Bitcoin Has Not Reached $1 Million, Balaji Pays Out His Bet Early

Bet on the prize Bitcoin (BTC) in value 1 million USD it was unsuccessful at 97% below the target price. The man who placed this bet— Balaji Srinivasan decided to donate the total instead 1.5 million USD to three different entities as settlements.

On May 2. Srinivasan, the company’s former chief technology officer Coinbase stated that the bet was terminated 45 days early by mutual agreement.

The money also went to charity

As part of the settlement, Srinivasan paid a self-proclaimed hyperinflation skeptic, James Medlockov, 500 000 USD. He donated the same amount to the developers Bitcoin Core and others 500 000 USD donated to a non-profit charitable organization Give Directly.

“I matched the bet ahead of time and donated even more than I pledged,” Srinivasan wrote on Twitter.

“I’m not in the habit of burning a million dollars in public,” added Srinivasan. He explained that the reason for making the bet was approx 970 000 USD below its target price – 1 million USD behind Bitcoin was that it believed in the public good.

“Citizens can no longer rely on the public sector to tell them when something is wrong,” he added.

Srinivasan emphasized that he spent his own money to send a demonstrable signal that something is wrong with the economy. According to him, he is not waiting for us soft landingas Powell promises, but something much worse.

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Srinivasan still believes in a catastrophic scenario

Although Srinivasan gave away the total 1.5 million USD, remains convinced that the US economy will eventually reach a state of hyperinflation. In his view, investors will rush to secure the value of their rapidly depreciating dollars in BTC. This will quickly increase the value of this asset and reach the price 1 million USD.

This prestigious bet was made by Srinivasan on March 17 following disagreements between him and James Medlock. Medlock originally tweeted that he would make a bet with someone about 1 million USDthat the US dollar will not go into any state of hyperinflation.

The terms of the bet were that if the price of BTC did not reach 1 million USD by June 17, Medlock will receive 1 million USD in dollar stablecoin USD Coin (USDC) and another 1 BTC. Conversely, if the price of an individual BTC reached a value on the same date 1 million USDBalaji could keep 1 BTC and 1 million USD in USDC.

Crazy bet: Bitcoin is said to be worth 1 million US dollars within 90 days


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