Loading...

Ex-Coinbase CTO commits enormous bet if Bitcoin reaches $1M within 90 days

TL;DR

  • Balaji Srinivasan, former Coinbase CTO  makes a ninety-day prediction bet on bitcoin price.
  • A Twitter user by the name James has offered to bet anyone $1 million that the United States would not experience hyperinflation.

Balaji Srinivasan, a former general partner at Andreessen Horowitz and the former CTO of Coinbase, has committed to a sizable wager that bitcoin would surpass the $1 million price mark in 90 days.

Also, Bitcoin’s price has moved far away from American stocks for the first time in a year, growing by around 65% compared to the S&P 500’s 2.5% increases and the Nasdaq’s 15% decrease.

The bet was started on March 17 when James Medlock, a Twitter user going by a pseudonym, offered a $1 million dollar wager that the US wouldn’t experience hyperinflation. The former Coinbase CEO agreed to the gamble a few hours later.

The former Coinbase CTO explained that In line with the suggested conditions, Medlock will get 1 BTC and USD Coin valued at $1 million if Bitcoin’s price does not reach $1 million by June 17. Balaji can keep the 1 BTC and the $1 million in USDC if Bitcoin is worth at least $1 million by the date.

Former Coinbase CTO on how the U.S. Economy will react to hyperinflation

According to Srinivasan, there is a crisis on the way that would cause the U.S. dollar to inflate, which would lead to a scenario of hyperinflation and a BTC price of $1 million. Medlock, on the other hand, is worried about the nation’s looming hyperinflation.

With the betting terms, additional Twitter users participated in drafting a smart contract. Srinivasan further revealed that he will transfer an extra $1 million in USDC for an additional bet. The wager was established by Medlock and Srinivasan in response to their different predictions for the direction of the American economy in the face of ongoing banking system uncertainty.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Vodafone to Merge Crypto Wallets with SIM Cards
Cryptopolitan
Subscribe to CryptoPolitan