An excellent discussion between Balaji and my colleague Larry White. I don't think Balaji is going to win his bet but he has been ahead of the crowd on the banking crisis. It's now obvious, for example, that what was important about SVB was not Silicon Valley but that it was a bank and Balaji was among the first to present this clearly. Like Larry, I can imagine Bitcoin and other crypto assets rising in price due to the crisis as people look to diversify away from USD and the US banking system (I am an advisor to some crypto firms) but I don't see $1 million soon. Larry, however, understands banking issues better than anyone I know (check out his new book Better Money: Gold, Fiat or Bitcoin?) and he agrees with much of Balaji's analysis even if not $1m BTC.
Balaji's mic is noisy but worth listening to anyway for the signal.
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