Former chief technology officer of leading crypto exchange Coinbase, placed a bullish bet on Bitcoin.
Balaji Srinivasan, the former Coinbase CTO stands a chance to walk away with $1 million in total, if the bet plays out in his favour.
Balaji Srinivasan, the former chief technology officer of Coinbase has made a bullish call for Bitcoin. The Bitcoin proponent is placing a $1 million bet on Bitcoin. It all started when James Medlock tweeted that he would bet $1 million that the United States does not record hyperinflation. Srinivasan would go on to respond to the tweet, stating that he would take the bet. He asked Medlock to buy 1 BTC, adding that he would also send $1 million to him.
“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. If someone knows how to do this with a smart contract, we can do it on chain, so I can send USDC. If you won’t do that, name a custodian.” Balaji stated in a response tweet.
James Medlock seemed to be in on it, as he dropped subtle hints that he would get a lawyer. However, he went on to disclose that he didn’t have $26,000 liquid cash, but was willing to take another route.
After coming to a conclusion that the former Coinbase CTO agreed to, he proceeded to request that the exchange be done using a smart contract. Srinivasan said that his opponent would win the 1 BTC along with $1 million USD in form of USDC if Bitcoin is still below $1 million in the next 90 days after the funds are sent to the escrow. On the other hand, Srinivasan goes home with the money if Bitcoin is greater than $1 million after the agreed time period.
Yes. Just moving money for the bet. We can do it via smart contract, but for simplicity old-fashioned escrow may work. The escrow person would need one BTC address and one ETH address (for the USDC). The assets would sit on chain for 90 days. If BTC < $1M in 90 days after escrow, then you win and get both the 1 BTC and the $1M USDC. If BTC > $1M USD in 90 days after escrow, then I win and get both the 1 BTC and the (now worthless) $1M USDC.” He wrote in another tweet.
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Can BTC hit $ 1 million?
If anyone said Btc would hit the ATH of $69K back in 2011 in a span of ten years, the majority would have said they are crazy. Time after time BTC has proven BTC skeptics wrong. Looking at the past data and analytical reaction, it is almost impossible for BTC hit $1M in a year let alone 90 days.
The bet has since sparked a heated debate across the cryptocurrency market from Bitcoin proponents and skeptics. At report time, Bitcoin is trading at $27,812; a significantly lower price point from where Srinivasan expects it to be in the next 90 days.
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