Crypto Experts Dismiss Ex-Coinbase CTO’s Prediction of BTC Hitting $1 Mn by June

Balaji Srinivas, making a rather wild prediction, said that Bitcoin price will soar to a whopping $1 million (roughly Rs. 8.25 crore) in the next 90 days.

Crypto Experts Dismiss Ex-Coinbase CTO’s Prediction of BTC Hitting $1 Mn by June

Photo Credit: Pixabay/ Michael Wuensch

Bitcoin touched its nine-month high of $27,280 on March 20, 2023

  • Srinivasan has moved on from Coinbase and is now an angel investor
  • Srinivasan believes bank collapses could ignite BTC’s momentous hike
  • Bitcoin’s last known all-time-high was recorded in November 2021

Bitcoin rallied in its value, starting last week, after investors flocked to the digital asset following the recent collapse of three centralised banks in the US. Former CTO of Coinbase, Balaji Srinivas, made a prediction that Bitcoin price will soar to a whopping $1 million (roughly Rs. 8.25 crore) in the next 90 days — leading to June 2023. Srinivas' outlandish estimation has seemingly left experts from the field of crypto united in their opinions — against the prophecy.

In conversation with Gadgets 360, Rohas Nagpal said it is close to impossible for the world's oldest cryptocurrency to prove Srinivasan correct.

“I think it is very unlikely that Bitcoin will reach the massive prediction of $1 million by June. The recent bank closures have highlighted that crypto can be a safe haven for many people — but I think this prediction is not feasible,” said Nagpal, the Chief Blockchain Architect of the Hybrid Finance Blockchain (HyFi).

The back-to-back downfalls of US banks — Silvergate, Silicon Valley Bank, and Signature — has reignited the debate around the importance of DeFi and digital assets, industry experts have noted.

Bitcoin touched its nine-month high on Monday, March 20. From its value of $16,570 (roughly Rs. 13.7 lakh) on January 2, 2023, BTC price currently stands at $27,280 (roughly Rs. 22.5 lakh).

Excited about Bitcoin's significant recovery in the market, Srinivasan tweeted his prediction over the weekend along with accusations on the US banks for mis-managing funds.

“This time, the central bankers, the banks, and the bank regulators have lied to all dollar holders and depositors. This isn't your typical fractional reserve situation. The problem is that there isn't enough in the banks on a mark-to-market basis to cover withdrawals. They knew this through all of last year, and communicated it internally in their coded language,” the former Coinbase CTO wrote along with his estimation.

Adam Cochran, a venture capitalist, statistically weighed-in on the situation and chimed to the same tune as Nagpal.

Cochram, in a tweet thread, claimed that BTC's rally from 2020 to 2022 was only 547 percent whereas in 2017, the rally at far lower prices was brought in 1105 percent gain. Under the circumstances, he said, Bitcoin may not swell upto Srinivasan's expectations.

Bitcoin's last known all-time-high was recorded in November 2021. At the time, Bitcoin was trading at over $68,000 (roughly Rs. 56 lakh).

The Xiaomi 13 Pro has a hefty price tag compared to the company's 2022 flagship model. How does it fare against other high-end phones launched in 2023? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges


For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at More
Samsung Galaxy Z Fold 5 Outer Display Specifications, More Details Tipped
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »