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Venture capitalist and angel investor Balaji Srinivasan says hyperinflation is happening now. Predicting that the price of bitcoin will soon reach $1 million, he is making a $1 million bet that it will happen within 90 days. Srinivasan also advises investors to buy bitcoin, which he considers “a hedge against hyperinflation, currency devaluation, bank freezes, and wealth seizures.”
Balaji Srinivasan: Hyperinflation is here to stay
Venture capitalist Balaji Srinivasan believes hyperinflation is here now. Srinivasan is an angel investor, technology founder, and Wall Street Journal best-selling author. He previously served as CTO of crypto exchange Coinbase and was a general partner at venture capital firm Andreessen Horowitz (A16z).
Regarding a tweet by former Twitter CEO Jack Dorsey in October 2021 that hyperinflation would “soon” occur and “change everything,” Srinivasan tweeted Friday, “Jack is right.” He emphasized.
Hyperinflation is happening – now.
The angel investor was referring to the recent bailout of Silicon Valley Bank and Signature Bank by the government and the Federal Reserve. The Treasury Department announced last Sunday that up to $25 billion will be made available as a backstop for the new Bank Term Funding Program (BTFP). He also noted that Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, had previously stated that ” He stated that “the Federal Reserve hasunlimited cash
Srinivasan explained last December that bitcoin is a “hedge against hyperinflation, currency devaluation, bank freezes, and property seizures.” He added, “It has already proven its role in places like Venezuela, Lebanon, and Nigeria.” By comparison, he explained that the largest cryptocurrencies “may eventually have a gold-like role” as a hedge against “standard” inflation, but stressed that “it will take decades to show.”
Srinivasan, who believes hyperinflation is already here, urges investors to buyBTC, tweeting on Friday, “I’m not sure how long it will take to get to the point where it can be a hedge against inflation. The venture capitalist wrote:
buy bitcoins and get coins from exchanges.
$1 million bitcoin bet {/40}
Additionally, Srinivasan participated in a bet initiated byJames Medlockon Twitter on Thursday.” I’ll bet anyone $1 million that the U.S. doesn’t go into hyperinflation”. The former Coinbase CTO responded.
I will take that bet. You buy 1BTC BTCworth ~$26k. The term is 90 days. All you need is a mutually agreed upon custodian that exists to settle this even if the digital dollar is devalued.
In a subsequent tweet, Srinivasan elaborated, ” I am transferring $2 million to USDC for betting. I, along with Medlock and one other person, will put up enough to prove a point … Everyone else can go buy bitcoin, it’s a lot cheaper than locking it up for 90 days.”
A number of people offered to help Medlock prepare the one bitcoin he would bet. Medlock then tweeted, “I’m not sure I’m ready to do this.” Is Balajis ready to do this?”
Srinivasan replied, ” Yes, we just need to move the money for the bet. We can do this with smart contracts, but we might as well do it with old-fashioned escrow to simplify it,” Srinivasan replied.” The escrow officer would need oneBTCaddress and oneETHaddress (for USDC). The asset will sit on the chain for 90 days.” He clarified that. If
65} BTC <If you win $1M within 90 days after escrow, you win and 1both BTCand $1M USDC. IfBTC >$1M USD within 90 days after escrow, then I win and get both 1BTCand (now worthless) 1M USDC.”
Medlock replied, ” Sir, I believe we have our own deal.” Changpeng Zhao (CZ), CEO of crypto exchange Binance, joined the conversation and offered to be the escrow for this bet. As of this writing,. BTCis trading at $27,208.
Image Credits: Shutterstock, Pixabay, Wiki Commons.
