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Former Coinbase CTO Balaji Srinivasan spoke at the Network State Conference in Singapore on Sept. 22 about Bitcoin’s potential to protect wealth against inflation.
Srinivasan <a href="https://x.com/arjunkhemani/status/1837799890451157301" target="_blank" rel="noopener noreferrer nofollow">claimed</a> that Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) serves as a shield against what he describes as the gradual erosion of wealth by the state through inflation.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “The Fed wants you dead—just a little bit every year. And so we resist that. We stand against that,” Srinivasan said about Bitcoin and crypto.&nbsp;
</blockquote>
Srinivasan compared the <a href="https://crypto.news/tag/Federal-Reserve/" target="_blank" rel="noopener noreferrer nofollow">U.S. Federal Reserve’s</a> approach to inflation with a slow process of wealth loss over time. In the current financial system, inflation is often seen as normal. The Fed targets around 2% inflation per year, meaning that the money people hold gradually loses its value.
In March 2023, Srinivasan entered a social media argument where he <a href="https://crypto.news/balaji-srinivasan-places-a-2m-bet-on-bitcoins-performance/" target="_blank" rel="noopener noreferrer nofollow">placed</a> a $2 million bet that Bitcoin would reach $1 million by June 17, 2023.
The wager, initiated by Twitter user James Medlock, proposed that Srinivasan would win $1 million in USDC and keep 1 BTC if his prediction was correct, while Medlock would win $1 million in USDC if it wasn’t.
Srinivasan is an entrepreneur, investor, and former Chief Technology Officer of <a href="https://crypto.news/tag/Coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>, a leading cryptocurrency exchange. Before joining Coinbase, he <a href="https://balajis.com/about" target="_blank" rel="noopener noreferrer nofollow">co-founded</a> several successful tech companies, including Counsy and Earn.com. Srinivasan is also known for his involvement as a general partner at Andreessen Horowitz.&nbsp;
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<h2 class="wp-block-heading" id="bitcoin-financial-parallels">Bitcoin financial parallels</h2>
In his statements, Srinivasan also drew parallels between the financial and medical systems. Srinivasan suggested that, just as <a href="https://crypto.news/tag/inflation/" target="_blank" rel="noopener noreferrer nofollow">inflation</a> is seen as an inevitable part of the economy, the healthcare system treats aging as something that should be managed in small steps.&nbsp;
He criticized this mindset, arguing that just as people accept losing a little bit of money each year, they’re also expected to accept losing a bit of their health each year.
Bitcoin, according to Srinivasan, offers an alternative to this approach.&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Bitcoin is about stopping the state from slowly draining your wealth.”
 Srinivasan.
</blockquote>
Unlike traditional currencies, Bitcoin has a fixed supply, meaning it isn’t controlled by governments or banks. This setup makes it more resistant to inflation, offering a potential way for people to preserve their wealth over time.&nbsp;
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Ex-Coinbase CTO: ‘Fed wants you dead,’ Bitcoin counters state control

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