Could tech giants be betraying cryptophiles? Balaji Srinivasan's chilling predictions

Wed 21 Jun 2023 ▪ 3 min of reading ▪ by Luc Jose A.
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In the grip of numerous economic turbulences, the G7 countries are actively seeking solutions to strengthen their economic resilience. According to Balaji Srinivasan, former Coinbase CTO, although it may be unlikely at the moment, the seizure of citizens’ cryptocurrencies could become an option for the leaders of this group in the future. The American entrepreneur also believes that the G7 countries could benefit from the support of major global technology companies if they decide to seize the digital assets of cryptocurrency holders.

Coins of various cryptos

Seizing cryptocurrency holdings: an option for the G7 countries?

Balaji Srinivasan, an American entrepreneur, investor, and avid Bitcoin (BTC) advocate, is a well-known expert in the crypto industry. His analyses and market predictions do not go unnoticed. In March, Balaji Srinivasan had announced that Bitcoin would reach $1 million within 90 days.

In a recent interview on the Impact Theory podcast, the former Coinbase CTO made particularly alarming predictions for cryptocurrency holders. According to the American entrepreneur, the G7 countries could be compelled to confiscate citizens’ cryptocurrency holdings in order to recover from economic turbulences.

“The G7 countries are going to have a real problem, and they will have a harder time finding money, and a large part of the world depends on whether the G7 countries and China have the ability to seize digital assets. If they can, it’s like a turning point in history. That means you have total states with CBDC (central bank digital currency) and so on…” he stated.

With the support of tech giants?

To achieve their goals, Balaji Srinivasan believes that governments can obtain the support of major tech companies if they wish. He asserts that these large corporations could scan the devices of cryptocurrency holders and provide their private keys to authorities upon request.

“The biggest risk factor for this is actually Apple, Google, and Microsoft because they have access to the operating system. That’s actually what worries me the most: the fact that Apple has software updates, Google can access your Google Drive, and Microsoft has Windows, and if the government orders it, in theory, they could scan your hard drive for private keys and extract your digital assets,” he affirmed.

While hacking incidents are becoming increasingly rare, should cryptocurrency holders now protect themselves from their own governments? This is what Balaji Srinivasan’s prediction suggests.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.