JAKARTA - In the midst of a crisis that hit US banking, the former head of Coinbase technology, Balaji Srinivasan, predicts that the US government will limit access to Bitcoin (BTC) in response to these conditions.
In a recent interview on the Bankless podcast, Srinivasan predicts many US fiat banks "will decline" and the government will try to stop people from getting out of the financial system. He questioned whether enough people could reach the Bitcoin exit before the exit was closed. Srinivasan predicts that Bitcoin will "be protected by enough governments" around the world.
Last week, the former CTO Coinbase made a splash in the crypto world after betting on a million dollars that Bitcoin would soar to $1 million (equivalent to IDR 15 billion) per coin within 90 days. At the time of writing, BTC is trading at IDR 430 million according to Coinecko data.
Srinivasan also thinks that the US dollar will experience a hyperinflation period similar to the Weimar mark situation after Germany's defeat in World War I. In 1923, mark Weimar collapsed and witnessed the value of its currency falling one trillion times from the US dollar. According to Srinivasan, the world will witness a major change this year starting with a dollar depreciation.
"This year will probably be the best... dollar depreciation. Bitcoin increases. Global Flippening to the East. Even for people who think about this trend, the speed of change will be very fast and confusing," Srinivasan said.
This reminds me a little bit in the early 20th century. In 1910, you still have nine royal families who meet. The old world still exists and seems eternal. But under the surface, technology has changed everything. And the 20th century emerged a few years later, "he added.
However, not everyone agrees with Srinivasan's predictions. Many still question the validity of Bitcoin and are also skeptical about its future survival. There is no guarantee that Bitcoin will become a global tender that is dominant or persists in the future, especially given its high volatility.
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