Adam Cochran calls Balaji’s $1m bitcoin goal impossible
Prominent crypto expert Adam Cochran recently expressed on Twitter his dissatisfaction with the audacious forecast for bitcoin (BTC) by former Coinbase executive Balaji Srinivasan.
According to Cochran, renowned for his views on crypto market action, Balaji’s grandiose $1 million estimate for BTC within the next 90 days is unlikely.
Bitcoin’s 3,600% pumping requires a catalyst
Balaji Srinivasan, a former executive of Coinbase, staked a wager on March 17 that bitcoin’s price will grow quickly over the next three months, taking advantage of a sharp decline in the value of the US dollar, hitting $1 million by June 17.
Jimmy Song, a crypto entrepreneur and educator, and Adam Cochran, a venture capitalist, were among the prominent Twitter users who explored the prediction’s likelihood of success in extensive conversations.
According to Cochran, bitcoin requires a more dramatic catalyst than this to overcome the 547% increase seen from 2020 to 2022, citing the performance of cryptos during the start of the coronavirus epidemic in 2020.
Per Cochran, the potential value of BTC as an asset would eventually be eclipsed by the collapse of the US and European banking institutions, making it more advantageous to spend money on food or bunkers rather than the biggest crypto.
The expert believes that Srinivasan’s wager is an effort to restore some optimism to the crypto market after the sector experienced a difficult period following the onset of the crypto winter last year. During this time, prices fell, and several businesses in the industry went out of business.
He observed that much of the excitement and promise of the bitcoin and digital asset industries had yet to be recovered.
Taking a chance on hyperinflation
Some voices, including Song, appeared to concur with Srinivasan’s wager, suggesting that BTC would prove helpful if the current financial system faces an existential crisis.
A columnist, Matt Levine, added his voice and made what can be construed as a direct query: Why would Srinivasan wager with the money if he believes BTC would reach $1 million in 90 days? This rather than simply purchasing bitcoin?
According to the replies he received, Srinivasan’s move could be an attempt to “manipulate the BTC price.” Some speculated that Srinivasan made the wager to increase his and bitcoin’s exposure.