Former Coinbase CEO Balaji Srinivasan on March 17, placed a bold bet on Bitcoin’s BTC/USD future. He publicly wagered that Bitcoin would reach $1 million within 90 days, which is by June 17.
What Happened: This bet came after James Medlock tweeted that he’d bet anyone $1 million that the US would not experience hyperinflation. Srinivasan, who had been warning about the risk of hyperinflation for some time, took up the wager and set a term of 90 days for the bet.
The bet wasn’t precisely based on US hyperinflation. Srinivasan bet that Bitcoin, which he views as a hedge against inflation, would be worth $1 million by the end of the 90-day term.
However, with just one day left to the expiration of the 90-day bet, Bitcoin’s price is down roughly 3% since Srinivasan first placed the wager. On March 17, BTC closed the day session at $26,300. At the time of writing, BTC was trading at $25,471.
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Why It Matters: Although the bet was set on March 17, Srinivasan settled it early in the first week of May.
It appears to be his way of making a point: “I spent my own money to send a provably costly signal that there’s something wrong with the economy and that it’s not going to be merely a financial crisis, but a fiat crisis,” Srinivasan wrote in a blog post.
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