#1176 Balaji Srinivasan On Bitcoin & The Stealth Banking Crisis

The Bitcoin maximalists are going to be the only people on Earth who are prepared for the potential sovereign default of the US dollar and the rise of Bitcoin and the concert of Hyperbitcoinization where the reserve currency switches over to BTC and all fiat around the world basically collapses relative to the hardest money around.

So, Hyperbitcoinization, which is the simultaneous rise of Bitcoin and transition to reserve currency and the crash of other fiats against it, is going to be a huge mess—because I think it's going to come much faster than people think. Because with all this printed money, we've got about 3 months before this CDDC gets out there where you're still a free man...

I'm not a Bitcoin maximalist, but we're all going to be Bitcoin maximalists now.

Buy Bitcoin, get your keys off exchanges, get to a Bitcoin-friendly jurisdiction. That is the message. Buy Bitcoin, get your keys off changes, get to a Bitcoin-friendly jurisdiction.

Buy Bitcoin, get your coins off exchanges, and go to a crypto-friendly jurisdiction. Inside the US, that'll be, like, Florida or Texas or something like that. Outside the US, which might actually be better... would be like El Salvador or UAE or Singapore.

They're all dead. [SVB] is just the first bank that floated up to the surface. All the banks are dead, and they're just going to keep coming up.

The FedNow CBDC... It's going to come out in July. Then, all the money is trapped all the big banks. And then, in July, you only have like 4 banks left, or whatever it is. The CBDC is rolled out, and too-big-to-fail becomes too-big-to-escape. You literally can't spend your money without government approval on anything.

I kind of think what will happen is a potential dividing line in the not-too-distant future. There will be... blue states that don't allow individuals to hold Bitcoin—only the government can, like gun bans—and red states that allow individuals to hold Bitcoin.

At the end of 2012, 4 banks were insolvent. By June 30th, they knew 333 of these community banks were insolvent ... If you came for the money, the money was gone.

Hopefully, you have something where only dollar-holders pay for the sins of the dollar, ... Hopefully, everybody who doesn't fully trust the banks and the US government hedges into Bitcoin to a greater and greater extent.

That's what this is. Do you trust Powell or Satoshi? That's literally what this is.