Bitcoin will be worth $ 1 million in 90 days, says investor who bet on it

Venture capitalist and former CTO of cryptocurrency exchange Coinbase Balaji Srinivasan has bet that the flagship cryptocurrency will reach $ 1 million in the next 90 days.

According to Srinivasan on his Twitter page, he has taken part in a «million dollar bet» whereby he is transferring $ 2 million in USD Coin (USDC) stablecoins. Srinivasan believes that in the near future, USDC will become a full-fledged digital gold. He predicts that not only private investors, commercial firms, and funds will actively buy BTC, but also governments of many countries, including the United States, the Middle East, and the EU.

I will take that bet.
You buy 1 BTC.
I will send $ 1M USD.
This is ~40:1 odds as 1 BTC is worth ~$ 26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… https://t.co/hhPr522PQu pic.twitter.com/6Aav9KeJpe

— Balaji (@balajis) March 17, 2023

«Regulators know that American banks are insolvent, but they don’t warn depositors about it. That’s why the banking crisis came as a surprise to everyone. The FDIC and the Fed have known for a long time that SVB and hundreds of other banks have fewer assets than liabilities. No one told us that all our money was gone. We are in for a long-term depreciation of the US dollar against BTC,» Srinivasan wrote.

The businessman claims that as soon as Indian Prime Minister Narendra Modi instructs the Central Bank of India to buy BTC, the game will be over. He advises buying bitcoins in advance. Srinivasan said that under the terms of his bet with Twitter user James Medlock, the losing party would pay the winner $ 1 million. Accordingly, Medlock does not believe that BTC will reach $ 1 million.

Currently, the value of BTC has reached $ 27,500. According to the 99 Bitcoins news portal, bitcoin has survived its 474th «clinical death «and successfully revived, giving crypto investors hope for the end of the crypto winter and the revival of the digital asset market.