Balaji Srinivasan, a venture capitalist and former CTO of Coinbase, claimed that the US economy would enter a phase of hyperinflation in 90 days, catapulting BTC to $ 1 million.
Balaji, whose crypto venture Earn.com was acquired by Coinbase in 2019, also offered to pay $1 million in BTC to the best 1,000 tweets that alert about stealth financial crisis.
Balaji Bets BTC to be at $1 Million
Yes. Just moving money for the bet. We can do it via smart contract, but for simplicity old-fashioned escrow may work.
The escrow person would need one BTC address and one ETH address (for the USDC). The assets would sit on chain for 90 days.
If BTC < $1M in 90 days after… https://t.co/TP82ecUf9J
— Balaji (@balajis) March 18, 2023
“… I am putting up the BitSignal. $1M in BTC to alert us to the stealth financial crisis. $1000 per tweet, for the best 1000… They hid their insolvency from you, the depositors. And they’re about to print $2T to hyperinflate the dollar… So buy Bitcoin *now* and get your coins off exchanges,” Balaji tweeted on March 16.
The next day, he went hammer and tongs. “THE BANKS ARE INSOLVENT We should have learned to distrust bankers after the 2008 crisis. Back then, they used complex language to hide the simple fact that the mortgages were bad. And today, they do it to hide the fact that the money is gone. Not in one bank, in all the banks. And they knew months ago…,” he said.
In the final salvo, he said Signature and Silvergate were forced to close because they banked crypto.