Saifedean Ammous discussed each reason suggested by Srinivasan for the BTC price jump, refuting it with an explanation.First of all, he commented on the"banking crisis" argument leveraged by Srinivasan. The latter stated that one of the reasons why he reckons BTC would soar that high would be the fact that banks have been going bankrupt fast. Three major banks have become insolvent recently and were bailed out by the U.S. government.
Even if central banks of countries aside from the U.S. started printing cash actively, this would still cause only inflation but not hyperinflation, Ammous explained. In order for Bitcoin to get to the desired $1 million level, hyperinflation must be as strong as to devalue the USD by half per day. But that takes"many months and maybe even years," per the Bitcoin researcher.Switching from USD to BTC is like"going from Windows to Linux"
To push the BTC price up to the $1 million mark, daily demand for Bitcoin must be around $900 million:"This is not impossible, it is highly unlikely," Saifedean Ammous concluded, and certainly such a rise in demand is hardly possible within merely 90 days.
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