Bitcoin: The Million-Dollar Bet and the Race Against Time

Azeez Mustapha

Updated:

UNLOCK DAILY FOREX SIGNALS

Select a Plan

£40

 1-month subscription

Select

£30

 3-month subscription

Select

£21.5

 6-month subscription

Select

£399

 lifetime subscription

Select

£50

 Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.



In 2017, Bitcoin enthusiasts made some crazy bets. John McAfee promised to eat his own private part if Bitcoin didn’t reach $1 million per BTC by 2020. Many others, including Chamath Palihapitiya, Harold Burger, Wences Casares, and Raoul Pal, predicted that Bitcoin would hit $1 million in five to 20 years. These predictions seemed outlandish, but last week, Balaji Srinivasan, an entrepreneur and investor, made an even crazier bet.

Bitcoin to $1 Million in 90 Days

Srinivasan is betting $1 million US dollars that Bitcoin will be worth $1 million in 90 days or less. He believes that trillions of new dollars will devalue the US dollar, leading to hyperinflation. The rush out of the dollar and into Bitcoin will cause it to skyrocket to $1 million. While his bet is more about the dollar than Bitcoin, the race against time to see if he’s right is on.

For Bitcoin to reach $1 million, its market cap must reach $20 trillion. This is twice as much as gold, and it’s not impossible, but it’s definitely a stretch. Even if 1.75% of all the money in the world got sucked into Bitcoin, it would still only hit $1 million. So, is this bet plausible? Probably not.

Srinivasan’s Bet and His Motivation

It’s true that a fiat confidence crisis is coming, but predicting exactly when it’ll happen is like trying to find a needle in a haystack. However, Balaji isn’t making this bet just to be a daredevil. He’s ringing the fire alarm to alert people to the current risks in the system. As he himself admits, “I’d rather be the guy overreacting before the crisis than after. Those who overreact after getting screwed.”

It’s worth noting that Balaji is no stranger to Bitcoin and has quite the reputation in the industry. He was the former chief technology officer at Coinbase and has a number of nine-figure exits as a founder of companies. He also believes that the central banks, regulators, and banks themselves knew a huge crash was coming and are to blame for the current state of affairs.

But let’s get real here. Even if Balaji’s prediction comes true, is Bitcoin really going to be the biggest benefactor? It’s hard to say. Bitcoin has been around for over a decade, and its value has fluctuated wildly during that time. While it’s true that Bitcoin is a relatively safe investment compared to traditional currencies, predicting that it will reach $1 million in just 90 days seems like a tall order.

Conclusion

Balaji Srinivasan’s bet is a bold one, but it’s unlikely to come to fruition. While it’s true that a fiat confidence crisis is coming, predicting exactly when it’ll happen is difficult. Balaji’s bet is more about drawing attention to the current risks in the system, and we should take notice. Who knows, maybe in the future we’ll look back at this bet and realize that he was onto something. Until then, it’s probably best to take his bet with a grain of salt and keep an eye on the market.

 

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *