Former Coinbase CTO Balaji Srinivasan closes out $1 billion bitcoin bet ahead of time.
, warning we are not facing a financial crises but a fiat crisis. In a video address published on Twitter, the angel investor explained that the main reason he did it was to send a signal that:The tech entrepreneur reiterated the problems in the U.S. banking sector. He took the bet after the failures of Silvergate Bank, Signature Bank and Silicon Valley Bank, predicting a banking crisis that will fuel a significant devaluation of the U.S. currency.
He highlighted other potential challenges as well such as sovereign defaults, negative developments in the bond, real estate and other markets, rising credit card debt, high energy prices in Europe, the increasing costs of the Ukraine war, and the
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