Last month, the former CTO of Coinbase and General Partner at Andreessen Horowitz, Balaji Srinivasan, accepted a bet with renowned hyperinflation doubter James Medlock totalling $2m that Bitcoin (BTC) would reach $1m per coin within 90 days. Srinivasan believes that there is an impending crisis that will lead to the deflation of the dollar, resulting in mass hyperinflation that will in turn drive up BTC’s price.

It might be that the bet is unwinnable based on BTC’s current price, but I do believe there is a lot of truth in Srinivasan’s arguments, both now and prior, that DeFi solutions such as BTC are needed more than ever in our current, broken financial system. Indeed, we are moving from over half a century of dollar hegemony to a multipolar monetary system encompassing other currencies, the dollar and, of course, BTC.

I don’t believe that there is an impending crisis. My case is that we’re bang in the middle of one right now.

Read the full post on Medium here.