On Saturday, March 18, veteran investor Balaji Srinivasan raised a major alarm stating that the United States is quickly moving into hyperinflation taking a massive $1 million bet on this. Interestingly, he’s also moving $2 million in USDC for the bet through Medlock.
Balaji’s massive bet on Bitcoin (BTC) has led to a storm in the crypto community discussions. The veteran investor’s comments come as the Fed has moved to money printing again amid a banking crisis unfolding in the US. Balaji writes:
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In another of his several tweets, Balaji predicts that there would be massive withdrawals from banks starting Monday onwards. He wrote:
Don’t Take Balaji Seriously on His Bitcoin Bet
As the tweets from Balaji have caught wildfire all over, some Bitcoin proponents have voiced their opinion that investors should not take it seriously or fall for it. Popular market analyst Alex Kruger wrote:
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Another market analyst Ali Martinez explains that an entire Chinese GDP should go into Bitcoin for it to reach $1 million in 90 days.
While the market has been going absolutely crazy over the Balaji bet, one cannot neglect the possibility of Bitcoin touching $30,000 ahead of the FOMC meeting next week. Bitcoin has so far delivered a very strong performance amid the banking crisis.
Although with the Fed’s intervention last week, the contagion of Silicon Valley Bank’s collapse continues to spread. Big banks like JPMorgan came to the rescue of the First Republic Bank last week. However, some analysts are expecting a far greater contagion ahead in the baking space and a never-like-before banking run.
Is this the moment for Bitcoin to ultimately rise to the occasion and serve as the world’s reserve currency? The coming weeks shall put light on this. However, BTC’s recent performance makes us think that the reset is already kicking in.
