The former CTO of Coinbase, who predicts that Bitcoin will hit $1 million in 90 days, warns of systemic risk from Google and Apple. Former Coinbase manager
Former Coinbase executive says US tech giants can be controlled
Balaji Srinivasan spoke of a future where governments go bankrupt and turn to Bitcoin to finance their operations. He states that in such a case, the US government may force tech giants such as Apple and Google to seek private keys on servers, browsers and devices under their control.
cryptocoin.com As you follow, Balaji Srinivasan was last on the agenda with a Bitcoin prediction of 1 million dollars in March. He closed his bet in May and donated $1 million to charities as promised.
.@balajis ready to do this? https://t.co/Kov4ztanSb
— James Medlock (@jdcmedlock) March 18, 2023
Srinivasan now warns of systemic risks that the US government could control giants like Apple and Google.
He tweeted, “This is not cyber terrorism. It is a cyber war. It is not some random hacker who managed to snoop on a file. It is when the CEO of a company gives a legal order to hack their customers. This is similar to what happened to the 140 million Russians declared enemies of the state in early 2022. At this time, every tech company had turned its back on their old customers.”
STOPPING THE BACKDOOR ATTACK
In 2010, even after Twitter and Facebook helped catalyze the Arab Spring, people still would have thought it implausible if you'd said "in ten years, the most important political issue in the world for a few days will be whether the President of the…
— Balaji (@balajis) May 19, 2023
‘The only safe option’
Most tech companies will have to adapt to this dystopian future as they have no other options. Srinivasan said that the only safe option for crypto users will be the Linux operating system, despite its limitations.
After Balaji’s announcement, many people talked about the need for a crypto phone. This brings to mind the recently released Solana’s Saga phone. But others question why anyone would store their private keys on their phone. Because both Google and Apple stores are not end-to-end encrypted, this is generally considered weak security standards.
Governments are already confiscating illegal cryptocurrencies
According to current information, the US and Chinese governments are among the biggest cryptocurrency whales.
In context, the US government owns more than 200,000 BTC worth about $6 billion. The government obtained most of this BTC from the Silk Road case. Bitfinex hack etc. lawsuits are among other examples. As we reported, it is expected to sell some of these BTCs this year.
Additionally, the US government had seized $260,000 worth of cryptocurrencies from an NFT phishing scam in early 2023. Among these assets were two NFTs worth over $200,000. Popular NTFs Bored Ape 9658 and Doodle 3114 fell from hackers to the US government.
Meanwhile, the Chinese government also owns about 194,775 BTC worth roughly $3.9 billion. As of November 2022, the government of the Asian country had $6 billion worth of cryptocurrencies. These include the largest altcoins, including ETH.
