Balaji Srinivasan Raises Alarm Amid $1M Bet: 'Buy Bitcoin And Get Your Coins Off Exchanges'

Coinbase's COIN former CTO Balaji Srinivasan on Wednesday warned that investors may only have weeks or even days to buy Bitcoin BTC/USD and move their cryptocurrencies off exchanges. 

What Happened: Srinivasan reacted to a Twitter user who shared a mail from cryptocurrency exchange Kraken that it would suspend automated clearinghouse (ACH) transactions later this month.

The Fed is closing the exits.
They can’t do so globally.
There are now enough banks outside Fed control.
But if you’re within the broad West…
You may only have weeks or even days.
Buy Bitcoin and get your coins off exchanges. https://t.co/Gntvr46B2Z

— Balaji (@balajis) March 23, 2023

Kraken will temporarily stop offering ACH deposits and withdrawals starting March 27 as it seeks to find a new banking partner after Silvergate Bank turmoil.

Srinivasan responded, “The Fed is closing the exits. They can’t do so globally. There are now enough banks outside Fed control. But if you’re within the broad West…You may only have weeks or even days. Buy Bitcoin and get your coins off exchanges.”

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

Last week, Srinivasan made a bold prediction that Bitcoin's price could skyrocket to $1 million by June 17 due to the rapid devaluing of the U.S. dollar in the coming months.

According to Srinivasan, the global economy is on the verge of a major shift — a “hyperbitcoinization”— which could spell the end of the dollar as the world’s dominant currency. As he explains, as traditional currencies enter a period of rapid hyperinflation, the global economy will turn to Bitcoin as a “digital gold” as the new, preferred currency. 

Price Action: At the time of writing, BTC was trading at $27,421, down 2.90% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Slide After Fed Hike: Analyst Sees Apex Crypto 'Consolidation Before Continuation' At This Key Level