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Summary:

• Former Coinbase CTO Balaji Srinivasan believes there is a “very high” chance of sovereign defaults in the coming months.
• His prediction that Bitcoin would hit $1 million after 90 days is based on the possibility of such a financial crisis.
• The crypto community misunderstood his comment and thought he was backtracking from his predictions.

Balaji Srinivasan’s Predictions

Former Coinbase CTO Balaji Srinivasan said that sovereign defaults are only a matter of time as governments are printing trillions. He believes there is a “very high” chance that these defaults will happen within months, which will cause Bitcoin’s price to skyrocket. This reasoning was behind his prediction that Bitcoin would hit $1 million after 90 days. However, some in the crypto community misinterpreted this statement and thought he was backtracking from his predictions.

Response to Misunderstandings

Srinivasan clarified that he was not backing away from his previous comments during his talk at Consensus 2023. He stated that it is possible it could take 900 days or even 90 months for Bitcoin to reach $1 million, but did not give an exact probability on when this might occur.

Potential Financial Crisis

He believes that due to governments printing trillions of dollars, a financial crisis of unprecedented magnitude is imminent. Such a crisis could lead to global economic instability and could be the reason for why Bitcoin may reach $1 million in value over the next few months or years.

SEC Fines Up Global & Coinme

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The SEC recently fined Up Global and Coinme with 3.9M USD for violations related to their operation of unregistered digital asset securities offerings. The fines were accompanied by cease-and-desist orders requiring each company to correct their illegal activities or face further action by regulators. This highlights how important it is for companies operating in the cryptocurrency space to adhere closely to all applicable laws and regulations in order to avoid costly penalties like those imposed upon Up Global and Coinme.

Kraken CEO Change

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Dave Ripley recently took over as Kraken’s CEO, setting him up for leading the exchange into its next phase of growth and expansion. Ripley brings with him more than two decades‘ worth of experience in finance and technology, making him well-suited for taking Kraken through its upcoming journey ahead as one of the world’s most prominent exchanges.