Former CTO of Coinbase Balaji Srinivasan bet $2 million on Bitcoin hitting $1 million in 90 days as a result of US hyperinflation.

Balaji Srinivasan, the former CTO of Coinbase, has made a $2 million bet on Bitcoin reaching $1 million in the next 90 days. The bet was made with pseudonymous Twitter user James Medlock, who wagered $1 million against hyperinflation in the United States.

Former CTO of Coinbase Balaji Srinivasan bet $2 million on Bitcoin hitting $1 million in 90 days as a result of US hyperinflation.

 

  • James Medlock, a fictitious Twitter user, and Balaji Srinivasan wager that Bitcoin will reach $1 million by June 17.
  • The wager is based on divergent predictions about the direction of the American banking system and economy.
  • According to Srinivasan, hyperinflation will result in the depreciation of the US dollar, driving up the price of Bitcoin.
  • Medlock, on the other hand, is pessimistic about the possibility of US hyperinflation.
  • Srinivasan says he will convert $2 million into USDC for the wager because he thinks it will be less expensive than keeping Bitcoin locked up for 90 days.
  • At the time of writing, the price of one bitcoin has already hit $27,387, with a market capitalization gain of over $194 billion over the course of the year and a growth of 66% in 2023.
  • In the face of worries about a worldwide banking crisis, the Bitcoin has beaten Wall Street bank equities.
  • BTC’s price has deviated from US stocks for the first time in a year, surging over 65% compared to the S&P 500’s 2.5% increase and the Nasdaq’s 15% decrease.

 

“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 just go buy Bitcoin, as it’ll be much cheaper for you than locking one up for 90 days.“ Balaji Srinivasan.

In light of fears of American hyperinflation, former Coinbase CTO Balaji Srinivasan has bet $2 million on Bitcoin hitting $1 million in 90 days. James Medlock, a pseudonymous Twitter user, made the wager that if Bitcoin’s price doesn’t hit $1 million by June 17 that Medlock will win $1 million worth of USDC and 1 BTC. Srinivasan accepted the wager. Srinivasan will keep 1 BTC and the $1 million in USDC if the price of Bitcoin does reach that level. According to Srinivasan, a US hyperinflation will cause the US dollar to deflate, driving up the price of Bitcoin. Medlock, on the other hand, is pessimistic about the result of US hyperinflation.

At the time of writing, the price of one bitcoin has already hit $27,387, with a market capitalization gain of over $194 billion over the course of the year and a growth of 66% in 2023. In the face of concerns about a worldwide banking catastrophe, the Bitcoin has beaten Wall Street bank equities. Also, BTC’s price has moved away from US stocks for the first time in a year, increasing by around 65% compared to 2.5% gains in the S&P 500 and a 15% decrease in the Nasdaq.

According to Srinivasan, moving $2 million into USDC will be significantly less expensive than securing Bitcoin for 90 days for the wager. He has also said that he will place a second wager on the same subject, adding $1 million to USDC. Overall, Balaji Srinivasan bet shows that, despite continuous economic uncertainties, he is optimistic about the future of Bitcoin and its potential to soar to unprecedented heights.

 

 

 

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