Balaji Srinivasan, a former general partner at Andreessen Horowitz and the former CTO of Coinbase, has committed to a sizable wager that bitcoin would surpass the $1 million price mark in 90 days.
Also, Bitcoin’s price has moved far away from American stocks for the first time in a year, growing by around 65% compared to the S&P 500’s 2.5% increases and the Nasdaq’s 15% decrease.
The bet was started on March 17 when James Medlock, a Twitter user going by a pseudonym, offered a $1 million dollar wager that the US wouldn’t experience hyperinflation. The former Coinbase CEO agreed to the gamble a few hours later.
The former Coinbase CTO explained that In line with the suggested conditions, Medlock will get 1 BTC and USD Coin valued at $1 million if Bitcoin’s price does not reach $1 million by June 17. Balaji can keep the 1 BTC and the $1 million in USDC if Bitcoin is worth at least $1 million by the date.
Former Coinbase CTO on how the U.S. Economy will react to hyperinflation
According to Srinivasan, there is a crisis on the way that would cause the U.S. dollar to inflate, which would lead to a scenario of hyperinflation and a BTC price of $1 million. Medlock, on the other hand, is worried about the nation’s looming hyperinflation.
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With the betting terms, additional Twitter users participated in drafting a smart contract. Srinivasan further revealed that he will transfer an extra $1 million in USDC for an additional bet. The wager was established by Medlock and Srinivasan in response to their different predictions for the direction of the American economy in the face of ongoing banking system uncertainty.
