Former Coinbase CTO Bets $2 Million That Bitcoin Will Reach $1 Million in the Next 90 Days

Former Coinbase Chief Technology Officer Balaji Srinivasan has bet that the price of Bitcoin will reach $1 million in the next 90 days.

The bet was initiated on March 17, when pseudonymous Twitter user James Medlock publicly offered to accept a $1 million bet that the U.S. would not experience hyperinflation. A few hours later, the former Coinbase executive accepted the wager.

According to the proposed terms, if the price of Bitcoin does not reach $1 million by June 17, Medlock will win $1 million worth of USDC stablecoins and 1 Bitcoin. Conversely, if Bitcoin is valued at least $1 million by that date, then Balaji can keep 1 Bitcoin and $1 million in USDC.

According to a series of tweets, other Twitter users helped set up a smart contract with the betting conditions. Srinivasan also revealed that he would move another $1 million in USDC for another bet on the same topic.

– I am moving $2 million in USDC for the bet. I will do this with Medlock and one other person, enough to prove the point. Look at my next tweet. Everyone else should just buy Bitcoin, as it will be much cheaper than locking one up for 90 days – Srinivasan tweeted.

Medlock and Srinivasan are betting based on differing views on the future of the U.S. economy amid ongoing uncertainty regarding its banking system.

Srinivasan argues that the impending crisis will lead to deflation of the U.S. dollar, thus creating a hyperinflation scenario that would drive the price of Bitcoin to $1 million. Medlock, on the other hand, believes there will be no hyperinflation in the country.

Meanwhile, the price of Bitcoin has reached over $28,000, and its market capitalization has increased by more than $194 billion in 2023.

Additionally, for the first time in a year, the price of Bitcoin has diverged from the stock market, rising about 72% compared to the S&P 500’s increase of 2.5% and Nasdaq’s decline of 15%.