• Former Coinbase CTO Balaji Srinivasan believes that there is a high chance that sovereign defaults will happen soon, causing Bitcoin’s price to skyrocket.
• Srinivasan made a prediction in March about Bitcoin hitting $1 million after 90 days and the crypto community misunderstood this comment.
• He clarified his comment saying that there was still a 10% chance of this happening which he said was „very high“.
Ex Coinbase CTO Believes Sovereign Defaults are Imminent
Former Coinbase CTO Balaji Srinivasan believes that a financial crisis of unprecedented magnitude is only a matter of time as governments are printing trillions. This could cause Bitcoin’s price to skyrocket if sovereign defaults occur. He made a prediction in March about Bitcoin hitting $1 million after 90 days and the crypto community misunderstood his comment but he clarified it saying that there was still a 10% chance of this happening which he said was “very high”.
Misunderstanding of Prediction
The crypto community took to social media to call out Srinivasan for reneging on his $1 million bet but he quickly responded saying that he was not backtracking from his prediction.
10% Chance is „Very High“
Srinivasan clarified his comments by stating that there is still a 10% chance for the prediction to come true, which he said was “very high”. He made it clear that such an event could take 900 days or even 90 months depending on how things play out.
Financial Crisis Predicted
He told the conference during Consensus 2023 that governments printing trillions will ultimately culminate in a financial crisis, which is why he made his original prediction in the first place.
It appears as though former Coinbase CTO Balaji Srinivasan has no plans to backtrack from his original statement regarding Bitcoin reaching $1 million within 90 days and instead believes it has an “very high” probability of happening due to the current economic climate with governments printing trillions and the potential for sovereign defaults occurring sooner than later.