US Government Will Try to Cut Off Bitcoin Access Amidst Banking Crisis – Former Coinbase CTO
Former Chief Technology Officer of Coinbase, Balaji Srinivasan, has made a series of bold predictions about the future of Bitcoin (BTC) and the US financial system.
In a recent interview on the Bankless podcast, Srinivasan claimed that many fiat banks in the US are at risk of going bankrupt, which could trigger a “banking crisis.” He went on to suggest that the US government may cut off access to Bitcoin as a response in an attempt to prevent people from exiting the financial system.
Srinivasan questioned whether enough people would be able to access Bitcoin, citing examples of banks such as Silvergate, SVB, First Republic, and Signature that have already been shut down. Despite these concerns, Srinivasan believes that the flagship cryptocurrency will be protected by governments around the world.
Last week, the former Coinbase CTO made headlines in the crypto world after betting a million dollars that Bitcoin would skyrocket to $1 million within just 90 days. Currently, BTC is trading above $28,100 at the time of writing.
Srinivasan also warned of an impending implosion of the US dollar into a period of hyperinflation, similar to what occurred with Weimar marks following the defeat of Germany in World War I. In 1923, the value of Weimar marks plummeted to one trillionth of the US dollar.
The former Coinbase CTO believes that the world will witness massive changes this year triggered by the devaluation of the US dollar. He referred to this year as “one for the books,” predicting a “global flippening to the East” and a rise of Bitcoin.
Srinivasan also noted that even for those who are familiar with these trends, the pace of change will be shockingly fast, much like the early 1900s. In 1910, the world still had nine royals meeting, and the old world of princes was still seemingly immortal. However, technology had already changed everything, and the 20th century roared into existence a few years later.