Balaji SrinivasanThe former CTO of Coinbase, one of the largest and most popular cryptocurrency exchanges in the world, made a bet. 2 million dollars about the price bitcoin.
In a Twitter thread, the investor said that the price of Bitcoin Will reach $1 million in 90 days As a result of hyperinflation in the United States. Srinivasan said, “Buy 1 BTC. I will send 1 million dollars. The ratio of this is about 40:1, because 1 BTC is worth about $26,000. The time frame is 90 days.”
When did betting start? James Medlock, a Twitter user offered to bet $1 million on everyone that the United States would not experience hyperinflation. A few hours later Srinivasan accepted the bet.
Under the proposed terms, if the price of Bitcoin does not reach $1 million before 17 JuneMedlock will earn $1 million and 1 BTC in USD Coin (USDC). Similarly, if Bitcoin is worth at least $1 million by that date, Srinivasan will be able to hold 1 BTC and $1 million in USDC.
He is so sure of the impending crisis that he doubles his bet.
Srinivasan also announced that another $1 million will be played in USDC for another bet on the same subject: “I’m transferring $2 million to USDC for the bet. I’ll do it with Medlock and another, enough to prove the point. Check out my next tweet. Everyone else should go and buy Bitcoin, as it would be much cheaper than locking someone up for 90 days.”
Srinivasan argues that there is a crisis that will soon lead to a crisis. US dollar deflation and thus into a hyperinflation scenario that would push the price of Bitcoin to $1 million. “There’s a huge mismatch in the US economy, traditional sectors of the economy are experiencing deflation, but the tech sector is experiencing inflation,” Srinivasan said in an interview with Forbes. “The real inflation rate is 15-20 percent. That’s why I think. bitcoin price It will reach one million dollars.
Medlock, on the other hand, is showing a downward trend on the upcoming hyperinflation in the country. “I think the probability of hyperinflation is very low, especially over 90 days,” Medlock told Forbes. “I think there are many ways in the country that things can develop in a positive way.”
Bitcoin continues to rise
Meanwhile, Bitcoin’s price has peaked. 26,372€ As of this writing, and its market capitalization has surpassed $194 billion so far this year, up 66% through 2023, outpacing Wall Street bank stocks amid fears of a global banking crisis.
Also, for the first time in a year, Bitcoin price action has moved away from the US stock market, up nearly 65% compared to a 2.5% gain for the S&P 500 and a drop for the US stock market. as reported Cointelegraph.
The debate about the future of the US economy amid the current uncertainty regarding the country’s banking system remains the subject of debate. hot topic. Experts expressed their concerns rising inflationThis situation, which caused the prices of goods and services to increase, also affected the economy of many people in the country.
Srinivasan and Medlock’s bet is a draw To the attention of the crypto community and created a lot of controversy. Some consider the bet risky and unrealistic, while others see Bitcoin’s potential to reach $1 million in the near future.
In any case, the Srinivasan and Medlock bet is a sign of growing interest in Bitcoin and cryptocurrencies as an alternative to fiat currencies and a way protection against inflation.
With the increase in the price of money and economic uncertaintyIt’s no surprise that more people are looking to crypto assets as a way to protect their wealth and protect themselves against financial instability.