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Some of the Craziest Predictions About Bitcoin Ever Made

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John McAfee made a very crazy prediction in 2017: the value of one Bitcoin will reach $1 million by 2020. In case that wasn’t audacious enough, he added some (actual) skin to his bet, saying that he would eat up his manhood on national television if the prediction did not come true. But, unfortunately for him, the value of Bitcoin was just moving around $30,000.


There were other crazy predictions like this back in 2017. An early herald of Bitcoin and a former Facebook executive who goes by the name Chamath Palihapitiya made the argument for $1 million in Bitcoin, but he set himself a 20-year time frame. Also, Harold Burger, an AI lead at Selligent Cortex, came to the conclusion that Bitcoin would reach $1 million between 2028 and 2037.

Last week, we saw another crazy Bitcoin prediction. In fact, it can even be considered the craziest Bitcoin bet.

Bitcoin Will Hit $1 Million Within 3 Months
An investor and businessman who goes by the name Balaji Srinivasan, who formerly served as Coinbase’s chief technology officer and was a partner at Andreessen Horowitz, placed a $1 million bet on the cryptocurrency. He believes that Bitcoin will hit $1 million in 90 days. Balaji is a successful investor who has founded many businesses that have seen nine-figure exits. He is so sure of himself that the other side of the bet had to put up with 1 BTC at odds of 40:1.

According to Srinivasan, the creation of a massive amount of new dollars will cause the dollar to lose value and then result in strong inflation. He believes that Bitcoin will then soar to $1 million as investors race to buy it instead of dollars.

He also said that Silvergate, Silicon Valley Bank, and Signature are just the tip of the iceberg in terms of how much central banks, regulators, and the banks themselves knew a major crash was imminent.

According to him, the Fed’s recommendations are to be held responsible. The median interest rate forecast from the Fed was 0.1% for December 2020, but in 2023, we are getting 4.75%. Any bank that purchased a long-term bond in December 2020 will have it destroyed.

Is this financial and economic crisis strong enough to send the US dollar into a spiraling value decline? If this is the case, then will Bitcoin really reap the greatest benefits?

What it Would Take for Bitcoin to Hit $1 Million
To reach the $1 million mark, Bitcoin’s market capitalization must exceed $20 trillion, which is twice the value of gold.

Putting things in perspective, the total amount of money in the world is estimated at just over $1 quadrillion, inclusive of all investments, derivatives, and cryptocurrencies. If 1.75% of this amount goes into bitcoin, then $1 million for one BTC becomes a reality. That means if everyone in the world had about 1.8% of their assets in Bitcoin, then the value would hit the target.

This could be possible, but the time limit is not realistic enough. Balaji later admits that his outrageous prediction is aimed at catching the attention of people as he sounds an alarm for people to be aware of the extent of change that is about to unfold.

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