NOT A DRILL! Balaji Bets the Dollar will Hyperinflate to Zero
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 21 March 2023
⏱️ 101 minutes
🧾️ Download transcript
Summary
Balaji Srinivasan is back on Bankless with alarming takes. According to Balaji, in the next 90 days, the Dollar will hyperinflate—and the Bitcoin price will skyrocket to $1 Million.
He’s backed up these claims with a million dollar bet. With these dire predictions and a track record of strong takes, we needed to hear him out.
Who should we bring on next to counter these claims?
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Timestamps:
0:00 Intro
7:50 Weeks when Decades Happen
9:30 $1 Million Bitcoin Bet
16:20 Balaji’s Track Record
19:00 Pandemic
https://twitter.com/balajis/status/1222921758375927808
23:15 Hyperinflation
https://twitter.com/balajis/status/1636797265317867520
27:50 US Banking Failure
https://twitter.com/balajis/status/1636822077775941633
32:50 The Banks are Insolvent
https://pbs.twimg.com/media/FrXKYKcakAAdJwe?format=jpg&name=medium
https://twitter.com/balajis/status/1637671174271565825
35:38 More Failure, More Funding
https://archive.is/0Jww3#selection-731.0-731.286
40:30 FDIC and the Fed
https://www.telegraph.co.uk/news/worldnews/europe/eu/10874230/Jean-Claude-Juncker-profile-When-it-becomes-serious-you-have-to-lie.html
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm
44:18 Bank Runs
https://qz.com/the-feds-discount-window-is-lending-to-banks-at-2008-le-1850237214
https://twitter.com/balajis/status/1637859435149398016
https://www.straitstimes.com/business/banking/wall-street-giants-move-to-rescue-first-republic-bank
https://www.federalreserve.gov/newsevents/pressreleases/other20230315a.htm
52:25 Escaping to Gold
https://twitter.com/spectatorindex/status/1637544100663803904
57:50 Exporting Inflation
https://www.theguardian.com/lifeandstyle/2011/jul/17/bread-food-arab-spring
https://www.wsj.com/graphics/red-economy-blue-economy/
https://howmuch.net/articles/rise-and-fall-dollar
1:04:30 Bitcoin in Wartime
https://pbs.twimg.com/media/FrrfQuaaUAEFYev?format=jpg&name=medium
1:10:45 Capital Allocation
https://twitter.com/balajis/status/1488988253411708931
1:13:30 The Only Real Banks
https://twitter.com/koeppelmann/status/1637898298005626881
1:20:49 Why Now?
https://twitter.com/balajis/status/1637329482687324161
https://twitter.com/balajis/status/1637868839890472960
https://twitter.com/0xfoobar/status/1637855829750628353
https://www.google.com/search? q=sivb&oq=sivb&aqs=chrome..69i57j0i10i131i433i512l2j0i10i512l2j69i64l3.1066j0j7&sourceid=chrome&ie=UTF-8
https://www.google.com/search?q=usd+btc&oq=usd+btc&aqs=chrome..69i57j0i512l4j69i64l3.1207j1j7&sourceid=chrome&ie=UTF-8
1:28:15 Do This Now
https://twitter.com/MaxCRoser/status/1355652800588505089
1:34:52 A Year From Now
https://www.youtube.com/watch?v=PHe0bXAIuk0
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Bangladesh Nation, we have Bology, Stony Boston on. He's talking about his prediction that |
| 0:09.0 | within 90 days, the US dollar would hyper-inflate and one Bitcoin would be worth $1 million. |
| 0:16.4 | This is both a prediction he made and a bet that he has made after that prediction on Twitter. |
| 0:22.1 | He's been saying some alarming things over the past few days, I would say, about the US |
| 0:26.4 | banking system. And maybe the most alarming is some of his early predictions have sort of been |
| 0:33.1 | right. There's more murmurings of bank closures that have passed both the United States or now |
| 0:39.4 | in Europe. We just had Credit Suisse, which first for public bank, just kind of go to zero. |
| 0:44.4 | We have central bank communications talking about coordinated efforts between them all to inject |
| 0:50.1 | liquidity in this market. The prospect of like unlimited coverage for all depositors and for all |
| 0:55.9 | of these underwater assets is now in play too. And so I worry about some of the things coming to |
| 1:02.5 | pass because his predictions, David, are quite dire. He is sending out an alarm. He says, |
| 1:08.4 | the bit signal, he says, people to get their money outside of the US banking system |
| 1:13.7 | and into Bitcoin specifically, into crypto systems and outside of the areas where the Fed has |
| 1:20.0 | root level access. So we brought him on to make this case to hear the evidence for his claims |
| 1:26.4 | and to see how alarmed we should really be. One thing I'll say before you get your response |
| 1:31.7 | in this, David, is we do intend to bring on a counterpoint as well. So biology has given his case |
| 1:37.2 | for why we're all basically the US dollar is doomed. It's going to hyperinflate and that's going |
| 1:41.3 | to happen in relatively short period of time. We also want to get on somebody to make the opposite |
| 1:47.2 | claim so that this is balanced and so that listeners can listen to the evidence biology comes up |
| 1:54.4 | with and listen to the counterpoint and make their own decision on this. But I got to say we needed to |
| 1:58.7 | hear him out on this because he's been right about many things in the past. He's been right overall |
| 2:05.2 | about crypto and kind of the direction. And now he's setting off this alarm bell. It certainly |
... |
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