Balaji Srinivasan, the former director of the largest US-based crypto exchange Coinbase, believes the adoption of Bitcoin (BTC) is set to go higher in the coming weeks or months, given the current setbacks in the US banking system.
Recall that top banks in the United States including Silicon Valley Bank (SVB) and Silvergate recently experienced huge liquidity crises. Accordingly, the former Coinbase director implied in a recent interview that trust in the traditional banking system might be reduced, causing more people to recognize Bitcoin as the new standard.
Speaking on the odds and timeline of BTC to get to $1,000,000 per coin as he earlier speculated, Srinivasan stated that the leading crypto asset can reach the milestone within the next three months, adding that getting perfect timing is hard.
In his words,
“I think we see an exit from the US banking system towards Bitcoin over the next weeks and months and perhaps years to come.”
“The exact timeline of 90 days? You know, I don’t think it’s impossible that happens given how fast digital bank runs happen, but directionally it’s much easier. Timing is hard, prepping is easy.”
“Bitcoin is actually free markets. And now we’re having the true election, which is between USD [US dollar] and BTC where people are again voting against central planning of a very different kind. And that’s actually the macro frame that I have on this – that the level of instability the Fed has been causing, they’re now in the state of like a plane [experiencing turbulence].”
“Can I predict every single crazy gyration they’re going to make? I cannot. And ultimately predicting a lot of the macroeconomy is on that.”
“Can I know that there’s going to be passengers who are hitting the eject button and like this pilot doesn’t know what they’re doing, we’re getting into the parachute, the Bitcoin parachute, we’re getting out of the plane? Yes, I think there will be more.”
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