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Former Coinbase CTO Pulls Out of $1 Million Bitcoin Wager, Citing Inflationary Concerns: “I Just Spent a Million to Show They’re Printing Trillions”

Former Coinbase CTO Balaji Srinivasan has made headlines again with his recent withdrawal from a $1 million Bitcoin bet. The infamous bet saw Srinivasan gamble $1 million in USDC on the price of Bitcoin reaching $1 million. While the bet has now been closed out by mutual agreement, Srinivasan still stands by his thesis that the US dollar is on the road to hyperinflation.

In a tweet on Tuesday, Srinivasan stated, “I JUST BURNED A MILLION TO TELL YOU THEY’RE PRINTING TRILLIONS.” He went on to stress that the economy will not experience the “soft landing” promised by Federal Reserve chairman Jerome Powell.

Srinivasan’s decision to withdraw from the bet and donate even more than he had committed was not an easy one. He is not a trader, nor is he in the habit of publicly burning a million bucks. Srinivasan made this decision to send a provably costly signal that there’s something wrong with the economy and that it’s not going to be a “soft landing” like Powell promises, but something much worse.

Srinivasan is concerned about the possibility of a US sovereign default, which he believes could happen in months, years, decades, or centuries. He acknowledges that predicting the timing of such an event is notoriously difficult, but he still believes that the risk is high.

In an effort to gauge public opinion, Srinivasan has asked for estimates on how far away US sovereign default may be. He is asking for estimates that include both explicit hard default (like the debt ceiling) and implicit soft default (like money printing).

Srinivasan’s decision to withdraw from the bet and donate to charitable causes highlights his commitment to the public good. He believes that the public sector can no longer be relied upon to sound the alarm when something is wrong with the economy. His actions serve as a warning to investors and policymakers alike that the risk of US sovereign default is real, and that action must be taken to prevent it from happening.

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