Former Coinbase CTO Balaji Srinivasan Makes Millionaire Bet on Bitcoin (BTC) price over the next 90 days, the price of the cryptocurrency is predicted to reach $1 million by June 17.
The bet was started On March 17, when the pseudonymous Twitter user James Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation. A few hours later, Coinbase’s former CTO accepted the bet.
Sir, I believe we have a deal https://t.co/9JYaLNo9Eq
— James Medlock (@jdcmedlock) March 18, 2023
Under the proposed terms, if the price of Bitcoin does not reach $1 million by June 17, Medlock will win $1 million in the dollar-pegged stablecoin USD (USDC) and 1 BTC. Likewise, if Bitcoin is worth at least $1 million as of date, then Balaji can keep 1 BTC and $1 million in USDC. Srinivasan explained in the thread:
“You buy 1 BTC. I will send 1 million USD. That’s ~40:1 odds since 1 BTC is worth ~$26,000. The deadline is 90 days.”
Related: Banking Crisis: What Does It Mean for Cryptocurrency?
According to the thread, other Twitter users helped create a smart contract with betting terms. Srinivasan also revealed that he will move another $1 million in USDC for another bet on the same topic:
“I’m moving $2 million to USDC for a bet. I’ll do it with Medlock and one other person, which is enough to do it. See my next tweet. Everyone else should go buy bitcoins, because it will be much cheaper than one close for 90 days.”
Medlock and Srinivasan made the bet based on their differing views on the future of the U.S. economy amid lingering uncertainty about the country’s banking system.
Srinivasan he argues that there is an impending crisis that will lead to a deflation of the US dollar and thus a hyperinflationary scenario that would take the price of BTC to $1 million. Medlock, on the other hand, is bearish on the country’s impending hyperinflation.
Meanwhile, the price of Bitcoin at the time of writing is $27,387, with its market cap adding over $194 billion year-to-date to 66% growth in 2023, outperforming Wall Street bank stocks in the middle concerns about the global banking crisis.
Also, for the first time in a year, the price of BTC moved from United States stocksCointelegraph said it rose 65%, compared with a 2.5% gain for the S&P 500 and a 15% decline for the Nasdaq.
