Former Coinbase CTO: Bitcoin Could Replace The US Dollar As The World Reserve Currency

Key Points:

• Former Coinbase CTO indicated that he believes Bitcoin will eventually replace the US dollar as the world’s reserve currency.
• He stated that the US dollar is no longer a too big to fail currency and that it may be replaced by another currency in the long run.

The former Coinbase CTO has stated that he is positive on Bitcoin’s future and believes that this bluechip asset would eventually replace USD.

Balaji Srinivasan, the former chief technical officer of Coinbase, recently tweeted that history shows that during times of crisis, investors flock to dollar-denominated assets. People avoid depreciating currencies in the long run. This is the main change between now and 2008. The US dollar is no longer a too-big-to-fail currency. 

According to the CTO, Bitcoin is expected to dethrone the US dollar and become the next global reserve currency. The former Coinbase CTO has always been optimistic on Bitcoin. According to Coincu, he has stated that the impending crisis will drive Bitcoin’s value to $1 million in 90 days.

Balaji Srinivasan’s gamble follows that of investor James Medlock, who put a $1 million betting that the US will not enter hyperinflation despite the near-collapse. A list of banks in the United States is shown below.

In a tweet that he published on his own Twitter account on March 17, Balaji Srinivasan restated his stance and provided an explanation for betting with James Medlock. According to Balaji Srinivasan, the current situation of banks in the United States is very comparable to the financial crisis that occurred in 2008, with the notable distinction that central banks and regulators have deceived all holders and moved USD.

The previous Chief Technology Officer of Coinbase is of the opinion that the impending crisis will cause a fall in the value of the US dollar, and that in the next weeks, people, corporations, and big funds would acquire Bitcoin as a hedge against hyperinflation. This will cause the price of BTC to rise to one million US dollars.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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