ChainCatcher news, former Coinbase CTO Balaji Srinivasan explained his previous bet that "the price of Bitcoin could reach $1 million by June 17" at the Consensus 2023 conference, stating that his prediction of "Bitcoin reaching $1 million" would signify a complete collapse of confidence and credit in the U.S. financial system, as the government prints massive amounts of money to support the fragile banking system.He believes there is a 10% chance of a very serious problem occurring in the U.S. economy within a few months, a 70% chance in a few years, a 19% chance in a few decades, and only a 1% chance of it happening in a century or longer.Srinivasan stated, "Could it take 900 days or even 90 months for Bitcoin to reach $1 million? It's possible, I can't say there's a 100% chance, I don't think it's 100%, but I think the specific number is quite high because I see a lot of vulnerabilities in the system. I could be wrong, but I burned a million to tell you that they (the Federal Reserve and U.S. officials) are printing trillions."ChainCatcher previously reported that former Coinbase CTO Balaji Srinivasan made a million-dollar bet on Bitcoin's price with Twitter user James Medlock on March 19. According to the proposed terms, Medlock buys one Bitcoin, and if the price of Bitcoin does not reach $1 million within 90 days (by June 17), he will win Balaji's $1 million; otherwise, he will lose one Bitcoin. (source link)