Former Coinbase CTO Makes Massive Bet That Bitcoin Will Rampage Past $1 Million Within 90 Days
Balaji Srinivasan, the former CTO of Coinbase and a former general partner at Andreessen Horowitz, has agreed to a rather large bet that bitcoin will push its way above the $1 million price tag in 90 days.
$1 Million Bet Placed On BTC’s Price Performance
Balaji Srinivasan is placing a big bet on bitcoin.
Srinivasan has made a public wager 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 does not go into hyperinflation. The ex-Coinbase CTO agreed to the bet hours later.
“You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days,” Balaji responded, later adding that if Bitcoin does not reach the coveted $1 million threshold within the stipulated time, Medlock would win and get to keep the $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, then he would keep the 1 BTC and the $1 million USDC.
Balaji is ready to send the $1 million USDC to either an escrow wallet managed by the popular crypto personality and UpOnly podcast host Jordan Fish, who operates under the alias Cobie, or other individuals he 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 decided to join in on the fun. In a tweet, Haxton said he was willing to send 1 BTC to the escrow on behalf of Medlock, noting that he’ll 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 GiveDirectly.
Will Bitcoin Be Worth $1 Million 90 Days From Now?
Bitcoin is changing hands at $27,200.34 as of press time, up roughly 36% over the past seven days. The market’s No.1 coin successfully weathered failures at industry-servicing Silvergate, Signature Bank, and Silicon Valley Bank (SVB) as well as inflation concerns to ride higher this week.
Moreover, BTC has decoupled from the equities markets for the first time in a year, with its price rising about 64% versus S&P 500’s 2.4% gains and Nasdaq’s 14% decline in 2023.
And although it is anyone’s guess what the price of bitcoin will be on or around June 17, it seems apparent that the bet is serious for both parties and that they intend to go through with it.
Time will tell whether Balaji wins the bet.