• Former Coinbase CTO Balaji Srinivasan closed his bet on Bitcoin reaching $1 million within 90 days of his statement, and donated approximately $1.5 million to charity and research.
• Srinivasan wanted to demonstrate the instability of fiat currencies such as the US dollar and the state of the economy.
• He donated $500,000 to Bitcoin Core development team Chaincode Labs, $500,000 to charity Give Directly, and $500,000 to James Medlock, a Twitter user who won the bet.
Former Coinbase CTO Closes Famous Bet
Former Coinbase CTO Balaji Srinivasan closed his bet on Bitcoin reaching $1 million within 90 days of his statement, and donated approximately $1.5 million to charity and research.
Purpose Behind Closing Bet Early
Srinivasan explained his decision to close the bet early in a blog post stating that he wanted to show that there was something wrong with the state of the economy and that the public could no longer rely on the government for an accurate assessment. He emphasized that his goal was to demonstrate the instability of fiat currencies such as the US dollar, which puts upward pressure on Bitcoin’s value.
Srinivasan’s Thoughts on Current Economy
Srinivasan discussed his concerns about current economy in a video he shared on Twitter pointing out issues with US banks, government debts and other potential issues. He also stated that he was sounding alarm for public just as he was doing for himself.
Origin of „Bitcoin Will Reach $1 Million“ Bet
A twitter user named Medlock tweeted on March 16 “I bet anyone $1 million that US won’t experience hyperinflation” To which Srinivasan replied “I’ll take that bet” As of date of Srinivasan’s bet bitcoin has increased in value by around 10%.
Overall it is clear from this article that Balaji Srinivisan wanted to make a point regarding instability in current economy by closing famous bitcoin bet early while donating money earned from it towards charities & research organizations