Ex-Coinbase CTO Bets Million Dollars that on Bitcoin Will Hit Reaching $1 Million in 3 Months
In one of the most outlandish bets, Balaji Srinivasan, former Coinbase CTO, is betting that the US economy will experience hyperinflation, which will cause the almighty dollar to decrease in value and Bitcoin to increase. If he is wrong, he agrees to pay social democrat James Medlock the $1 million worth of the dollar-pegged stablecoin USD Coin (USDC) and one BTC.
On the other hand, if BTC does reach $1 million in the next 90 days, Srinivasan will keep the 1 BTC and the $1 million in USDC. The intriguing part about this bet is that BTC is hovering around $27,000 and has a market capitalization of over $194 billion year-to-date, a 66% growth in 2023. So far this year, BTC has outperformed Wall Street as fears grow of a looming banking crisis and possible recession.
In the case of Srinivasan's bet, he believes that the US economy is heading toward a financial crisis that will cause deflation to the US dollar, resulting in a hyperinflation situation that will likely drive the value of BTC through the roof to $1 million. This point of view is shared across the board with other Bitcoin enthusiasts who feel that BTC's limited supply and decentralized structure are ideal for weathering any economic uncertainty.
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