Ex-Coinbase CTO Balaji Srinivasan Puts Down $1 Million Bet on Bitcoin’s Price by June
Former Coinbase CTO, Balaji Srinivasan, has made a bold prediction that Bitcoin’s (BTC) price will reach $1 million by June 17, and to prove his confidence in his prediction, he has offered to bet $1 million on it.
The bet 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. Balaji accepted the bet, tweeting, “I will take that bet. 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.”
I will take that bet.
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.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… https://t.co/tcuBNd679T pic.twitter.com/6Aav9KeJpe
— Balaji (@balajis) March 17, 2023
Balaji has also requested a mutually agreed custodian who will still be there to settle the bet in the event of a digital dollar devaluation. He suggested doing it with a smart contract on-chain, so he can send USDC. He further criticized central banks, banks, and bank regulators for not notifying depositors about the looming crisis, saying the bankers had lied to them.
Balaji’s prediction seems a bit extreme, considering that Bitcoin’s all-time high was around $69,000, and its current value is hovering around $25,000. Nevertheless, it’s not the first time that an industry expert has made a bold prediction for Bitcoin. Back in 2018, venture capitalist Tim Draper predicted that Bitcoin would hit $250,000 by 2022.
Regardless of the outcome of the bet, it is clear that the cryptocurrency industry has been attracting the attention of more and more institutional investors. The value of Bitcoin has been rising steadily, and many experts believe that this trend will continue. Investors looking to diversify their portfolios have been turning to cryptocurrencies like Bitcoin as a hedge against inflation and market volatility.
As with any bet or investment, there are risks involved, and one should always consider their risk tolerance and conduct proper research before investing. However, Balaji’s willingness to make such a large bet on his prediction underscores the confidence he has in the future of Bitcoin. It remains to be seen whether his prediction will come true or not, but it is sure to generate interest and excitement in the cryptocurrency community over the next 90 days.
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