Renowned investor and former Coinbase CTO, Balaji Srinivasan, has once again made headlines with his bold prediction surrounding Bitcoin. In a sensational statement made back in March 2023, he confidently claimed that Bitcoin would reach $1 million within 90 days.
However, just a few months later, in early May, Balaji admitted defeat ahead of schedule and withdrew from the wager, paying out $1.5 million. This development comes as the cryptocurrency market experiences a phase of price correction, amid uncertainty surrounding the US Federal Reserve’s interest rates.
On Sunday, US President Joe Biden stated his opposition to the terms proposed by the Republican Party regarding the national debt, a move intended to safeguard cryptocurrency traders. Conversely, US regulators, particularly the US Securities and Exchange Commission (SEC), persist in their crackdown on the cryptocurrency industry, despite the lack of clarity surrounding the trading of digital assets.
Given these circumstances, it is only natural that debates over cryptocurrency regulation and the emergence of Web 3.0 have gained momentum among US lawmakers in the lead-up to the 2024 US Presidential Election.
During the G7 summit, President Biden expressed his refusal to endorse a public debt agreement that shields wealthy tax evaders and cryptocurrency traders, while casting doubt on food aid for those in need.
Consequently, cryptocurrency has become a contentious subject in the election race. Balaji, in light of this, articulated the following perspective:
“If Twitter dominated the central theme of the 2016 elections (a platform banned in Russia), in 2024, it may be Bitcoin for the first time.”