{"id":20547,"date":"2023-05-04T07:08:06","date_gmt":"2023-05-04T07:08:06","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ex-coinbase-exec-balaji-srinivasan-closes-out-1-million-bitcoin-bet-bitcoin-news\/"},"modified":"2023-05-04T07:08:06","modified_gmt":"2023-05-04T07:08:06","slug":"ex-coinbase-exec-balaji-srinivasan-closes-out-1-million-bitcoin-bet-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ex-coinbase-exec-balaji-srinivasan-closes-out-1-million-bitcoin-bet-bitcoin-news\/","title":{"rendered":"Ex-Coinbase Exec Balaji Srinivasan Closes Out $1 Million Bitcoin Bet \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Former Chief Technology Officer at Coinbase, Balaji Srinivasan, closed out early a bet that the price of bitcoin would hit $1 million by mid-June amid hyperinflation of the U.S. dollar. Srinivasan paid a total of $1.5 million, more than the initially committed $1 million, with two-thirds of the money donated to two organizations.<\/strong><\/p>\n

Former Coinbase CTO Settles $1 Million Bet on Bitcoin Ahead of Time<\/h2>\n

Balaji Srinivasan, the ex-chief tech officer of U.S. crypto exchange Coinbase, has closed his million-dollar Bitcoin bet with the pseudonymous Twitter pundit James Medlock. On Tuesday, Srinivasan announced on his website and social media that he has settled the apparently losing bet ahead of time.<\/p>\n

Medlock made the bet<\/a> on March 16 when he tweeted: \u201cI\u2019ll bet anyone $1 million dollars that the U.S. does not enter hyperinflation.\u201d Srinivasan took it on the following day, asking Medlock to buy 1 BTC<\/a> and promising to send him $1 million if the leading crypto\u2019s price doesn\u2019t reach $1 million within 90 days.<\/p>\n

Under a mutual agreement with Medlock, the venture capitalist donated $500,000 to the Bitcoin Core developers at Chaincode Labs and an equal amount of money to Give Directly, a charity supporting people living in poverty in Africa and America. The last third of the $1.5 million in USDC was paid to Medlock who tweeted:<\/p>\n

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I can finally say it: I settled the bet early with @balajis<\/a>! Took some time to work out the details but he proceeded in good faith and you can see the receipt of funds on chain in the next tweet. $500k to me (so I get 30% post tax as planned) and 500k to @GiveDirectly<\/a><\/p>\n

\u2014 James Medlock (@jdcmedlock) May 2, 2023<\/a><\/p>\n<\/blockquote>\n

\u201cI just burned a million to tell you they\u2019re printing trillions,\u201d Balaji Srinivasan said in his blog post<\/a>, warning we are not facing a financial crises but a fiat crisis. In a video address published on Twitter, the angel investor explained that the main reason he did it was to send a signal that:<\/p>\n

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There is something wrong in the economy and the state isn\u2019t telling you about it.<\/p>\n<\/blockquote>\n

The tech entrepreneur reiterated the problems in the U.S. banking sector. He took the bet after the failures of Silvergate Bank, Signature Bank and Silicon Valley Bank, predicting a banking crisis that will fuel a significant devaluation of the U.S. currency.<\/p>\n

He highlighted other potential challenges as well such as sovereign defaults, negative developments in the bond, real estate and other markets, rising credit card debt, high energy prices in Europe, the increasing costs of the Ukraine war, and the de-dollarization<\/a> trend.<\/p>\n

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I just burned a million to tell you they\u2019re printing trillions. pic.twitter.com\/pX5622rjUO<\/a><\/p>\n

\u2014 Balaji (@balajis) May 2, 2023<\/a><\/p>\n<\/blockquote>\n

\u201cGod only knows how many days we have until, if and when, a fiat crisis happens \u2026 What I do know is that when it does happen, Powell isn\u2019t going to warn you. He is still talking about a soft landing,\u201d Srinivasan said referring to U.S. Federal Reserve Chair Jerome Powell and drawing parallels with the behavior of the Fed\u2019s leadership before the 2008 global financial crisis.<\/p>\n

This meltdown is likely to be worse than the previous, Balaji Srinivasan believes, as too many things are failing at once, and insists: \u201cSo I have sounded the alarm, I\u2019ve done my duty as a citizen. That\u2019s why I burned a million to tell you they are printing trillions.\u201d<\/p>\n

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\nTags in this story
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Balaji Srinivasan<\/a>, banks<\/a>, bet<\/a>, Bitcoin<\/a>, bitcoin bet<\/a>, Coinbase<\/a>, Crisis<\/a>, Crypto<\/a>, crypto exchange<\/a>, Cryptocurrency<\/a>, debt<\/a>, Developers<\/a>, Dollar<\/a>, donations<\/a>, Exchange<\/a>, Fed<\/a>, Federal Reserve<\/a>, Fiat Crisis<\/a>, financial meltdown<\/a>, Hyperinflation<\/a>, James Medlock<\/a>, jerome powell<\/a>, meltdown<\/a>, Powell<\/a>, Srinivasan<\/a>, Twitter<\/a>, US Dollar<\/a>, US Fed<\/a><\/div>\n<\/div>\n

Do you agree with Balaji Srinivasan\u2019s warnings about an upcoming deep crisis in the fiat system? Share your thoughts on the subject in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, balajis.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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