Is Balaji Srinivasan's $1M Bitcoin Prediction Realistic Or Outlandish? Analyst Weighs In

Balaji Srinivasan, Coinbase's COIN former CTO, made a bold prediction on Saturday. He believes Bitcoin's BTC/USD  price could skyrocket to $1 million by June 17 due to the rapid devaluing of the U.S. dollar in the coming months.

What Happened: According to Srinivasan, the global economy is on the verge of a major shift — a “hyperbitcoinization”— which could spell the end of the dollar as the world’s dominant currency. As he explains, as traditional currencies enter a period of rapid hyperinflation, the global economy will turn to Bitcoin as a “digital gold” as the new, preferred currency.