The Craziest Bitcoin Bet I’ve Ever Seen

Hyperinflation will push BTC to $1 million in 90 days. [Altucher Confidential] March 21, 2023 [WEBSITE]( | [UNSUBSCRIBE]( Balaji bet $1 million US dollars that Bitcoin will be $1 million in 90 days. But that’s not even the craziest part. [Hero_Image] The Craziest Bitcoin Bet I’ve Ever Seen By Chris Campbell Urgent Note From James – Response Requested By Midnight [I just made a massive change to my Altucher’s Investment Network newsletter.]( This is one of the biggest changes to a newsletter in the history of our business… As far as I know, nothing like it has ever been done before. I’m adding 3 brand-new benefits to this all-new “Pro level” of Altucher’s Investment Network. And as one of my readers, I’d hate to see you left behind. That’s why – until MIDNIGHT tonight – [you’ll be able to upgrade your current subscription to this new “Pro level” by clicking here.]( [Seriously. Just click here now to see how to claim your upgrade.]( [Chris Campbell] CHRIS CAMPBELL In 2017, John McAfee predicted Bitcoin would hit $1 million per BTC by 2020. As if that weren’t bold enough, he made it interesting by adding some (literal) skin in the game: “if not, I will eat my dick on national television.” (In 2020, when bitcoin barely squeaked past $30,000, he backpedaled on his promise.) That was a crazy bet. And there were others back in 2017. Chamath Palihapitiya, an early bitcoin evangelist and former Facebook executive, made the case for $1 million bitcoin -- but gave himself a 20 year window. Similarly, Harold Burger, an AI lead at Selligent Cortex, concluded that bitcoin could hit $1 million no earlier than 2028 and no later than 2037. Wences Casares, a member of Paypal’s board of directors, made the same prediction. But he upped the ante: it would happen in 5-10 years. Raoul Pal, a former Goldman Sachs hedge fund manager, also said it would only take five years. (That was in 2020.) Again. Crazy bets. But last week, I saw the craziest Bitcoin bet ever. And this time, there’s (figurative) skin in the game. $1 Million BTC in 90 Days Balaji Srinivasan is an entrepreneur and an investor. He was the former chief technology officer at Coinbase, a former general partner at Andreessen Horowitz, and he also has a number of nine figure exits as a founder of companies. Last week, he bet $1 million US dollars that Bitcoin will be worth $1 million in 90 days or less. He’s so confident, in fact, the other side of the bet only had to put up 1 BTC -- at 40:1 odds. To be clear, his bet is more about the dollar than Bitcoin. Balaji is betting that trillions of new dollars will devalue the dollar, leading to hyperinflation. The rush out of the dollar and into Bitcoin will cause it to skyrocket to $1 million. Srinivasan argues that central banks, regulators and the banks themselves knew a huge crash was coming -- and that Silvergate, Silicon Valley Bank, and Signature are just the tip of the iceberg. Urgent: Currency Wars Alert [Click here for more...]( “Worst case scenario is almost inevitable” -Former Pentagon Insider Jim Rickards In my 2011 book, I warned that the U.S. was engaged in a currency war. And that these wars: “Degenerate into sequential bouts of inflation, recession, retaliation and actual violence as the scramble for resources leads to invasion and war.” Now with Putin invading Ukraine…Rising tensions with China… Inflation, recession, and supply chain issues all hitting the U.S. economy at the same time. It seems as if some of my worst fears have finally come true. [That’s why I’ve recorded an urgent video message.]( To update you on exactly what you need to be doing to protect yourself. Because if history is any indicator, this will not end well. [Click here to view my urgent video message.]( “Just as in 2008,” he wrote, “the bankers lied. This time, the central bankers, and the bank regulators have lied to all dollar holders and depositors.” He argues that the Fed’s guidance is to blame. In December 2020, the median interest rate estimate from the Fed was 0.1%. [image 1] Instead we got 4.75% in 2023. “So,” says Srinivasan, “any bank that bought long-term bonds on that Dec 2020 guidance got destroyed.” But is this crisis big enough to send the US dollar into a hyperinflationary spiral? And, if it does, will Bitcoin really be the biggest benefactor? What Would it Take? For bitcoin to hit 1 million dollars, its market cap must reach $20 trillion -- twice as big as gold. For perspective, the high-end estimate of all the money in the world is just over $1 quadrillion. That includes all investments, derivatives and cryptocurrencies. Everything. If 1.75% of that got sucked into bitcoin, we’d see $1 million per bitcoin. Meaning, if everyone in the world had a little less than 2% of their assets in Bitcoin, it would hit $1 million. Possible? Yes. Plausible? Probably not. At least not in 90 days. Sure, a fiat confidence crisis is coming. But the odds of picking when it’ll happen are slim. Even Balaji admits his outrageous bet is more about getting attention to the current risks in the system: “I’m just ringing the fire alarm to try to get people to realize the scale of the change that’s about to unfold.” And, sure, Balaji might be overreacting… But, in his defense, I’d rather be the guy overreacting before the crisis than after. Those who overreact after get screwed. Until tomorrow, [Chris Campbell] Chris Campbell For Altucher Confidential Warning: Will “Bidenflation” Destroy Your Retirement? [Click here for more...]( If you’re like most Americans, you’ve worked hard for decades to build your financial legacy. And now, as a result of Biden’s disastrous money printing policies, that’s all at risk. According to one top retirement expert, “Bidenflation” threatens to destroy your retirement and make your hard-earned savings worthless. That’s why you must take action right away to protect yourself… [Click here now to get the simple, step-by-step actions to survive “Bidenflation.”]( [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your Altucher Confidential e-mail subscription and associated external offers sent from Altucher Confidential, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@altucherconfidential.com. This address is for feedback only. 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