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The Balaji Bitcoin bet needed a 3500% rally – but was it just about the money

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Balaji’s Bitcoin bet was never about just the prices.
Bitcoin to $1.2 million by 2029, according to our bold predictions (take it with a bucket of salt).

In March, Balaji Srinivasan, former Coinbase CTO, and cryptocurrency advocate, made a bet that Bitcoin [BTC] would reach $1 million in mid-June. When the bet was made, he insisted that the US economy would enter hyperinflation soon. Later in March, he warned that hyperbitcoinization could arrive faster than anticipated if the government continued to print currency and “lie about how much there is in banks.”

Read Bitcoin’s [BTC] Price Prediction 2023-24

The bet was closed out on 2 May by mutual agreement. Mr. Srinivasan made three $500,000 donations provable on-chain to Bitcoin Core Development, GiveDirectly, and Medlock, the person he made the original bet. But why did he burn his own money making an impossible bet?

Burning personal money for a public cause

Balaji claimed that the reason behind the bet was to force a public discourse by sending a “costly signal” that something is wrong with the economy. Balaji says that we cannot rely on public figures to inform us when something is wrong, citing Janet Ellen and Ben Bernanke’s actions in 2008. The 2008 crisis was far larger than Bernanke had anticipated, as he had only called it a “minor recession” five months before the crash.

This time around, Balaji is convinced that we will not have the “soft landing” that the Chair of the Federal Reserve, Je

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Author: Akashnath S

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