Balaji Srinivasan, the former CTO of Coinbase and former general partner of Andreessen Horowitz, has accepted a sizable bet that bitcoin will surpass the price of $1 million in 90 days.
Million dollar bet on BTC price performance
Balaji Srinivasan makes a big bitcoin bet.
Srinivasan made a public bet on the price performance of BTC. Self-proclaimed social democrat James Medlock initiated the bet on Friday by making a public offer to bet anyone $1 million that the United States will not go into hyperinflation. The former CTO of Coinbase accepted the bet a few hours later.
“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 term is 90 days”, Balaji replied, later adding that if Bitcoin did not reach the coveted $1 million threshold within the allotted time, Medlock would earn and retain $1 million worth of USDC – the dollar-pegged stablecoin issued by Circle – and the 1 BTC. Similarly, if Bitcoin is worth at least $1 million by June 17, it would retain 1 BTC and $1 million USDC.
Balaji is ready to send the million USDC dollars to a blocked wallet managed by the popular crypto personality and UpOnly podcast host Jordan Fish, who operates under the pseudonym Cobie, or others he has cited. The angel investor is also comfortable transferring the funds to a smart contract if that is what Medlock prefers.
American professional poker player Isaac Haxton has decided to join the party. In a TweeterHaxton said he was willing to send 1 BTC to escrow on behalf of Medlock, noting that he will take all the downside if he loses and none of the upside if the Social Democrat wins as long as he pledges to donate 70% to GiveDirect.
Will Bitcoin be worth $1 million in 90 days?
Bitcoin is changing hands at $27,200.34 at press time, up roughly 36% in the past seven days. The market’s No. 1 coin has successfully weathered failures by industry services Silvergate, Signature Bank and Silicon Valley Bank (SVB), as well as inflation fears which are expected to rise this week.
Additionally, BTC decoupled from the stock markets for the first time in a year, with its price rising about 64% from the S&P 500’s 2.4% gains and Nasdaq’s 14% decline in 2023. .
And although everyone is guessing what the price of bitcoin will be on or around June 17, it seems obvious that the bet is serious for both parties and that they intend to see it through.
Time will tell if Balaji wins the bet.
