Balaji Srinivasan supported Bitcoin as a haven in the current situation, as inflation in the US economy surges badly.
Balaji Srinivasan is an angel investor, tech founder, and a Wall Street Journal (WSJ) bestselling author. He was also the former CTO of publicly listed crypto company Coinbase and a general partner at Andreessen Horowitz (A16z).
On 25 March 2023, Balaji took to Twitter to share his opinion on the current situation versus the 2008 financial crisis. He noted that in the past, no single currency grabbed first ranked-choice under a bad macroeconomic situation.
Balaji suggested people focus on this situation with long-term financial history considerations, instead of short-term ones, and then we will find that USD is no longer too big to fail.
According to this former Coinbase officer, Bitcoin is probably going to take the position of reserve currency.
Further, Balaji shared a year-old video by popular American Investor Ray Dalio, where Dalio pointed out the different definitions of reserve currencies under different situations.
Balaji pointed out that no single currency succeeded to remain at reserve currency status.
“The point remains that reserve currency status doesn’t last forever. Go and watch Dalio’s video from last year. He said it with cartoons. Now you need to substitute real events. Because the Fed is now in the process of printing the money to monetize unpayable debts. This is the digital dollar devaluation,” Balaji said.
Earlier this, Balaji placed a $1M bet with a crypto Twitter user, where he tried to claim that the price of Bitcoin will hit $1 million in the next three months, as the US inflation rises faster.
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