Will Bitcoin [BTC] hit $1 million in 90 days? Real Vision CEO predicts…
On 20 March, entrepreneur Anthony Pompliano “Pomp” invited Real Vision CEO Raoul Pal to his podcast, where he quizzed the latter on a range of topics surrounding Bitcoin [BTC] and its numerous run-ins with regulatory bodies.
Speaking on “Bitcoin and the 2023 Financial Crisis,” Pal talked about crypto failures such as FTX, U.S. government’s pushbacks against crypto, and former Coinbase CTO Balaji Srinivasan’s bet on Bitcoin hitting $1 million within 90 days.
Regarding the recent collapse of the crypto-friendly Silicon Valley Bank (SVB), Pomp asked Pal if we should compare its collapse of the crypto exchange FTX in November last year. Pal pointed out that, though it’s true that both institutions made poor investments. However, the crucial difference is that while SVB is a bank, FTX is only a brokerage. While SVB had the right, as a banking institution, to invest in customer funds, FTX had, as a crypto brokerage firm, no right to invest customer funds.
Pal also pointed out that even as banks have been disallowed from engaging in prop trading, FTX was doing essentially that with customer money.
Pomp asked Pal why the United States government was pushing against cryptocurrency. Pal responded that the U.S. government understands cryptocurrency and is acutely aware of the gigantic impact of possible bank runs as a potential result of Bitcoin’s popularity. It is for this reason that the U.S. government is pushing back against mass adoption of cryptocurrency through bringing in a lot of rules and regulations.
The crypto industry has been dealing with multiple failures such as Terra [LUNA], Three Arrows Capital, Celsius, Voyager Digital and FTX since 2022. In addition, hacking attempts have continued to plague crypto platforms. Due to
Read more on ambcrypto.com
