Former Coinbase CTO and prominent angel investor Balaji Srinivasan is betting (really) big on the orange coin in the near term
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- Balaji Srinivasan Places $2M Bet on Bitcoin (BTC) 40x Rally in 90 Days
- BitSignal initiative launched to alert people of upcoming dollar hyperinflation
The global cryptocurrency community is excited about the discussion between Balaji Srinivasan, former a16z partner and Coinbase CTO and pseudonymous Twitter speaker James Medlock. This could be the biggest bet in the entire history of the cryptocurrency ecosystem.
Balaji Srinivasan Places $2M Bet on Bitcoin (BTC) 40x Rally in 90 Days
Yesterday, March 17, 2023, Balaji Srinivasan announced that he was placing a gargantuan $2,000,000 bet on Bitcoin (BTC). It is certain that Bitcoin (BTC) will be worth over $1,000,000 in 90 days. Otherwise, he will pay his opponent $1 million.
I’ll take that bet.
You buy 1 BTC.
I will send 1 million US dollars.
This is roughly 40:1 odds, as 1 BTC is worth around $26,000.
The deadline is 90 days.
All we need is a mutually agreed custodian who will always be there to settle this if the digital dollar devalues.
If anyone knows how to do this… https://t.co/tcuBNd679T pic.twitter.com/6Aav9KeJpe— Balaji (@balajis) March 17, 2023
This insane bet was placed in response to the tweet of James Medlock, a pseudonymous Twitter user and popular leftist speaker and analyst. The owner of this account said he was willing to bet $1 million that the US dollar will not face hyperinflation.
Srinivasan pointed out that hyperinflation is inevitable due to the insolvency and ignorance of the banking system and financial regulators in the United States:
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The central bank, banks and banking regulators have bankrupted us all. They hid their insolvency from you, the depositors. And they ’bout to print 2 trillion dollars to hyperinflate the dollar
Balaji Srinivasan is well known for his predictions of social and political trends he made on the eve of the 2020 global crisis. His aggressive bet is also being made amid an accelerating banking meltdown.
As covered by U.Today previously, the crash of major US institutions (Signature, Silvergate, Silicon Valley Bank) triggered a series of painful collapses in venture capital markets.
BitSignal initiative launched to alert people of upcoming dollar hyperinflation
For the most part, commentators on Srinivasan’s account are pessimistic about the prospects of his bet. Even Bitcoin (BTC) bull and crypto influencer who goes by the name of Colin Talks Crypto pointed out that this bet could be a “FOMO-triggered” proposition:
I feel like this is the ultimate FOMO bet. As in: you saw BTC rise $5,000 in a few days and you got so excited that you kind of extrapolated a mental model for another $975,000 gain.
At the same time, Balaji Srinivasan launched another initiative to spread the word about the upcoming US dollar devaluation. In his tweet, he offered 1,000 prizes of $1,000 each for content that would alert Twitter users to the meltdown.
In this campaign dubbed “BitSignal”, it will reward the top 1,000 content (“graphics, charts, statistics, memes”) with bonuses in Bitcoin (BTC).
