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šŸæ The $1M Bitcoin Price Prediction

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GM, reader, GM ā€” and welcome to Tokengraph. Arbitrum just launched its airdrop, but how did it go? Weā€™re also rolling out a new series of Podcast Breakdowns for you today. Stay tuned to hear about Balajiā€™s wild Bitcoin prediction.

Coming to an inbox near youā€¦

  • Arbitrum Airdrop Price Tanks 90%

  • Balaji: Hyperinflation, $1M Bitcoin

  • Do Kwon Arrested in Montenegro

  • Coinbase CEO: Vote Pro-Crypto

  • Greenpeaceā€™s ā€œSkull of Satoshiā€

Arbitrumā€™s highly anticipated airdrop launched yesterday, and it looks like people werenā€™t excited about the technology as much as they were anticipating selling the token ASAP.

Take a look at the sheer amount of transactions ā€” 2.7M, which is nearly triple the amount that Ethereum did:

Starting at a price of $10.29 per ARB, the coinā€™s price swiftly dropped all the way to $1.40 in just 30 minutes. It seems that everyone was trying to cash in as quickly as possible before the hype surrounding the airdrop died down completely.

The claiming process itself was extremely bumpy ā€” the sheer amount of users that flooded Arbitrumā€™s website caused it to crash, and strange things were happening with gas fee calculations, causing the estimated fee at one point to exceed $5.8B (an insane price for a gas fee, clearly an error).

Wallets claimed anywhere from 625 to 10,250 ARB depending on the number of eligibility criteria they met.

Arbitrum is a layer 2 scaling solution blockchain for the Ethereum network. Its airdrop will remain live for users to claim their tokens for the next 183 days. It remains to be seen what ARBā€™s price will do in the future.

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Former CTO of Coinbase and Co-founder of Counsyl Balaji Srinivasan has a rock-solid reputation within the crypto community ā€” but his recent $1M Bitcoin prediction is on a whole different level, even for his stellar track record.

He talked about his prediction and shared some deeper insights into the state of the market on this episode of the Bankless podcast earlier this week.

Not only did he predict that Bitcoin will hit $1M in 90 days ā€” Balaji also made two separate bets on it, each one worth $1M itself.

Show hosts Ryan Sean Adams and David Hoffman pushed against Balajiā€™s wild prediction but still made space to acknowledge that the general sentiment of the prediction (i.e., Bitcoin could see a huge amount of mass adoption in the short term) needs to be taken seriously ā€” both because of current economic conditions and because of Balajiā€™s spotless history of predicting developments within the crypto industry. Check out his book, The Network State, all about how blockchain and crypto will replace governments and fiat.

Here are the main points that Balaji hit on during the podcast:

  • US dollar will hyperinflate, leading Bitcoin to be worth $1 million within 90 days

  • Concerns about the US banking system including bank closures in the US and Europe

  • Central banks are discussing coordinated efforts to inject liquidity into the market

  • It is time for people to move their assets outside of the US banking system and into cryptocurrencies

Our take on Balajiā€™s predictions? At worst, itā€™s an incredible marketing stunt that has already drawn massive attention to his social media presence and to Bitcoin itself.Ā 

But at best, we side with Ryan and David ā€” Bitcoin could see rapid mass adoption if the economic conditions continue to worsen at an accelerated pace, but we have no reason to believe that itā€™s going to hit $1M.

Whether Balajiā€™s prediction comes true or not, it is of paramount importance to just be aware of potential risks and to make informed decisions about your assets in uncertain times like these.

Which of the following projects had the biggest airdrop?

A.Ā BAYC (ApeCoin)B.Ā Optimismā€™s second airdrop (OP)C.Ā Arbitrum (ARB)B.Ā LooksRare (LOOKS)

Scroll down to the bottom to see if you're right!

Other Top Stories Today šŸ“¢

Wanted by Interpol itself, Do Kwon has allegedly been caught in Montenegro along with his aide, Han Mo. Kwon has been on the run since the collapse of the Terra ecosystem last summer, making his way through Singapore, Dubai, and Serbia as he ran from the law. He now faces fraud charges from South Korea, the SEC, and NY federal prosecutors.

Ā 

Brian Armstrong, CEO of Coinbase, stated that he plans to organize an entire political force of crypto users (and voters) in a Twitter Spaces talk yesterday. The SEC just served Coinbase a Wells notice earlier this week, possibly signaling that theyā€™ll be bringing legal action against the company for its staking activities or other services. Armstrong had the following to say on the subject: ā€œWe are going to elect pro-crypto candidates in this country to make sure that our success is ensured.ā€

Ā 

Environmental group Greenpeace just commissioned ā€œThe Skull of Satoshi,ā€ a large art piece meant to highlight Bitcoinā€™s negative impact on the environment ā€” but the organizations intentions seem to have been thwarted, as the Bitcoin community has taken a liking to the piece. The installation is part of a movement that aims to get Bitcoin to switch from a Proof-of-Work consensus mechanism to Proof-of-Stake, which would save massive amounts of energy. However, Bitcoiners mainly just like the piece, and some have even adopted it as a mascot.

ā“ Trivia Answer

Answer: A.

Yuga Labs, the studio behind the BAYC NFT collection, airdropped as much as $200k worth of ApeCoin to BAYC holdersā€™ wallets.

Web3 Resource of the Day

Bitcoin & The Banking Crisis | Caitlin LongĀ | Podcast from Anthony Pompliano

ā€œMost people, because they havenā€™t lived through inflation or hyperinflation, have no idea that the dollar might not be stable.ā€ Sobering words from Caitlin Long on todayā€™s resource, a Pomp podcast episode. Long is the founder and CEO of Avanti Financial Group, a bank that handles digital assets, keys, tokens and more. In this episode, she provides a comprehensive view of what led us to this economic moment in history and how bankruns and Bitcoin could change the future of banking finance.

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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.