Bitcoin ETF Will Send BTC to $1,000,000 By 2024

Balaji Srinivasan recently shared a series of tweets, beginning with a bold bet that the value of one Bitcoin would hit $1,000,000 within the next 90 days. Balaji, an American entrepreneur and investor known for co-founding Counsyl, serving as the former Chief Technology Officer of Coinbase, and being a former general partner at Andreessen Horowitz, initiated this intriguing discussion. Cathie Wood, the CEO and CIO of ARK, shares a similar belief in Bitcoin reaching the $1M mark, but her prediction on the timeline differs significantly. In their conversation, Cathie and Balaji delve into their current and future perspectives on the U.S. and global economies, the cryptocurrency landscape, and their responses to the recent market fluctuations linked to the regional banking crisis.

“The economy…It’s like altitude right, if your altitude is [up] here you can take a certain set of maneuvers, if your altitude is close to the ground you cannot take the same set of maneuvers.” – @balajis

Introduction:
Balaji Srinivasan, former CTO of Coinbase, predicts Bitcoin reaching $1 million within 90 days, initiating a discussion on the crypto’s potential surge.

Cathie Wood’s Deflationary Argument:
Cathie Wood, CEO of ARK, joins the conversation, arguing that the current environment is deflationary and discusses the impact on Bitcoin.

Argentina’s Experience:
Balaji explores the Argentine case, emphasizing the consequences of simultaneous money printing and interest rate hikes.

Global Currency Pairs:
Balaji contends there are only three true currency pairs globally, questioning the stability of the American financial system.

Money Velocity and Hard Landing:
Cathie Wood introduces the concept of money velocity and the potential for a “hard landing” in the economy.

Regional Banking Crisis Impact:
Recent regional banking crises prompt a reevaluation of predictions on inflation, comparing Fed Funds Rate to Bitcoin’s issuance schedule.

1980s vs. Today – Inflation and Interest Rates:
Comparison of the economic landscape of the 1980s to the present, discussing inflation and interest rates.

Fed Policy History:
Cathie provides a historical context behind Fed policy, exploring potential shifts in Bitcoin use cases.

Consumer Shift and Black Swan Events:
Analysis of consumers moving away from banks, considering current economic events as potential black swan events.

Central Bank Crisis vs. Widespread Bank Crisis:
Balaji proposes the possibility of a central bank crisis instead of a widespread bank crisis.

Fed Indicators and Bitcoin Challenge:
Discussion on the Fed possibly focusing on incorrect indicators and how Bitcoin challenges Keynesian economic theories.

Deflation’s Impact on Blockchain:
Balaji explains why deflation could be positive for blockchain technology.

State Support for Cryptocurrencies:
Advocacy for states to continue supporting cryptocurrencies as an alternative to traditional fiat currency.

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