Bitcoin tops $28,000 amid bank fear

Srinivasan predicted that a U.S. financial crisis would cause dollar depreciation, hyperinflation, and a $1 million Bitcoin price.

Bitcoin tops $28,000 amid bank fear
Bitcoin tops $28,000 amid bank fear

The Bitcoin price surpassed $28,000 on March 19, signifying a 16% increase in value over the previous week.

At the time of writing, the top cryptocurrency is trading at $29,063, a gain of 2.4% over the previous twenty-four hours. The price peaked at $28,459 throughout the day before dipping to $26,877 at the day’s low point.

Overall, Bitcoin has gained almost 37% versus the US dollar this week. Bitcoin’s market value increased by $194 billion in 2023, a 66% increase year-to-date, beating Wall Street bank equities, particularly as worries of a worldwide financial catastrophe increased.

Bitcoin is increasing by around 65% compared to the S&P 500’s 2.5% and the Nasdaq’s 15% in 2023.

In the wake of last week’s events, including the closure of Silvergate and the subsequent seizure of Signature Bank and Silicon Valley Bank by regulators, the values of smaller banks in the United States have continued to decline.

Earlier in the day, Credit Suisse was bought by UBS Group in Europe for about $2 billion as part of emergency procedures sponsored by Swiss authorities to protect the financial stability of the nation.

As part of the arrangement, the Swiss National Bank (SNB) agreed to supply USB with a liquidity line of approximately $100 billion.

According to statistics from Companies Market Cap, the $2 billion transaction reflects a significant discount to Credit Suisse’s market value on March 17, which was roughly $8 billion.

Former Coinbase Chief technical officer Balaji Srinivasan said on Twitter that a looming worldwide financial crisis might cause Bitcoin to reach $1 million in under 90 days.

According to Srinivasan’s forecast, a U.S. banking crisis would trigger the American dollar’s deflation and, thus, a hyperinflation scenario leading to a $1 million Bitcoin price.

Srinivasan is wagering $2 million on Twitter based on his forecast for the future of the U.S. economy and Bitcoin’s value.


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