Former Coinbase executive Balaji Srinivasan has exited early from his $1 million Bitcoin bet, leaving many in the crypto community wondering why he called it quits. On March 16, a self-proclaimed Tax enthusiast and Hyperinflation doubter made a tweet disagreeing that the US will enter hyperinflation and he bets $1 million.
To make the bet more interesting, Ex-Coinbase executive Balaji replied to Medlock’s tweet and said “I will take that bet.” The terms of the bet were 90 days, however, Balaji was quick to close out on the bet yesterday, about 17 days into the bet.
Balaji Exits Bitcoin Bet Early
On Tuesday, Balaji announced the early exit of the Bitcoin bet saying “The million-dollar bet is now closed out.” According to Balaji, he settled the bet ahead of time and donated even more than he had committed.
Balaji explained that he gave $1 million to two organizations, including the Bitcoin Core development team at researcher Chaincode Labs, and $500,000 to James Medlock, who won the wager.
The former Coinbase executive said the bet’s goal was to demonstrate that fiat currencies like the US dollar are in trouble and that their troubles would push up Bitcoin’s price. Notably, Medlock’s initial bet was that the US will not enter hyperinflation.
However, Balaji was eager to make the bet more about Bitcoin rising to $1 million within 90 days due to the rapid devaluation of the United States Dollar.
At the time Balaji accepted the bet on March 17, Bitcoin’s price was trading at around $28,000. Since then, Bitcoin’s price has only risen by about 10% at most. Aside from the 90 days term, neither Medlock nor Srinivasan disclosed the other terms of the wager.
Balaji Srinivasan is a well-known figure in the crypto world. The ex-Coinbase execu
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Author: Edyme
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