Coinbase CTO Has Bet $2 Million On Bitcoin’s Performance

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coinbase CTO
Coinbase

Balaji Srinivasan, the former Coinbase CTO, recently made a bet of $2 million on the price action of Bitcoin over the next 90 days- as he predicted that the cryptocurrency would be reaching a sum of $1 million by the 17th of June. The wager was initiated on the 17th of March, where James Medlock, a pseudonymous Twitter user, offered a bet of $1 million to anyone that the United States would not be experiencing a period of hyperinflation.

Just a few hours after that, the former executive of Coinbase took this user up on the bet. Under the terms that were proposed, if the price of Bitcoin failed to reach a sum of $1 million by the 17th of June, Medlock will be winning a sum of $1 million worth of the dollar-pegged USDC and a single BTC. 

Former Coinbase CTO Bets On Bitcoin Reaching A $1 Million

If the price of Bitcoin was around $1 million by that date, then the former Coinbase CTO will keep the BTC, and also the sum of $1 million from the USDC. According to the Twitter thread, several other users of Twitter created a smart contract with the terms of betting highlighted. Srinivasan also stated that he would be moving another sum of $1 million in USDC for a wager that was related to the same topic. Medlock and the former CTO made this wager simply based on the different ideas of the future of the US economy- amidst the ongoing uncertainty as a result of the banking system. 

The former Coinbase CTO did argue that there was an impending crisis that would lead to the deflation of the US dollar, and due to a hyperinflation scenario, the price of Bitcoin will touch a sum of $1 million. But according to Medlock, the economy seemed to be quite bearish regarding the hyperinflation in the country. At the same time, the price of Bitcoin has been slowly touching the sum of $27,387, with the market cap adding around $194 billion year-to-date to a 66% growth in 2023.