_{Creative design thanks to Canva}

It's quite easy to be shocked reading this title caption but would you believe me if someone really made a bet on that and someone coming from Coinbase put the same prediction on the price of bitcoin - in just 90 days?.

Well, for the record, the highest recorded price of Bitcoin happened in 2021 with BTC's peak price being $69,000, I pulled that number from Binance. Right now, its current value is sitting at $27,800+ and we're only around 40% of its highest value. If you think of it, in order to reach that $1M per bitcoin, you first need to surpass that 69k and then make it 14.49 after reaching that peak to make bitcoin to $1,000,000. You know that when you're a crypto fan for almost a decade now, you'll surely laugh at this bold prediction by former Coinbase's CTO, Balaji Srinivasan.

_{Bitcoin's record high price of $69k in the year 2021, courtesy of Binance}

To back his predictions, Srinivasan actually made a millionaire bet on Bitcoin's price over the next 90 days, so if you count the days, you will see he is betting the price will skyrocket to $1M on or before June 17, 2023. Then, someone in the Twitter space accepted that bet! They are betting $1 million bet on whether the price will go after that. That pseudonymous Twitter name reiterated that provided that the US would not experience hyperinflation.

Keypoints for BTC to reach $1 million

In 90 days, it's honestly hard to believe that Bitcoin's price will skyrocket at that time frame. History tells us that the bull market will probably start in the year 2025. But, if the United States dollar experiences Hyperinflation, which is generally described as an out-of-control increase of prices in the economy, loses its original value. Then I think that's a major contributor for that price to come into that.

_{Photo from : The Balance Money}

The second thing is that the limited supply gets scarce. More people are holding bitcoin off the exchanges and think of it as a store of value. We know BTC is called digital gold. If the amount of BTC goes off exchanges goes unbelievably high, then I think that will drive Btc to reach new highs.

The next thing is countries entering the scene. We know that these countries can print unlimited money, especially the US. If these countries will get into the scene, trying to grab as much bitcoin as they want. They will also trigger a strong buying signal in the entire crypto market. El Salvador has actually started that and invested in Bitcoin when prices are still around $35-50k. They were heavily criticized for that move when Btc hits its lowest in 2022, around $15k, but look at where they are right now, closer that the buying price point.

What do you think about this bold prediction, guys? Do you think this is likely possible? If so, I'm gonna be selling everything. Lol

Posted Using LeoFinance ^Beta