Bitcoin is going to tap $1,000,000, but not as Balaji Srinivasan predicts, veteran Bitcoin crusader Matthew Kratter has asserted.
On March 24, Kratter, founder of Bitcoin-focused investment firm Trader University highlighted Bitcoin in light of the ongoing US banking crisis, noting that the collapse of three major cryptocurrency banks earlier this month had just taken people “one giant step closer to a Bitcoin standard.”
“What we’re witnessing is the ultimate flight to safety as people are fleeing to bitcoin. Where else are you going to go when the U.S banking system which is theoretically the safest banking system in the world is experiencing rolling Bank runs?” he said.
According to him, Fed’s decision to re-introduce quantitative easing by turning the money printers back on would increase the dollar’s debasement risk and worsen counterparty risks. He thus noted that Bitcoin was the only asset that did not have a debasement risk due to its finite nature, meaning that with the Fed printing more money, everything else would only crash against the crypto asset.
Balaji’s $1M Bitcoin Bet In 90 Days Improbable
Kratter also took a jab at a recent Coinbase ex-CTO, Balaji Srinivasan’s prediction that Bitcoin will reach $1 million in approximately 90 days from last week.
“This is quite a sensational thing to say. Is this possible? Yes, anything is possible with Bitcoin. Is this likely? I would say definitely not,” Kratter said, referring to Balaji’s prediction.
Balaji’s call was more of a marketing ploy by “trying to use Bitcoin to pump his own reputation” while trying to cover up for his past war against bitcoin maximalists, Kratter argued. He further claimed that Balaji was the ultimate self-promoter and VC pumper type who was largely responsible for bringing “shitcoins” to Coinbase.
“We must never forget that he was busy pumping shitcoins and bashing bitcoiners for being so narrow-minded for being Bitcoin maximalist,” Kratter said.
Kratter further noted that he would be quite concerned if Bitcoin were to go to a million dollars within three months, adding that he would consider this to be not exactly a blessing. In his view, “it’s nice that Bitcoin appreciates slowly and doesn’t draw too much attention to itself.”
He then predicted that Bitcoin would likely be trading above $100,000 in three months. “I certainly expect it(BTC) to be trading in the millions by the end of this decade and it would be quite possible for it to trade above 100 000 in the coming three months,” he concluded.