• Former Coinbase CTO Balaji Srinivasan believes there is a “very high” chance that sovereign defaults will happen within months, which will cause Bitcoin’s price to skyrocket.
• Srinivasan said that such a crisis is the reasoning behind the prediction he made in March about Bitcoin hitting $1 million after 90 days.
• Some in the crypto community misunderstood his comment and took to social media to call Srinivasan out for reneging on his $1 million Bitcoin bet.

Failed Bank

The FDIC has said that Signature Bank failed due to mismanagement and risky crypto deposits. The SEC has also fined Up Global and Coinme $3.9M and issued them a Cease and Desist order.

Kraken CEO

Dave Ripley has taken over as Kraken CEO, setting his sights on the next phase of growth and expansion. A Polygon-based protocol 0vix was exploited for $2M worth of funds recently as well.

US Government Holds BTC

Glassnode data revealed that US government holds a whopping $6B worth of Bitcoin in its reserves currently.

Balaji Clarifies Predictions

Ex Coinbase CTO Balaji Srinivasan clarified that he believes there is a 10% chance of sovereign default happening soon, which would make his prediction of Bitcoin reaching $1 million in 90 days come true very quickly. Some members from the crypto community had previously called him out for backtracking on this statement but he quickly clarified that it was not the case at all.

Conclusion

It appears that Balaji Srinivasan’s predictions could come true if governments continue printing money at an unprecedented rate, leading to sovereign defaults within months or even weeks. Although some members from the crypto community have tried calling him out for backtracking on this statement, it seems like he was just clarifying what he meant earlier with further details and evidence supporting his claims as well.