Why you really DON’T want BTC to hit $1 million in the next 90 days.

Lately, there have been a lot of headlines talking about BTC reaching 1 million dollars in only around 90 days from now. While it makes for good clickbait and the illusion of max bull hopium off of BTC’s first macro rally since the ATH, I want to go into why YOU and I wouldn’t want BTC to rally to 1 million in the short-term, at least not in the way it’s allegedly going to happen.

Firstly, calls for this valuation may not have originated from where you might expect. Sure, plenty of degens on YouTube, TikTok and even in this subreddit have called for something like this before (esp during the peaks of the last bull market), but the idea that BTC would hit this value in the next 90 days originated from Balaji Srinivasan, a former CTO of Coinbase and a respected and reputable name in the crypto space. In fact, he even correctly forecasted the crisis that unfolded in 2020 not too long before it actually happened.

So a respected name and someone with a good track record who is believed to have a reasonable head on his shoulders is loudly calling for this, and even put $2 million of his own money down betting it will come true. What gives /u/hfifm4? Why shouldn’t I get excited by someone with potential inside knowledge turning super-bullish?

Here’s the catch; Balaji isn’t betting that Bitcoin will do a standard 40X rally in some new “super bull market,” rather, he’s betting that the US dollar will hyper-inflate and become COMPLETELY worthless in the next three months.

In this sort of reality, EVERYTHING RALLIES tens’ to hundreds’ of percent from its currently value, because what’s really happening ISN’T what you think. The underlying assets aren’t actually gaining any value. Today’s “$5 coffee” might cost anywhere from a few hundred to a few hundred thousand dollars in tomorrow’s money.

You wouldn’t actually be able to buy anything then that you couldn’t buy now.

In fact, if hyperinflation were to hit at that sort of unprecedented level and we were to see the collapse of a multi-trillion dollar economy, Life as we know it would fall apart. Good luck celebrating BTC being worth $1 million hyper-inflated-useless-dollars while the USA (and the rest of the world) would probably fall into immediate pandemonium with wars and shootouts for basic resources. In those circumstances, actually, it’s more probable that BTC would LOSE VALUE relative to most tangible goods.

LASTLY, for Balaji to be right, the hyperinflation would have to outpace the most well-known case of hyperinflation – The Weimar Republic and the German Mark – by 800%. What took 2 years and resulted in complete catastrophe of a nation and ultimately led to the beginning of WWII, is just supposed to casually happen that much faster in the USA with little to no repercussions right? But hey, at least the little number in my robinhood and binance account might moon 🚀

TL;DR: Be careful what you wish for, and read the fine print of clickbait article titles.