (consensus 2023)

fed song; Banks died

for the manager, his bet was more of a marketing edition to "raise awareness of the Fiat crisis", and is actually only a "direction signal". He said it was possible that the financial effects will take place in "900 days" or even "90 months" or that the exact endpoint of Bitcoin is less than $ 1 million.

If his prediction is true, but he is certain that he will not be the one who caused the collapse through a number of tweets. The FED, he says, is behind the collapse, because it gave financial institutions incentives for investments in real estate through mild liquidity in 2021 before attracting interest rates and falling government bonds and mortgage securities in 2022.

"Trust the Fed, end it dead," he said. "The Fed lied, the banks died."

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