Balaji Srinivasan, a well-known figure in the cryptocurrency space and former CTO of Coinbase, has launched a new campaign called #BitSignal. The campaign aims to warn people about what he believes is a stealth financial crisis caused by the actions of banks and regulators.
As part of the campaign, Srinivasan is offering $1 million in Bitcoin to those who can provide evidence that shows the banking system's insolvency and how Bitcoin is superior. He also predicts that Bitcoin will reach $1 million per coin in 90 days.
Balaji Srinivasan's Background
Balaji Srinivasan is a prominent entrepreneur, investor, and thinker in the technology industry, and he has made significant contributions to the development of cryptocurrencies. He has founded several startups, including Earn.com, which was acquired by Coinbase, and Counsyl, which was acquired by Myriad Genetics. He is also the author of the book “The Network State” which explores how decentralized digital networks can transform society and governance.
The BitSignal Campaign
The BitSignal is his latest initiative to raise awareness and action on what he calls a stealth financial crisis. He announced the campaign on March 16, 2023 in a series of tweets . He explained that he is putting up $1M in Bitcoin to alert people to the fact that the central bank, the banks, and the bank regulators have bankrupted all of us. He said that they hid their insolvency from the depositors and are about to print $2T to hyperinflate the dollar. He urged people to buy Bitcoin now and get their coins off exchanges.
To participate people have to reply to his tweets with their charts, graphs, stats, memes, or other evidence that show how the banking system is insolvent and how Bitcoin is superior. He said that he will pay $1000 per tweet for the best 1000 tweets. He also asked people to submit their tweets in a Google form. He said that @thenetworkstate will be replying to the winners on his behalf to send payments.
By stealth financial crisis, Balaji means that, unlike the 2008 crisis where there was a visible collapse of banks and markets, this time the crisis is hidden from public view by complex language and lies. He said that millions of depositors at hundreds of banks (including SVB) weren’t warned that their banks were rendered insolvent by Powell’s surprise rate hikes. He also said that regulators knew about this but didn’t notify depositors because they were captured by special interests. He accused them of lying about the printing of money and trying to block the exits for people who want to switch to crypto.
He also said that making Bitcoin moon (i.e., increase in price dramatically) is the way we send the fire alarm to the rest of the world that the Fed is hyperinflating the dollar. He said that Moon memes (i.e., viral images or videos) because they are effective ways of spreading information and influencing public opinion.
He predicted that Bitcoin will reach $1M per coin in 90 days because hyperinflation is common and very fast. He cited examples from history where prices doubled in hours or days during episodes of hyperinflation.
We think that Balaji Srinivasan's BitSignal campaign is a bold move that challenges the traditional banking system, which has been plagued by problems like inflation and insolvency. Decentralization and cryptocurrencies offer a way to address these issues, and it's encouraging to see more people advocating for them. The future of finance could be decentralized, and campaigns like BitSignal are a step in the right direction.