Crypto trader and analyst Ali Martinez has commented on the extremely optimistic bet of Balaji Srinivasan that Bitcoin will reach the $1 million level within merely 90 days.
Ali believes that, in theory, it is possible; however, it would require an enormous amount of investment into the flagship digital currency.
Trillions of USD needed to push Bitcoin to $1 million
Balaji Srinivasan, who used to work as a16z partner and Coinbase CTO, announced on his Twitter page that he expects Bitcoin to reach a staggering price level of $1,000,000 within 90 days — that would be a 40x rally for BTC.
He even made a bet: if it does not happen, he will pay his opponent $1 million that will oppose his Bitcoin bet. He stated that he had moved 2 million USD into USDC stablecoin for that purpose.
He explained his overoptimistic bet on Bitcoin, saying that now, same as back in 2008 during the mortgage crisis, bankers and bank regulators have been lying to all holders and depositors of U.S. dollars. He believes that banks do not possess enough funds to cover current withdrawals.
According to a tweet by Martinez, a whopping $18,797,203,666,237 needs to be invested in Bitcoin to push it to the $1 million level within three months, in accordance with the bet of Balaji Srinivasan.
$18,797,203,666,237 would need to be invested into #Bitcoin to push it to $1,000,000 within 3 months. This simplified calculation doesn't account for factors such as market liquidity, order book depth, depreciation in the US dollar value, and other market dynamics. https://t.co/KzyUQ6GyXV— Ali (@ali_charts) March 18, 2023
Community's reaction to $1 million BTC bet
Twitter user James Medlock accepted the bet made by Srinivasan. This Bitcoin price prediction has already caused several major figures in crypto and investment circles to share their skeptical takes. Among them is skilled commodity trader Peter Brandt, and scholar and risk manager Nassim Taleb.
Brandt stated that this prediction is "stupid," although he does not exclude that Balaji Srinivasan may just get lucky. The authors of "Black Swan," "Antifragile" and other popular nonfiction books referred to this bet as a "lunatic move."
Cryptocurrency influencer David Gokhshtein, founder of Gokhshtein Media, commented in a tweet that if Bitcoin reaches $1 million, he would delete his Twitter account. He also promised to do that earlier this year, if one of his favorite meme coins, Shiba Inu, hits $0.001.
Balaji Srinivasan states that #Bitcoin is going to $1M in the next 90 days.— David Gokhshtein ®️ (@davidgokhshtein) March 19, 2023
If that happens, I’m literally deleting this account. 🖨️