Balaji Srinivasan: $1M Bitcoin in 90 Days Prediction
Prominent venture capitalist and former CTO of Coinbase, Balaji Srinivasan, made a shocking announcement about Bitcoin (BTC), claiming that the cryptocurrency will hit the $1 million mark in just 90 days. Srinivasan is so sure of his words that he even made a bet on the successful fulfillment of his prediction.
One of the partners of the investment company Andreessen Horowitz, Balaji Srinivasan, announced on his Twitter that he is ready to invest $2 million in USD Coin (USDC) stablecoin to participate in a bet on reaching the price of Bitcoin at $1 million. He is convinced that soon, BTC can become digital gold and that its buyers will be not only private investors and commercial firms but also the governments of many countries, including the United States, the Middle East, and the EU. Srinivasan also predicts hyperbitcoinization that could engulf the world.
Srinivasan claims that the US Federal Reserve System (FRS) hides information from the world community about how many assets are on the balance of US banks. He suggests that once people become aware of the scam, it will quickly wipe out dollar liquidity. Srinivasan claims that US banks are insolvent and that the FDIC and the Federal Reserve System are aware that many banks have fewer assets than liabilities. He also reports that no one warned depositors that their money could be lost. Srinivasan believes that a long-term depreciation of the US dollar against BTC is inevitable.
Business expert Srinivasan is convinced that if Indian Prime Minister Narendra Modi instructs the Central Bank to buy BTC, it will lead to the collapse of fiat currencies and the end of the game. He recommends that investors purchase Bitcoins in advance so as not to miss this moment. As part of the bet, Srinivasan claims that the losing side will have to pay the winner $1 million. It is currently valued at $27,500. According to the 99 Bitcoins portal, Bitcoin survived its 474th “clinical death” and was successfully revived, giving investors hope for the restoration of the digital asset market and the end of the crypto winter.
Opinions of other experts on the future of Bitcoin in 2023
Expert predictions about the value of Bitcoin for 2023 are varied and range from very positive to very negative. Some experts expect Bitcoin to reach very high prices like $250,000, while others predict that the price will drop to $1,260.
Ivan Shcherbakov, the founder of Cryptorobotics, during his speech at the G20 crypto forum summit, which was held in Bali in 2022, stated that the probability of BTC reaching $100,000 by 2024 is 80%.
Tim Draper, the co-founder of venture capital firm Draper Fisher Jurvetson, has made one of the most optimistic forecasts for 2023: he predicts that the BTC value will hit $250,000 in mid-2023. Even though initially the forecast was focused on the end of 2022.
Alistair Milne, the founder of Altana Digital Currency Fund, predicts that the BTC price will rise to $45,000 depending on what happens with inflation.
Mike Novogratz, the founder of Galaxy Digital, predicts the end of the bearish phase during the first half of 2023. He expressed his position in an interview with Yahoo Finance. He connects the future beginning of the growth of Bitcoin with the suspension of the increase in rates by the US Federal Reserve: when this happens, then there will be a change in the phase of the market cycle.
University finance professor Carol Alexander said the Bitcoin price will rise to $30,000 in the first half of 2023 and eventually reach $50,000 by the end of the year. Considering her prediction last year that this digital coin would bottom out at $10,000 was not too far off the mark and could still come true.
Max Kaiser, a well-known American financier and TV presenter, has long been a propagandist and supporter of BTC. In the past, he has made predictions that the price of Bitcoin will reach $100,000 and then even $1 million.
Mac McGlone, the co-founder of CoinDesk and BlockTower Capital, also made predictions about the future of Bitcoin. In an interview, he stated that the price of Bitcoin could reach $500,000 by 2030.
Neutral and conservative forecasts
Tom Lee, co-founder of Fundstrat Global Advisors, does not give a clear outlook for 2023 but notes that BTC will be a profitable investment in the coming years. He points to an increase in the number of holders of digital coins and a decrease in their supply, which, in his opinion, will lead to an increase in the price in the future.
Bloomberg Intelligence analysts predict that Bitcoin will trade in the $10,000-$50,000 range over the next two years, with an upward trend on a long-term basis. They note that institutional investors are beginning to show interest in Bitcoin, which could lead to its further strengthening.
Negative forecasts of BTC price
On the other hand, some experts believe that Bitcoin may decline in price.
Peter Mallu, the chief strategist at TradingView, suggests that the coin could go down to $10,000 in early 2023.
Paul Kraspezak, CEO of Mine Digital, argues that BTC doesn’t have to be “the best store of value” as its price can go up and down. He supposes that by the end of 2023, the Bitcoin price may fall to $5,000.
Analyst at CryptoBriefing Andreas Herzog believes that Bitcoin could go down to $7,000 if it does not break the $14,000 level.
Investor and analyst Neil Wilson is confident that the price of BTC could drop to $7,500 if the market continues to move in the current direction.
Analyst JPMorgan Nicholas Pang stated that Bitcoin will not be a big success anytime soon. He predicts that the Bitcoin value may fall to $1,260. His opinion is based on the fact that institutional investors have not yet shown enough interest in cryptocurrencies.
Jeffrey Gunlock, the founder of DoubleLine Capital, calls this digital coin a “bluff” and predicts its decline. He believes that Bitcoin will be worth less than $23,000 by the end of 2023 and will continue to fall further.
Bitcoin price history
Bitcoin is the first and most popular cryptocurrency, which was created in 2009 under the pseudonym Satoshi Nakamoto. Since then, it has come a long way from being an experiment to what it is today – one of the most recognizable and talked about assets.
From the very beginning, when BTC first appeared on the market, its price was extremely low – less than one cent per coin. However, within a few months, the value of Bitcoin began to increase, and by the end of 2010, it was about $1 per coin.
In 2011, Bitcoin continued its growth, reaching a maximum value of $30 per coin in June of that year. However, in the same year, the first significant price collapse occurred, and Bitcoin fell to $2 per coin.
From 2012 to 2013, the price of BTC continued to fluctuate, peaking at $260 per coin in April 2013. However, in the same year, there was a major price collapse, and Bitcoin fell to $70 per coin.
From 2014 to 2015, the Bitcoin value continued to fall, and in 2015 it fell to $200 per coin. However, after that, Bitcoin began its uptrend, and at the end of 2017, its price reached an all-time high of $20,000 per coin.
In 2018, a new price collapse began, and BTC fell to $3,000 per coin by the end of 2018. Since then, the price of it n has continued to fluctuate, but in general, it has remained above the levels of previous years. In December 2020, Bitcoin hit $20,000 per coin and then continued to rise, peaking at $64,000 in April 2021.
The cost of bitcoin was in 2022 and what is the cost to March in 2023
In 2022, Bitcoin continued to make its way through the waves, leaving many investors in the dark. Let’s remember what the BTC value was in 2022 and how it changed from January to March 2023.
2022 began with a Bitcoin rate of around $46,000 per coin. However, after reaching a new all-time high in November 2021, the exchange rate fell sharply. For a long time, BTC at the level of $46,000 did not last and went down rather quickly. This was facilitated by the temporary cessation of the work of miners in Kazakhstan due to power outages during protests in the country.
In the spring of 2022, the BTC exchange rate fluctuated in the range of $48,000 to $36,000. The price decline was caused by an increase in interest rates by the US Federal Reserve, as well as the collapse of the Terra ecosystem. From June 10, the rate never returned to $30,000 and fluctuated from $24,500 to $20,000 until November.
In November 2022, a new stage of Bitcoin depreciation began, which provoked the scandal with Sam Bankman-Fried. The bankruptcy of the FTX crypto exchange and other exchanges and platforms that it pulled with it, threw Bitcoin from the level of $20,000 to $16,000-18,000. On December 31, 2022, Bitcoin cost $16,603.
However, starting from January 9, 2023, the price of Bitcoin began to rise and reached $18,244 by January 12. On January 16, the price of Bitcoin was already $20,800.
As of March 21, 2023, the value of Bitcoin is $27,774.38 according to Coinmarketcap.
Since the beginning of January 2023, the Bitcoin rate began to grow and reached $18,244 by January 12. After that, the price continued its growth and reached $20,800 on March 16, 2023.
Of course, we must not forget that any forecasts and predictions regarding the rate of cryptocurrencies can be somewhat conditional since cryptocurrencies are characterized by high volatility and can be subject to strong fluctuations.
However, several factors can affect the price of Bitcoin in 2023. In particular, it is worth paying attention to the further regulation of cryptocurrencies in different countries of the world. Also, new technological developments and innovations related to blockchain and cryptocurrencies can play an important role.
In addition, the macroeconomic situation in the world, including changes in interest rates, inflation, geopolitical risks, etc., can affect the bitcoin rate.
In general, we can say that the price of Bitcoin in 2023 may continue to fluctuate in a wide range, as in previous years. But at the same time, many experts are confident in the long-term perspective of cryptocurrencies, including bitcoin, and see them as one of the most important innovations in the field of financial technology.