- Crypto analyst Adam Cochran believes that Balaji Srinivasan’s $1 million Bitcoin bet is unlikely to succeed.
- Cochran argued that the catalyst required to pump BTC 3600% is unlikely to occur in the next 90 days.
Popular crypto analyst Adam Cochran recently took to Twitter to share his disagreement with former Coinbase exec Balaji Srinivasan’s bold prediction for Bitcoin [BTC].
Cochran, who is known for his insights on crypto price action, believes that Balaji’s ambitious $1 million target for Bitcoin within the next 90 days is a long shot.
No catalyst to pump BTC 3600%
In a 19 March Twitter thread, Cochran stated that he would be comfortable betting against Balaji’s price target for Bitcoin. The crypto analyst pointed out that in order to reach $1 million in the next 90 days, BTC would have to gain a whopping 3600%.
Let’s breakdown @balajis $1M Bitcoin bet.
And why I’d comfortably bet against it.
— Adam Cochran (adamscochran.eth) (@adamscochran) March 18, 2023
He highlighted that even the most extreme events until now only led to a maximum rise of 1105%. Cochran argued the catalyst for such a gain will probably not occur over the next three months.
Cochran believes the catalyst Balaji is counting on for the 3600% BTC pump is the collapse of the banking system. The idea is people will rush their money into Bitcoin following the hyperinflation of the USD and its subsequent debasement.
He cited the performance of Bitcoin in early 2020, when the coronavirus shut down the world and its financial system. BTC tanked over 60% from its peak at the time.
Cochran also compared Bitcoin to gold, which is considered a safe haven asset in the event of a financial crisis. To make his case, he highlighted the 8% growth in gold’s price amid the pandemic crash.
“In our most extreme moment of monetary debasement, the total downside volatility of Bitcoin was -70%, the upside volatility of gold (the accepted safe haven asset globally) was +8.3%.”
Cochran is confident that the widespread system damage needed to drive up BTC to Balaji’s predicted price is currently unlikely.