According to Balaji Srinivasan, the former CTO of Coinbase, bitcoin will greatly benefit from the problems in the US financial system.
He predicted on Twitter that the most important cryptocurrency will reach $1 million in the next three months.
Balaji Srinivasan made a bet with two people on Twitter, promising to pay each of them $1 million in Circle USDC stablecoin if bitcoin did not reach a million dollars by June 17.
Such a bet demonstrates Srinivasan's belief that the world economy is on the verge of "hyperbitcoinization," as he refers to global changes.
The former Coinbase CTO predicted that the US dollar would experience rapid hyperinflation, after which the global economy would "revalue bitcoin into digital gold."
According to yahoo.news, the market capitalization of bitcoin in this case will rise to around $19.3 trillion from the current $549 billion.
Srinivasan's prediction for bitcoin's future success comes amid a string of bank failures in the United States, raising fears of a global banking and financial crisis. Despite bitcoin's reliance on stock indexes, the cryptocurrency could receive a significant boost and become a safe haven on par with gold if it rises above $28,000.