Key Takeaways
- Balaji Srinivasan has taken a bet initiated by pseudonymous Twitter user James Medlock on BTC’s price over the next 90 days, predicting the price would reach $1 million by June 17.
- He believes BTC to be a hedge against monetary debasement, hyperinflation, bank freezes, and wealth seizure.
Venture capitalist and Former Coinbase CTO Balaji Srinivasan have taken a bet initiated by pseudonymous Twitter user James Medlock on BTC’s price over the next 90 days, predicting the price would reach $1 million by June 17.
In response to Medlock’s tweet seeking bets, Balaji tweeted “I will take that bet. You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days. All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.”
Detailing the bet, Balaji also tweeted that he would be moving another $1 million in USDC for another wager on the bet.
“I am moving $2M into USDC for the bet. I will do it with Medlock and one other person, sufficient to prove the point. See my next tweet. Everyone else should just go buy BTC, as it’ll be much cheaper for you than locking one up for 90 days.”
As per the bet terms, if BTC’s price does not reach $1 million by June 17, Medlock will win $1 million worth of USDC and 1 BTC. If Bitcoin’s price does reach $1 Million, then Blaji gets rewarded 1 BTC and the $1 million in USDC.
“You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days.”, Srinivasan’s tweet reads.
Srinivasan is of the opinion that there exists an impending crisis that will soon lead to the deflation of the U.S. dollar, thus, triggering hyperinflation that would take the BTC price to $1 million.
While advising investors to buy bitcoin, Balaji noted that he believes Bitcoin to be “a hedge against monetary debasement, hyperinflation, bank freezes, and wealth seizure.”
The ex-Coinbase chief technology officer and former Andreessen Horowitz partner is also of the opinion that BTC “may eventually have a gold-like role” as a hedge against “standard” inflation while also stressing that it “takes decades to show.”
The price of BTC at the time of writing is 27,215.13, with a 24-hour low of $26,664.50.
