Balaji Srinivasan, Coinbases COIN former CTO, made a bold prediction on Saturday. He believes Bitcoins BTC/USD The price could climb to $1 million by June 17 due to the rapid depreciation of the US dollar in the coming months.

What happened: According to Srinivasan, the global economy is on the verge of a major shift — “hyperbitcoinization” — that could spell the end of the dollar as the world’s dominant currency. As he explains, as traditional currencies enter a period of rapid hyperinflation, the global economy will turn to bitcoin as “digital gold” as the new currency of choice.

Srinivasan’s prediction comes at a time of great fear and uncertainty in financial markets as a series of bank failures has rocked the United States.

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Analyst Opinion: Crypto Analyst Miles German Srinivasan disagrees and said Bitcoin won’t hit $1 million in 90 days, but he believes this bet spurred the talk of the “hyperbitcoinization theory.”

The analyst said Srinivasan cleverly “used an outlandish wager as a vehicle to continue this narrative.”

Venture capitalist Adam Cochran discussed how realistic Srinivasan’s recent bold prediction might be. He said to put that in perspective, the 2017 rally at much lower prices was only a 1,105% gain and the 2020-2022 rally was just 547%. Cochran looked at the potential impact of a prediction of this magnitude and the chances of success.

He said Bitcoin’s unprecedented growth, even in the face of major spikes in volatility caused by extraordinary events, pales in comparison to what could be achieved with an even more extreme catalyst. This catalyst could be a banking system collapse, with people trying to flee traditional global currencies due to hyperinflation and debasement, taking the value of Bitcoin to $1 million.

But the problem Cochran proposes is that “alternative investments (like…