Crypto markets prepared for a potential $20 trillion ‘Black Swan’ amid the surge of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, and Solana, as trillions are being printed.
Bitcoin, Ethereum and other top 10 cryptocurrencies have experienced significant growth this year, with Balaji Srinivasan, an early Bitcoin investor, recently explaining the rationale behind his $1 million bitcoin price bet. Speaking at a bitcoin and crypto conference, he stated that he is “burning a million to tell you they’re printing trillions.” Srinivasan predicts the US dollar will enter a hyperinflationary death spiral, and the bitcoin price will climb to $1 million by June 16. Although he has since dialed his bet back, he remains highly skeptical of the US financial system due to the proliferation of money printing by the government, calling his bet a “directional signal” to “raise awareness of the fiat crisis.” He added that the banking crisis earlier this year that saw the demise of Silicon Valley Bank, Credit Suisse, Signature and Silvergate has now hit San Francisco’s First Republic, with government officials and agencies in talks to rescue it after outflows and a 98% share price crash. These factors have been pushing bitcoin’s price higher this week.