Bitcoin BTC/USD bull Balaji Srinivasan thinks that King Crypto is not just a technological innovation, but a "political revolution" that he thinks will upend the global order, from the U.S. to Russia.
What Happened: Former Coinbase CTO Srinivasan has maintained his bullish stance on Bitcoin, saying that its scope goes beyond the usual talk about it being a technological leap.
He thinks it protects both skills as well as ownership rights, whilst defunding both the "secret police" as well as the non-governmental organizations calling for their defunding.
Srinivasan argues that Bitcoin gives the power back to the people, allowing them to only do those things that they have consented to, and ignore those that the government tries to impose upon them.
"Bitcoin reverses several centuries of power centralization in a few decades of decentralization. It fuses the egalitarian global government of the internationalist left with the limited local government of the capitalist right."
In the past, Srinivasan has referred to this phenomenon as "hyperbitcoinization" – the end of the U.S. dollar as the world's reserve currency.
He even placed a $1 million bet in March 2023, predicting that the King Crypto would hit the $1 million mark by July.
While that didn't happen and Srinivasan closed the bet ahead of time, he maintains his bullish stance on Bitcoin.
He also believes that Bitcoin's rise has wider implications – both in terms of the global economy and geopolitics.
"It stops both Putin’s war machine and Powell’s money printer. DC’s declining ‘rules-based order' cannot match the legitimacy of this ascending Internet opt-in order."
Srinivasan also has words of praise for countries like El Salvador and Bhutan, which have embraced Bitcoin. El Salvador President Nayib Bukele even said the country won't sell its Bitcoin holdings despite the recent rally resulting in the value of its investment jumping by 40%.
Why It Matters: Despite a 44% rally in Bitcoin over the last month, analysts believe King Crypto still has a lot of gas left in the tank.
Cryptocurrency analyst Kevin Svenson believes Bitcoin could reach a new all-time high ahead of the highly-anticipated halving event that is expected to happen in April.
Svenson believes there is potential for a 34% rise in Bitcoin from its current level, which sets the price target to $83,000.
On the other hand, Cubic Analytics founder Caleb Franzen has predicted that Bitcoin could potentially reach the $180,000 level, based on a rare bull signal that has appeared only for the fourth time in history.
The previous three times when it was spotted, Bitcoin had a bull run in the range of 260% to 3,900%.
While $180,000 is still a far cry from Srinivasan's $1 million Bitcoin price prediction, it is still nearly three times of the current prices.
Read Next: ‘Dogecoin Killer' Shiba Inu Explodes For 60% Weekly Gain: This Indicator Shows Golden Cross
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