The former Chief Technology Officer at Coinbase Balaji Srinivasan has made a big bet on Bitcoin, claiming it to hit $1 million in 90 days
After the back-to-back failure of U.S. and Swiss banks, it’s time for Bitcoin to rise. Betting high on $BTC, Balaji Srinivasan predicted that the cryptocurrency will reach $1 million by June 17th this year.
The debate erupted when pseudonymous Twitter user James Medlock offered $1 million bet stating that the United States would not experience hyperinflation. A few hours after the tweet, the former CTO accepted the bet.
Here are the remaining references, as Twitter has a limit on the number of links in one post.
— Balaji (@balajis) March 17, 2023
I am moving $2M into USDC for the bet. I will do it with Medlock and one other person, sufficient to prove the point. See my next tweet. Everyone else should https://t.co/R3lQp7Ffdt… https://t.co/KFnHvotLpK pic.twitter.com/ABxBmYmv9i
Under the proposal, if Bitcoin price fails to reach $1 million by June 17, Medlock will be entitled to win $1 million worth of the dollar-pegged stablecoin USD Coin (USDC).
Medlock and Srinivasan made the deal based on their views of the U.S. economy amid the failure of the banking system.
Silicon Valley Bank (SVB) and Signature Bank are already shut down by FDIC while Credit Suisse is standing next in line.
It is assumed that banks are no longer a safer place to park the capital and hence Bitcoin becomes the ultimate hedge against upcoming hyperinflation as proposed by Srinivasan.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.