Bitcoin (BTC) bull Balaji Srinivasan says money printing on “historic proportions” will explode amid fiat currency crisis

Former Coinbase Chief Technology Officer Balaji Srinivasan believes the government will turn the money printers back on and devalue the US dollar like never before.

Srinivasan tells his 895,200 Twitter followers that the US is in the midst of a “fiat crisis” as well as a financial crisis.

“Everything is broken. Banks, commercial real estate, blue states. I also hear rumors about insurance. The print is on historical scale. As is the desire to get out of the pressure.”

Taking a closer look at the state of the insurance industry, the Bitcoin (BTC) bull says insurers, like banks, hold government bonds that have been devalued in the wake of the series of rate hikes issued by the Federal Reserve over the past year.

“Speaking of insurance…you know all those ‘safe’ assets that insurers hold to pay you back? Much of this is also in bonds that have been devalued by the Fed.

Remember that insurers hold “safe” assets like bonds and mortgages. And how are these safe assets doing? In times of unprecedented surprise rate hikes? Not great, Bob.”

Source: Balaji Srinivasan/Twitter

A look at the former Coinbase executive’s chart shows that bonds make up over 70% of U.S. insurers’ portfolios in 2019.

Srinivasan says the consequences of the crisis will be not trusting the state.

“This is not just a financial crisis. It’s a Fiat crisis. All invoices are due. Only a few pieces are on public view. But in hindsight it becomes clear: Don’t trust the state.”

The angel investor started attracting the attention of crypto traders last month after issuing a seriously bold bitcoin prediction. Srinivasan said that Bitcoin appears poised to explode to $1 million in less than 90 days amid the banking sector meltdown.

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