Coinbase’s Former CTO Thinks Bitcoin Will Topple $1 Million In The Short Term – Can BTC Really Do It?
- Former chief technology officer of leading crypto exchange Coinbase, bet bullish on Bitcoin.
- Balaji Srinivasan, the former Coinbase CTO has a chance to walk away with $1 million in total, if the bet goes in his favor.
Balaji Srinivasan, the former CTO of Coinbase, has made a bullish call for Bitcoin. The Bitcoin fan bets $1 million on Bitcoin. It all started when James Medlock tweeted that he would bet $1 million that the United States would not register hyperinflation. Srinivasan would go on to respond to the tweet, saying he would take the bet. He asked Medlock to buy 1 BTC, adding that he would also send him $1 million.
“I will take that bet. You buy 1 BTC. I am sending $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days. All we need is a mutually agreed custodian that will still be there to settle this in the event of digital dollar devaluation. If anyone knows how to do this with a smart contract we can do it on chain so I can send USDC. If you don’t want to do that, name a guardian.” Balaji stated in a response tweet.
I’ll take that bet.
You buy 1 BTC.
I am sending $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian that will still be there to settle this in the event of digital dollar devaluation.
If anyone knows how to do this… pic.twitter.com/6Aav9KeJpe— Balaji (@balajis) March 17, 2023
James Medlock seemed to be on board as he dropped subtle hints that he would be getting a lawyer. However, he went on to reveal that he did not have $26,000 in liquid cash, but was willing to take another route.
Here’s what I’m thinking: I don’t have $26,000 liquid – if I fundraise for that total and pledge to donate 70% to GiveDirectly, will you chip in? Incredible return on your investment for a good cause
— James Medlock (@jdcmedlock) March 17, 2023
After arriving at a conclusion to which the former Coinbase CTO agreed, he went on to request that the exchange be executed using a smart contract. Srinivasan said his opponent would win 1 BTC along with $1 million USD in the form of USDC if Bitcoin remains below $1 million in the next 90 days after the funds are sent to the escrow. On the other hand, Srinivasan goes home with the money if Bitcoin is greater than $1 million after the agreed time period.
Yes. Just move money for the effort. We can do it via smart contract, but for simplicity, old fashioned escrow can work. The depositor needs one BTC address and one ETH address (for USDC). The assets will be chained for 90 days. If BTC < $1M i løpet av 90 dager etter deponering, vinner du og får både 1 BTC og $1M USDC. Hvis BTC > $1M USD within 90 days of deposit, I win and get both 1 BTC and (now worthless) $1M USDC,” he wrote in another tweet.
Yes. Just move money for the effort. We can do it via smart contract, but for simplicity, old fashioned escrow can work.
The depositor needs one BTC address and one ETH address (for USDC). The assets would be chained for 90 days.
If BTC < $1M within 90 days of…
— Balaji (@balajis) March 18, 2023
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The bet has since sparked a heated debate across the cryptocurrency market from Bitcoin supporters and skeptics. At the time of report, Bitcoin is trading at $28,212; a significantly lower price point from where Srinivasan expects it to be over the next 90 days.
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