Even I don’t buy $1M USD/BTC in 90 days. Even if the Fed printed every single dollar scot free from the ether to cover up all the difference on MTM treasuries debt that all the banks have, it won’t 40x the USD M2 to send Bitcoin to $1M. There’s a lot of existing obligations denominated in USD that people will buy USD to settle them. If USD falls enough, people will cover their USD obligations by buying USDs.

Not sure what Balaji’s smoking here.