Ex-CTO of Coinbase Big Bets Bitcoin Will Race Past $1 Million Within 90 Days ⋆ ZyCrypto
Balaji Srinivasan, the former CTO of Coinbase and a former general partner at Andreessen Horowitz, has agreed to a rather large bet that bitcoin will push past the $1 million price tag in 90 days.
$1 million bet placed on BTC’s price performance
Balaji Srinivasan is betting big on bitcoin.
Srinivasan has made a public bet on the price development of BTC. The self-proclaimed social democrat James Medlock initiated the bet on Friday by making a public offer to bet anyone $1 million that the United States will not go into hyperinflation. Ex-Coinbase CTO agreed to the bet hours later.
“You buy 1 BTC. I send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. Term is 90 days,” Balaji answered, later adding that if Bitcoin doesn’t reach the coveted $1 million threshold by the specified time, Medlock will win and get to keep $1 million worth of USDC — the dollar-pegged stablecoin issued by Circle — and 1 BTC. Likewise, if Bitcoin is worth at least $1 million by June 17, he will keep 1 BTC and $1 million USDC.
Balaji is ready to send $1 million USDC to either an escrow wallet managed by the popular crypto personality and Just up podcast host Jordan Fish, who operates under the alias Cobie, or other people he cited. The angel investor is also comfortable transferring the funds to a smart contract if that is what Medlock prefers.
American professional poker player Isaac Haxton decided to join the fun. In a chirpingHaxton said he was willing to send 1 BTC to the escrow on behalf of Medlock, noting that he will take all the downside if he loses and none of the upside if the social democrat wins as long as he promises to donate 70% to Gi directly.
Will Bitcoin be worth $1 million in 90 days?
Bitcoin is changing hands at $27,200.34 at press time, up about 36% in the past seven days. The market’s No. 1 coin managed to weather failures at industry services Silvergate, Signature Bank and Silicon Valley Bank (SVB), as well as rising inflation concerns this week.
Also, BTC has decoupled from the stock markets for the first time in a year, gaining around 64% against the S&P 500’s 2.4% gain and the Nasdaq’s 14% decline in 2023.
And while it’s anyone’s guess what the price of bitcoin will be at or around June 17, it seems clear that the bet is serious for both parties and that they intend to see it through.
Time will tell if Balaji wins the bet.