Remember the wager Coinbase’s former CTO Balaji Srinivasan made calling $BTC at $1 million in 90 days (well, 60ish days now)? 🤔
Galaxy Digital Holdings’ CEO, Mike Novogratz, thinks that might not be such a good thing.
He recently shared his concerns about Bitcoin rocketing to $1 million a pop, saying it’d destabilize the economy and wreak havoc on civil society.
Although Srinivasan moved $2 million into USDC stablecoin to back his bet, an analyst dubbed “Pentoshi” warned that Bitcoin’s value soaring to $1 million, along with hyperinflation, might trigger civil unrest and restricted access to essential goods.
Novogratz also cautioned that Srinivasan’s bold bet could tick off the U.S. Treasury Department, stressing the need for a good relationship with regulators.
During his company’s Q4 2022 earnings call, Novogratz praised the crypto community’s resilience and the strong price action for Bitcoin and $ETH. He also criticized the US regulatory environment for stifling innovation and urged for a framework that enables legitimate players to operate in the US. 😤