Former Coinbase CTO Puts $1M on the Line: Can Bitcoin Really Reach $1M?

• Balaji Srinivasan, the former Coinbase CTO, placed a bullish bet on Bitcoin for $1 million.
• James Medlock proposed that Balaji chip in to crowdfund and donate 70% of the money to GiveDirectly if he can’t afford the $26,000.
• The two agreed on using a smart contract where if Bitcoin is still below $1 million in 90 days, Balaji will win and receive the 1 BTC along with $1 million.

Balaji Srinivasan’s Bet on Bitcoin

Former chief technology officer of leading crypto exchange Coinbase, Balaji Srinivasan placed a bullish bet on Bitcoin worth one million dollars. This came after James Medlock tweeted that he would bet one million US dollars that the United States does not record hyperinflation.

James Medlock’s Proposal

In response to this tweet from Medlock, Balaji offered to take the bet but asked him to buy 1 BTC as it was worth around 26k USD at that time. However, Medlock responded by saying he didn’t have 26k USD liquid cash and proposed for both of them to crowdfund for it instead and pledge 70% of it to GiveDirectly charity organization.

Agreement

The two then came into an agreement where they would use a smart contract for this arrangement. If Bitcoin is still below 1 million USD in 90 days after sending funds into escrow account then Srinivasan will be able to win the 1 BTC along with one million US dollars in form of USDC. On the other hand, if not then James Medlock will walk away with his prize money.

Conclusion

This bet made by former Coinbase CTO Balaji Srinivasan shows how confident he is in Bitcoin being worth more than one million USD soon enough which could potentially put him at an advantage if everything goes according to plan and he wins this bet against James Medlock who proposed this initially through his tweet about betting US dollars against hyperinflation records in the United States economy.

Outcome

It remains unclear what will be the outcome of this daring million-dollar wager but we can only hope that both parties benefit from this arrangement either way whether it be through giving back or getting rewarded respectively depending on whose prediction about bitcoin comes true within these 90 days period set for this brave endeavor between these two individuals challenging each other’s beliefs about cryptocurrencies future value potentials