Entrepreneur Balaji Srinivasan explained the rationale for his bet that bitcoin (BTC) could reach $1 million in price by June 17 of this year, during CoinDesk’s Consensus 2023 conference.
“Could it be that it takes 900 days or even 90 months? It’s possible, I don’t have a 100% probability on it,” Srinivasan said on Friday.
“I may be wrong but I’m burning a million to tell you they’re printing trillions.”
He described his prediction as a “symbol” of the “collapse in full faith and credit in the U.S. financial system,” owing to a proliferation of money printing by the government to prop up a fragile banking system.
Relating the chances of bitcoin reaching $1 million to the probability of some sort of Black Swan event in the U.S. economy, Srinivasan said he thinks there’s a 10% chance of a very serious issue in months, a 70% chance of one in years and a 90% chance within decades.
“So, I don’t think it’s 100%, but the specific number I think is high as I see a lot of fragility in the system.”
