Insane Bet by Balaji Srinivasan

The global cryptocurrency community is excited about the discussion between Balaji Srinivasan, former a16z partner and Coinbase CTO and pseudonymous Twitter speaker James Medlock. This could be the biggest effort in the entire history of the cryptocurrency ecosystem.

Balaji Srinivasan bets $2 million on Bitcoin (BTC) 40x rally in 90 days

Yesterday, March 17, 2023, Balaji Srinivasan announced that he is placing a giant bet of $2,000,000 on Bitcoin (BTC). He is confident that Bitcoin (BTC) will be worth over $1,000,000 in 90 days. Otherwise, he will pay $1 million to his opponent.

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

This insane effort was posted in response to the tweet by James Medlock, a pseudonymous Twitter user and popular left-wing speaker and analyst. The owner of this account said that he was ready to bet 1 million dollars on the fact that the US dollar will not face hyperinflation.

Srinivasan emphasized that hyperinflation is inevitable due to the insolvency and ignorance of the banking system and financial regulators in the United States:

The central bank, the banks and the banking regulators have bankrupted us all. They hid their insolvency from you, the depositors. And they are about to print $2T to hyperinflate the dollar

Balaji Srinivasan is known for his predictions about social and political trends he made on the eve of the 2020 global crisis. His aggressive efforts have also been made amid an accelerating banking collapse.

As covered by U.Today previously, the collapse of major US institutions (Signature, Silvergate, Silicon Valley Bank) triggered a series of painful collapses in the VC markets.

The BitSignal initiative is launched to alert people to upcoming USD hyperinflation

By and large, commentators on Srinivasan’s account are pessimistic about the prospects of his efforts. Even Bitcoin (BTC) bull and crypto influencer Colin Talks Crypto emphasized that this effort could be a “FOMO”-triggered proposition:

I feel like this is the ultimate FOMO venture. As in: you saw BTC go up $5k in a few days and got so excited that you somehow extrapolated a mental model for another $975k gain.

At the same time, Balaji Srinivasan launched yet another initiative to spread the word about the upcoming devaluation of the US dollar. In his tweet, he offered 1,000 prizes of $1,000 each for content that would alert Twitter users to the collapse.

In this campaign called “BitSignal”, he will reward the 1000 best pieces of content (“charts, graphs, statistics, memes”) with bonuses in Bitcoin (BTC).