💎 Balaji Srinivasan Says FTX Is a Preview of State Failure, USD Bank Accounts Could Be Frozen or Inflated to Worthlessness

💎 Angel investor Balaji Srinivasan says the collapse of crypto exchange FTX should be treated as “a preview of state failure.” He warned that one day U.S. dollar bank accounts “may be frozen or inflated to worthlessness,” emphasizing that the authorities “will show no interest in prosecuting.” Srinivasan cautioned: “That world is coming and we need alternatives.”

💎Angel investor Balaji Srinivasan commented on the collapse of crypto exchange FTX in a series of tweets Saturday. Formerly the CTO of crypto exchange Coinbase and a general partner at venture capital firm Andreessen Horowitz (a16z), Srinivasan is also the author of The Network State, a WSJ bestseller.

💎 Treat FTX as a preview of state failure,” he wrote, adding:

💎One day, your USD bank account balance may be frozen or inflated to worthlessness. The authorities will show no interest in prosecuting — they’re the ones who ordered it in the first place. That world is coming and we need alternatives.

💎It’s all just a dress rehearsal for the ultimate rug pull — when the state prints trillions, monetizes the debt, and ends the fiat century,” the angel investor explained in another tweet. “Our space will be prepared. We know what that looks like. And our trust-minimizing systems will be life rafts for the world.”

💎 Many people on Twitter agreed with Srinivasan, stating that bitcoin and decentralization are the answer.