Coinbase’s former CTO Balaji Srinivasan wagered on Friday that the price of Bitcoin will benefit from a rapid devaluing of the U.S. dollar in the next three months, skyrocketing to $1 million by June 17.

Srinivasan entered a bet with two individuals that same day, ponying up $1 million with the pseudonymous Twitter pundit James Medlock and another unnamed person. If Bitcoin fails to notch what would be historic gains, the two would receive $1 million in Circle’s USDC stablecoin each.

The bet is part of Srinivasan’s view that the global economy is teetering on the edge of rapid change, which he dubbed “hyperbitcoinization.” He predicts the U.S. dollar will enter a point of rapid hyperinflation, and the global economy then “redenominates on Bitcoin as digital gold.”

In this scenario, the market capitalization of Bitcoin—already the largest token—would increase to around $19.3 trillion from about $549 billion today, according to CoinGecko. For comparison, the value of the U.S. stock market was just over $40.5 trillion by the end of last year, according to Siblis Research.

Srinivasan’s prediction comes amid a series of bank failures in the U.S. that’s injected fear and uncertainty into financial markets. And even though Bitcoin’s correlation to stock indexes like the S&P 500 and Nasdaq remains significant, some on Twitter are calling it the “The Great Decoupling

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Author: André Beganski

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