Ex-Coinbase CTO Balaji Srinivasan today said that he has now settled a high-profile Bitcoin bet made in March by donating $1.5 million of his own money. And he’s done it to prove a point, he says, that the U.S. economy is in such bad shape, people will flock to cryptocurrency instead.

Srinivasan initially announced a $1 million bet in March, claiming that the global economy is on the edge of rapid change, and as a result, we will see the rapid adoption of Bitcoin—which he calls “hyperbitcoinization.” 

The original bet was made with Twitter pundit James Medlock and stipulated that if Bitcoin failed to hit $1 million within 90 days, he would receive $1 million in Circles USDC stablecoin.

Today, he said the bet had been “closed out by mutual agreement” and settled early, giving $500,000 to poverty charity Give Directly, $500,000 to Bitcoin core developers, and $500,000 to Medlock. 

“So, I settled the bet ahead of time and donated even more than I had committed,” he wrote today on Twitter. “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 a ‘soft landing’ like Powell [Federal Reserve Chairman Jerome Powell] promises—but something much worse.”

While it could be viewed as ultimately conceding the bet, he cl

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Author: Mathew Di Salvo

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