• Balaji Srinivasan, former Coinbase CTO and venture capitalist, has predicted that Bitcoin will reach $1 million within 90 days and explained that his $2 million gamble is not about making money, but settling an ideological matter surrounding U.S. dollar inflation.
• The prediction was not initially proposed by Balaji, but by James Medlock on Twitter who called it „the most profitable shitpost in history“.
• Balaji’s theory about „hyperbitcoinization“ involves the idea that Bitcoin could eventually replace the U.S. dollar as a global reserve currency and become the world’s first truly global currency.

Ex-Coinbase CTO Proposes Bet

Former Coinbase CTO and venture capitalist Balaji Srinivasan has recently proposed a bold bet: that Bitcoin will moon to $1 million within 90 days. His $2 million gamble isn’t about making money, but settling an ideological matter surrounding U.S. dollar inflation. The prediction was not initially proposed by Balaji himself, but by James Medlock on Twitter who called it „the most profitable shitpost in history“.

The Simon-Ehrlich Bet

Balaji clarified that last week’s bet was similar to the famous Simon-Ehrlich bet which resolved a difference of opinion between libertarians and progressives back in 1980. The bet between professors Julian Simon and Paul Ehrlich aimed to settle their conflicting theories around human overpopulation and resource scarcity; with Simon ultimately winning the bet when Ehrlich sent him a cheque for $576 in October 1990.

Hyperbitcoinization Theory

Balaji’s theory about „hyperbitcoinization“ involves the idea that Bitcoin could eventually replace the U.S. dollar as a global reserve currency and become the world’s first truly global currency – essentially becoming too big to fail or be regulated by any single nation state or government authority.. This would result in hyperinflation for any other fiat currencies used around the world – including traditional institutions such as banks – rendering them obsolete due to their lack of value compared to Bitcoin’s increasingly powerful buoyancy against economic downturns or governmental interference from central banking authorities .

Motivation Behind Bet

Essentially, this bet is less about making money off of crypto investments than it is proving a point regarding how valuable cryptocurrency can be going forward as a global store of wealth if allowed to reach its full potential despite governmental opposition or market volatility; something many advocates (including Balaji) believe will happen sooner rather than later given current trends with blockchain technology adoption worldwide .

Conclusion

Whether or not Balaji will win his bet remains to be seen; however his motivations behind it are quite clear – this wager isn’t just financial speculation but an attempt at demonstrating what he believes is both achievable and indeed inevitable should governments allow crypto technology to flourish without interference .

Summary

• Charles Hoskinson, the founder of Cardano, believes that cryptocurrency industry should differentiate itself from the unstable and volatile banking sector.
• Three leading financial institutions – Silvergate Capital, Silicon Valley Bank and Signature Bank – were shut down by regulators recently, causing losses for several crypto-focused firms.
• Hoskinson predicted a „game over“ scenario for banks when „we can digitize treasuries.“

Cardano Founder Charles Hoskinson Says Crypto Should Cut Ties With Banks

Charles Hoskinskon, the founder of Cardano, believes the cryptocurrency industry should differentiate itself from the „unstable and volatile“ banking sector. This statement comes after three of America’s leading financial institutions – Silvergate Capital, Silicon Valley Bank, and Signature Bank – were shut down by regulators earlier this month.

The Impact on Cryptocurrency Firms

The collapse of these banks caused severe losses for numerous crypto-focused firms. Circle revealed significant exposure to Silicon Valley Bank with $3.3 billion stuck in it. The asset plunged to as low as $0.87 (CoinGecko data) shortly after that but restored its $1 value in the following days.

In addition, Coinbase said it held $240 million in corporate cash at Signature Bank while Paxos had $250 million held there.

„Game Over“ For Banks?

In response to these events, Charles Hoskinson posted a tweet saying that crypto should stay away from traditional banking since the sector is full of „unstable and volatile“ institutions. He also predicted a „game over“ scenario for banks once „we can digitize treasuries.“

What’s Next for Crypto?

As regulations tighten across various parts of the world, it is yet to be seen how much more pressure will be put on traditional banking systems and how this could affect cryptocurrency markets in turn. What remains clear is that Hoskinson’s sentiment represents an increasingly popular opinion among industry professionals: cryptocurrencies need to find ways to de-risk themselves from traditional finance if they are ever going to reach mainstream adoption.

Conclusion

Even though some investors have been burned due to bad decisions or unexpected regulatory actions against certain financial institutions, it looks like digital currencies are here to stay despite all challenges they face along the way — making it even more important for them to distance themselves from traditional banking systems.

• Solana lost its key support at $20 and is now accelerating downwards.
• Trading volume, RSI and MACD all indicate a bearish bias in the short-term.
• The most likely area where Solana can stop this selloff is found at $15.

Solana Price Analysis

Solana lost its key support at $20 and is now accelerating downwards.

Key Support levels: $17, $15
Key Resistance levels: $20, $23

Trading Volume

The sustained sell volume in the past week has pushed Solana into making lower lows.

RSI

The daily RSI is quickly approaching the oversold area at under 30 points.

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Cerus Markets Launches its Mobile Trading App

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