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BitcoinBTC, ethereum and other major cryptocurrencies have rocketed higher so far this year The bitcoin price has doubled from its late 2022 lows to around $30,000 per bitcoin while ethereum and other top ten cryptocurrencies BNBBNB, XRPXRP, cardano, dogecoin, polygon and solana have added a combined $200 billion to the crypto market—fueling hopes "crypto winter" could finally be over
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Now, technology investor Balaji Srinivasan has explained the rationale behind his $1 million bitcoin price bet, telling a bitcoin and crypto conference that he's "burning a million to tell you they're printing trillions."
It's at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the marketSrinivasan, an early bitcoin investor and former chief technology officer at crypto exchange Coinbase, made headlines in March when he predicted the U.S. dollar would enter a hyperinflationary death spiral and the bitcoin price would climb to $1 million by June 16—an increase of over 3,000% from its current level that would give bitcoin a market capitalization of around $20 trillion.
However, he's now dialed that back but remains highly skeptical of the U.S. financial system due to the proliferation of money printing by the government to prop up fragile banks, calling his bet a "directional signal" to "raise awareness of the fiat crisis."
"I don’t know how many months—years—we have," Balaji said during Coindesk's Consensus conference this week. "If you think like a trader, you think that too early is the same as being wrong. If you think like a prepper, hell is truth seen too late."