Ex-Coinbase CTO Claims US Dollar is No Longer Too Big to Fail, Touts Bitcoin
Coinbase former CTO Balaji Srinivasan said the US Dollar (USD) is not too big to fail and expects Bitcoin (BTC) to replace it as the global reserve currency. Srinivasan pointed out that unlike in the past when investors have flocked to dollar-denominated assets during a time of stress, this is a different time. He noted that historical data shows that people exit devaluing currencies, which is where USD falls into.
“Dalio has a different definition of historical reserve currencies. He says it’s the US dollar, then before that the British pound, then before that the Dutch guilder. But the point remains that reserve currency status doesn’t last,” Balaji added. This continues his earlier views that Bitcoin could reach $1 million in 90 days as the US financial system suffers from hyperinflation. Meanwhile, many believe Balaji’s predicted changes take generations to happen, not 90 days. While not everyone believes BTC will replace USD, there are clear signs that the US dollar is weakening against other cryptocurrencies. The US Dollar Index is down 8.9% in the last 6 months and has lost 1.34% of its value in the past year.
Source
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