Former Coinbase CTO says Bitcoin will hit $1.0 million by June 17th. Custodia Bank founder dubs BTC an insurance policy; a scarce asset. Bitcoin is currently trading well above its 200-day Moving Average.

Bitcoin will take hardly three months to shoot up to $1.0 million per coin, says Balaji Srinivasan – the former CTO of Coinbase Global Inc.

The entrepreneur and investor relates his super bullish view to the recent bank failures that he warns will hyperinflate the U.S. dollar. In a recent tweet, he said:

“Central bank, the banks, and the bank regulators have bankrupted all of us. They hid their insolvency from you, the depositors. And they’re about to print $2.0 trillion to hyperinflate the dollar.

Srinivasan also launched a campaign he’s calling “BitSignal” that promises a $1,000 reward (each) to 1,000 best pieces of content that informs on the impending devaluation of the USD.

BTC is currently trading well above its 200-day Moving Average.

Srinivasan made the forecast on Twitter where he agreed to a bet with James Medlock (pseudonymous Twitter speaker) to whom he’ll have to pay $1.0 million if Bitcoin doesn’t hit his suggested valuation by June 17th.

You buy 1 BTC. I will send $1.0 million. This is ~40:1 odds as 1 BTC is worth ~26K. The term is 90 days.

The discussion started on March 17th when Medlock said he was willing to bet $1.0 million that fears of hyperinflation in the United States were merely overblown – a bet that Srinivasan accepted.

Also on Monday, Custodia Bank founder Caitlin Long dubbed Bitcoin an insurance policy; a scarce asset.

The post Bitcoin is only 90 days away from hitting $1.0 million: Pro appeared first on CoinJournal.

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