Coinbase’s former CTO Balaji Srinivasan’s ‘$1 million Bitcoin prediction in 90 days’ made a lot of talk during the week. So, can Bitcoin really reach $1 million in 90 days?
Experts analyze Balaji’s $1M Bitcoin prediction
Bitcoin (BTC) has reached a multi-month high, taking advantage of the crisis in the US banking system. As a cryptocurrency, it continues to dominate the conversations in the financial world. The recent performance prompted industry experts to offer predictions about Bitcoin’s potential price action in the coming days.
One such prediction was made by Balaji Srinivasan, the former CTO of crypto exchange Coinbase, in a tweet on March 18. While Balaji believes that Bitcoin will reach $1 million in 90 days as the US economy enters a phase of hyperinflation, he warns that the world may witness major changes catalyzed by the devaluation of the dollar.
However, Matthew Kratter, founder of the Trader University YouTube channel, who analyzed the viability of Balaji’s forecast, described the forecast as “extreme” but “directively correct”, as shared in a tweet March 24 by MicroStrategy president Michael Saylor.
“I think something terrible will happen if it goes up to $1 million”
According to Kratter, although he views Balaji’s prediction as a marketing gimmick, the probability of Bitcoin reaching $1 million in three months is 1-2%, but has the potential to reach these price levels in the long run. As Kratter said in a recent video:
I think he’s right about Bitcoin going up to a million dollars. I mentioned that Bitcoin will hit $5 million or $10 million, probably not in the next 90 days. I think it’s a bit of a marketing game. If Bitcoin hits $1 million in the next 90 days, I think it will be a terrible thing. It would actually be a sign that something important is broken.
Can Bitcoin reach $1 million?
Noting that Bitcoin is unrivaled and increasingly attractive as a safe haven, Kratter suggested that $1 million of Bitcoin remains in the game. He noted that all other assets, including cryptocurrencies, tech stocks, bank stocks, stock indices, and gold, are depreciating rapidly when measured against Bitcoin:
What we’re seeing is that everything is collapsing against Bitcoin. This is another way of saying that people are fleeing to Bitcoin… The entire financial system is unraveling and investments and capital are moving to Bitcoin… In fact, the Bitcoin network is starting to seem unstoppable even during the financial crisis.
Interestingly, Kratter believes Balaji’s prediction may be an attempt to bolster his personal reputation by aligning himself with Bitcoin’s impending success. Still, Kratter acknowledges that the current financial crisis and the Fed’s “reopening of money printers” make Bitcoin an attractive option for investors.
While acknowledging that Bitcoin has limitations such as limited use as a form of payment and concerns about the security of exchanges and wallets, Kratter predicts that it will trade at $100,000 in the next three months, potentially reaching $1 million a decade from now.
BTC price analysis
After weeks of recovery, BTC has been trading below $28,000 since March 24, when Binance suspended Spot trading. Up-to-date technical analysis cryptocoin.comWe have included it in this article.
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