Former Coinbase Official Balaji Srinivasan Wins Early Bet Worth $1 Million in Bitcoin

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The former chief technical officer of Coinbase Global Inc., Balaji Srinivasan, stated that he ended what appeared to be a losing bet that Bitcoin would grow to $1 million within the next 90 days.

Former Coinbase Official Balaji Srinivasan Wins Early Bet Worth $1 Million in Bitcoin_

Srinivasan stated that he had given $1 million to two different organizations, one of which was the Bitcoin Core development team at Chaincode Labs. Additionally, he stated that he had paid $500,000 to the person who goes by the Twitter handle James Medlock, who was the winner of the wager.

According to a statement on Twitter and a brief video that Srinivasan published on Tuesday, the purpose of the bet was to demonstrate that fiat currencies like the dollar are experiencing difficulties and that these difficulties will cause the price of bitcoin to increase. Since Srinivasan accepted the bet on March 17, Bitcoin’s price has increased by approximately 10% to reach $28,710.

It was not immediately obvious what the parameters of the bet were going to be. Requests for comments from both Medlock and Srinivasan were not responded to.

“The reason that I did that is that I wanted to tell you in a provable way that there’s something wrong in the economy and the state isn’t telling you about it,” Srinivasan said in the video, recounting difficulties with US banks, sovereign debt, and other potential issues. “The reason that I did that is that I wanted to tell you in a provable way that there’s something wrong in the economy and the state isn’t telling you about it,” he said. “At my own expense, this is what I am doing right now; I am trying to get the public concerned.”

Former Coinbase Official Balaji Srinivasan Wins Early Bet Worth $1 Million in Bitcoi n_

Back on March 16, Medlock posted the following message on his Twitter account: “I’ll bet anyone $1 million dollars that the US does not enter hyperinflation.”

On March 17, Srinivasan responded by saying, “I will take that bet.” He requested that Medlock purchase one bitcoin on his behalf. If, after 90 days, he is still unsuccessful, he will send the promised one million dollars.

“This is one of those tweets that just popped into my head, and I sent it in 10 seconds without really thinking about what I was saying,” she said. On Tuesday, Medlock stated on Twitter that it was “wild to think how different my life would be if I had never clicked the ‘tweet’ button.”

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