Bitcoin to $1 Million in 90 Days?
Balaji S, a Bitcoin superhero, is betting it’s inevitable.
Unless you were living under a rock, you have heard of the hundreds of thousands of tech lay-offs globally.
You have caught wind of the multi-billion dollar SVB implosion.
By now, like all the Bitcoin Maxis have been yelling for years, you must’ve realised that our fiat world is teetering on the brink once again.
A financial system built on credit and paper money, printed out of thin air, backed by nothing but violence and monopoly, and counterfeited en masse by states, is once again on the precipice of swift, inevitable collapse.
On January 3, 2009, The London Times ran a cover story entitled “Chancellor on Brink of Second Bailout for Banks”.
On the first ever transaction on the Bitcoin blockchain, later that day on January 3, 2009, Satoshi Nakamato, (wherever/whoever he/she/they is/are), quoted and embedded the very same headline in the then-brand-spanking-new Bitcoin blockchain. The block containing this transaction was called The Genesis Block.
It was a prophetic, factual, catchy, and Banksy-esqe message.
14 years later, it still rings true. Is SVB the new Lehmann Brothers? Or is it Credit Suisse? Was FTX the harbinger of the latest financial apocalypse? How many other banks are on the brink? And why? Will we see a repeat of 2008? Have central banks and regulators missed the boat? Or did they choose to look the other way?
Is there enough money in the banks to cover withdrawals?
Cause if there isn’t, one of two things will happen: the financial system as we know it will collapse. Or, more likely, central banks will print more money to make up the shortfall.
That’s the beauty of the fiat system — you can just magic up more money. Of course, nothing is truly free. More money flooding the market will dilute your purchasing power. Things won’t become more expensive — your money will get cheaper.
“More cash” is the rising tide that lifts all boats.
Central banks will continue to counterfeit money globally.
Your savings will continue to leak value.
All “profit” numbers will go up but there won’t be any real growth.
Your stock portfolio will compound but your purchasing power will diminish.
You will sweat through your tedious job but your fiat paycheck will hold no value.
So what can we do?
Save your time, money, and energy in a scarce, secure, un-counterfeitable asset that appreciates over time at a rate faster than monetary expansion. Something that we can transact in, store and send easily. Something that can last for generations and whose supply can never be altered. Something that removes the State’s monopoly on monetary policy. Something that anyone anywhere can acquire, hold and take custody of.
That thing exists. Right now. An exit. A reset. A fair, voluntary, non-violent, non-monopolistic, apolitical tool to cling to during the imminent storm.
The Fed held a presser on Sunday to tell us everything is okay. What better time for reassurance than a lazy Sunday eh?
And hey, if you had access to a money printer, you’d be okay too.
But what if you don’t?
Balaji’s BTC to $1 Million isn’t a “buy” signal — it’s an exit Fiat signal. If he’s wrong, Central Banks will continue to print money. If he’s right, they’ll still continue to print money. His bet is that they are secretly printing so much so fast to bail out so many that our money will devalue so much that everything, including Bitcoin, will get expensive.
In 90 days.
The logic of all cash going to zero and hard assets going to the moon makes sense to me. But the timeline of 90 days for hyperinflation seems unrealistic. Unless of course, it’s already happening and we haven’t been told.
Either way, I am going to HODL, keep just enough fiat to ride the storm, and wait.
It’ll be an eventful few weeks.
