What Are The Odds Bitcoin Journeys To $1M? Why A Former Coinbase Exec Is Optimistic

Former Coinbase (NASDAQ: COIN) CTO Balaji Srinivasan is optimistic that Bitcoin's (CRYPTO: BTC) could hit the $1 million mark by June 17.

Srinivasan made the comment back in March at a CoinDesk conference held in Austin, Texas.

"Could it be that it takes 900 days or even 90 months? It's possible, I don't have a 100% probability on it," he said at the time.

Srinivasan's prediction underscores the "collapse in full faith and credit in the U.S. financial system," driven by the government's excessive money printing to support a vulnerable banking system.

He compared the odds of Bitcoin's reaching $1 million to the likelihood of a Black Swan event occurring in the U.S. economy, estimating:

• A 10% chance of a major issue within months
• A 70% chance within years
• A 19% chance within decades
• And a 1% chance it takes a century or more.

"I don't think it's 100%, but the specific number I think is high as I see a lot of fragility in the system," he added.

Next: Hong Kong Banks Are Embracing Crypto Companies Despite Skepticism Across The Globe