Srinivasan's Balaji Dreamed Of Bitcoin Reaching 1 Million US Dollars Per BTC, Mr. Whale Invites Realistic Thoughts

Former CTO Coinbase Balaji Srinivasan speculates that Bitcoin will break 1 million US dollars or around Rp. 15.3 billion. (Photo; Doc. Unsplash)

JAKARTA - The failure of a number of leading US banks some time ago is said to have exacerbated US dollar inflation and rocked the traditional banking system. This condition raises speculation regarding the increase in Bitcoin prices that are predicted to be future money.

According to Balaji Srinivasan, a venture capital investor and former CTO Coinbase, said that high inflation is happening right now. He estimates the price of bitcoin will soon reach 1 million US dollars (or around Rp. 15.3 billion) per BTC.

Balaji set a multimillion dollar bet that it would happen within 90 days. Srinivasan also advised investors to buy bitcoins, which he trusts as "protection from high inflation, weakening currencies, bank freezes, and confiscation of wealth."

According to Srinivasan, high inflation is happening right now. He pointed to government and Federal Reserve assistance to Bank's Silicon Valley and Signature Banks. In comparison, he explained that the largest cryptocurrency might have a role like gold as a protection against "standard" inflation, but it took years to prove.

Bitcoin Bet

Srinivasan also set a $1 million stake with James Medlock that the US will not experience high inflation within 90 days. Srinivasan asked Medlock to buy 1 bitcoin, while he would deliver $1 million.

If BTC is less than USD 1 million within 90 days of the crowd, then Medlock wins, but if the price of BTC is more than USD 1 million within 90 days of the crowd, then Srinivasan wins.

Although Srinivasan estimates the increase in bitcoin prices, these prices can fluctuate and drop suddenly. Bitcoin price fluctuations are influenced by various factors such as demand and market offerings, government regulations, technology adoption, and security issues. Therefore, investors must remain careful and do research before buying bitcoin.

Be Realistic

However, there were other comments from Mr. Whale's Twitter account regarding Balaji Srinivasan's statement. Mr. Whale, a crypto observer with more than 500,000 followers, said he thought Srinivasan's comments only confirmed that we were in the bearish market. He also added that Srinivasan was wrong in predicting the price of bitcoin which would reach one million dollars, and that prediction differed by a few zeros.

However, Mr. Whale also stated that he believes the price of bitcoin will never reach All-Time High (ATH) again, and will drop below 10 thousand dollars by the end of this year. He added that let's be realistic, bitcoin fails to do what it should.

I think his comments just further confirm we're in a bear market. He is off by several zeros.We will never hit ATHs again, and be at sub 10K later this year. Let's be realistic, Bitcoin failed at everything it was supposed to do.

— Mr. Whale (@WhaleWire) March 19, 2023

He also assessed that the increase in the price of Bitcoin could not be separated from the parties who manipulated one of them was the publisher of the USDT stablecoin, Tether. "Let's thank Tether and the corrupt fraudster for that! Bitcoin will be under $100 if they don't manipulate the price, don't deceive yourself," Mr. Whale commented.

Even so, there are different opinions about the future of bitcoin and the price it will achieve. Some believe that bitcoin can protect against inflation and can reach a very high price, while others are skeptical and even reject that view.

This shows that investing in cryptocurrencies like bitcoin has a fairly high risk and requires careful assessment and analysis before making transactions. At the time of writing, Bitcoin is trading at IDR 428 million per coin. Data from Coingecko shows that BTC has increased by 15.1 percent in the past week.