• The former chief technology officer of Coinbase, Balaji Srinivasan, has placed a bullish bet on Bitcoin with James Medlock.
• If the bet plays out in his favour, Srinivasan stands to win $1 million.
• The bet requires that Bitcoin remains below $1 million within 90 days after the funds are sent to an escrow account.
Balaji Srinivasan’s Bullish Bet on Bitcoin
Former chief technology officer of leading crypto exchange Coinbase, Balaji Srinivasan has made a bold prediction about the future of Bitcoin. He has placed a $1 million bet with James Medlock that if within 90 days after funds are sent to an escrow account, Bitcoin remains below $1 million then he will walk away with the money.
Background of the Bet
It all started when James Medlock tweeted that he would bet $1 million that the United States does not record hyperinflation. To this, Srinivasan responded by saying he would take him up on it and asked Medlock to buy 1 BTC while also sending him $1 million USD. After much deliberation between them both, they finally agreed upon a custodian who would help settle the wager in case digital dollar devaluation occurs during the term period of 90 days.
The Terms and Conditions
As per their agreement, if Bitcoin is below $1 million at the end of 90 days from funds being sent to escrow then Balaji will win his opponent’s one BTC along with his own money back in form USDC (USD Coin). However if BTC surpasses this mark then James will get to keep both these assets for himself.
Given how volatile crypto markets can be, there is no guarantee as to what could happen over these next few months as far as BTC’s value is concerned. Hence it goes without saying that such high risk bets should only be taken by those who have deep pockets and understand how cryptocurrency markets work.
If Bitcoins price reaches and crosses beyond $1million before 90 days are over then Balaji will lose out on his chance at winning a cool one million dollars but regardless it still remains an interesting wager which could potentially go either way given current market conditions!