Balaji Srinivasan, former Chief Technology Officer (CTO) at Coinbase, has urged investors to buy Bitcoin and move their cryptocurrencies off exchanges, warning that a digital lockdown could be imminent. Srinivasan responded to a tweet from a user who shared a mail from cryptocurrency exchange Kraken that it would temporarily stop offering Automated Clearing House (ACH) transactions later this month, saying that the Federal Reserve is closing the exits and individuals may only have weeks or even days to buy Bitcoin and get their coins off exchanges.
Srinivasan made a bold prediction last week that Bitcoin’s price could reach $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 and turn to Bitcoin as a “digital gold” as the new preferred currency.
The Federal Reserve announced that its FedNow payment network would launch in July, offering settlement services for participating organizations to make instant payments to one another. Some individuals suggest it could be a complement or precursor to a Central Bank Digital Currency (CBDC), should such a thing become a reality.
Srinivasan criticized the U.S. government’s history of dishonesty and voiced concerns over the centralization of power and the potential for behavioral compliance under a CBDC system. He warned that under such a system, it would be “game over” for personal sovereignty and those who oppose political shenanigans.
Srinivasan recommended that concerned citizens acquire Bitcoin before a lockdown, saying that financial sovereignty is possible through Bitcoin. He asked if readers had enough trust in the U.S. government to relinquish complete control of their money to them and said that those who don’t have trust in the government should acquire Bitcoin before they are locked in.