Former Coinbase chief technology officer Balaji Srinivasan has made a millionaire bet on Bitcoin’s (BTC) price over the next 90 days, predicting the cryptocurrency price will reach $1 million by June 17.
The wager was initiated on March 17, when pseudonymous Twitter user James Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation. A few hours later, the former Coinbase CTO accepted the bet.
Sir, I believe we have ourselves a deal https://t.co/9JYaLNo9Eq
— James Medlock (@jdcmedlock) March 18, 2023
Under the proposed terms, if Bitcoin’s price fails to reach $1 million by June 17, Medlock will win $1 million worth of the dollar-pegged stablecoin USD Coin (USDC) and the 1 BTC. The same way, if Bitcoin is worth at least $1 million by the date, then Balaji can keep the 1 BTC and the $1 million in USDC. Srinivasan explained in the thread:
“You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days.”
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As per the thread, other Twitter users…