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Century Gambler Balaji Predicts Black Swan Event Approaching? Bitcoin Addresses with Small Holdings Hit All-Time High

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Century Gambler Balaji Predicts Black Swan Event Approaching? Bitcoin Addresses with Small Holdings Hit All-Time High

Renowned for his bet in mid-March that Bitcoin would hit a million dollars within three months, Balaji Srinivasan made headlines once again at Consensus 2023 as he explained his reasons for betting on Bitcoin. He stated that the possibility of Bitcoin reaching $1 million is tied to a potential black swan event in the U.S. economy and believes there is a 10% chance of this happening within a few months.

How is the bet of the century placed? Read more: Is Hyperinflation Imminent? Bitcoin to Hit $1M in 90 Days

Is a Black Swan Event Coming to the US Financial System?

Srinivasan describes his prediction as a "symbol of the collapse of confidence and credit in the US financial system," as the government prints a large amount of money to support the fragile banking system. He stated:

I may be wrong, but I burned a million dollars to tell you they are printing trillions.

Srinivasan also analyzed the probabilities he estimated, believing there is a 10% chance of a very serious problem arising within a few months, a 70% chance within a few years, a 19% chance within decades, and a 1% chance requiring a century or longer.

Bitcoin Addresses Holding Small Amounts Hit All-Time High

According to glassnode's statistics, the number of addresses holding 0.01 BTC or more has reached an all-time high of 11,826,207.

Meanwhile, the issues with US banks seem far from over. According to reports, the Federal Deposit Insurance Corporation (FDIC) is preparing to take over First Republic Bank, with several financial institutions vying for acquisition. The news suggests that the US government is expected to announce the results before the opening of the US stock market today to prevent the continued spread of market jitters.

As of the deadline, the price of Bitcoin is $29,309, with a year-to-date increase of 77%.