Ex-Coinbase CTO Commits Enormous Bet If Bitcoin Reaches $1M Within 90 Days
A Twitter user by the name James has offered to bet anyone US$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 US$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 per cent compared to the S&P 500’s 2.5 per cent increases and the Nasdaq’s 15 per cent decrease.
The bet was started on March 17 when James Medlock, a Twitter user going by a pseudonym, offered a US$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 US$1 million if Bitcoin’s price does not reach US$1 million by June 17. Balaji can keep the 1 BTC and the $1 million in USDC if Bitcoin is worth at least US$1 million by the date.
Former Coinbase CTO on how the US Economy will react to hyperinflation
According to Srinivasan, there is a crisis on the way that would cause the US 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.
Here are the remaining references, as Twitter has a limit on the number of links in one post.
I am moving $2M into USDC for the bet. I will do it with Medlock and one other person, sufficient to prove the point. See my next tweet. Everyone else should https://t.co/R3lQp7Ffdt… https://t.co/KFnHvotLpK pic.twitter.com/ABxBmYmv9i
— Balaji (@balajis) March 17, 2023
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.
