Home Market Ex Coinbase CTO Balaji clarifies 10% chance of sovereign default is ‘very high’

Ex Coinbase CTO Balaji clarifies 10% chance of sovereign default is ‘very high’

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Former CTO of Coinbase Balaji Srinivasan I believe A Sovereign Default Is “Very High” Likely to Occur Within Months, Sending Bitcoin Price Soaring.

He had clarified a comment he made about when a fiat currency crisis could occur during his talk at Consensus 2023, but the community misunderstood it.

1 million dollar bitcoin

He told the conference that with governments printing trillions of dollars, sovereign defaults were only a matter of time and would ultimately lead to a financial crisis of unprecedented magnitude.

Srinivasan said such a crisis was the reason behind his March prediction that Bitcoin would hit $1 million in 90 days.

During the meeting, he said:

“Does it take 900 days or 90 months? It’s possible, but not 100% likely.”

Some in the cryptocurrency community misunderstood his comments and took to social media to accuse Srinivasan of abandoning a $1 million Bitcoin bet.

However, he quickly replied that he was not backing down from his predictions, revealing that the 10% chance was “very high.”

He tweeted:

“10% is very high and worthy of attention. And some believe that the likelihood of a sovereign default is at an all-time high.”

According to Srinivasan, there is a 10% chance of a fiat currency crisis in the coming months. There is a 70% chance that it will happen within a few years. 19% in decades, 1% in hundreds of years.

He added that the market also agreed with his analysis, making the likelihood of a fiat currency crisis an all-time high.

The entrepreneur also said he plans to make another bet soon, related to Bitcoin price and sovereign default.

A post in which former Coinbase CTO Balaji revealed that a 10% government default is “very likely” first appeared on CryptoSlate.

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