The dollar's reign as a global reserve currency is coming to an end and bitcoin is going to reach $1 million in the next 90 days, according to a guest on Cathie Wood's Ark Invest podcast.
Investor Balaji Srinivasan, the former chief technology officer at Coinbase, says that the current regional banking crisis will force the Federal Reserve to print even more worthless money and destabilize the dollar to the point where bitcoin can reach it's true potential.
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While Wood and Ark have a slight disagreement with Srinivasan about the trigger for the bitcoin rise and the time horizon, the famed investor is also very bullish.
"We are very positive about bitcoin as well. But your forecast was in the context of the hyperinflation associated with fiat currencies. Our optimism is more of a function of fears of deflation and counter-party risk. Both of those should accrue to bitcoin's benefit," Wood said on the podcast.
Srinivasan and Wood were mostly in agreement, but he is even more bullish on the cryptocurrency, as Wood's $1 million bitcoin prediction model has a 10-year timeline.
But they both agree that the Federal Reserve and banking system is pushing investors to bitcoin.
"The two big mistakes that banks have made is that interest rates would stay low for a very long time, because the Fed told them that during covid," Wood said. "The second mistake was to assume that deposits would not leave the system," Wood said.
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