Former Coinbase exec wagers BTC could hit $1m

Balaji Srinivasan is willing to pay two people $1m each if they take a wager with him that Bitcoin will hit $1m in the next three months.

Former Coinbase chief technology officer Balaji Srinivasan has suggested that the price of Bitcoin (BTC) could soon hit $1m.

In fact, Srinivasan has given a 90-day window during which this may happen, arguing that the next three months may see the price of BTC hit a seven-figure high.

He attributes much of this rise to “hyperinflation” in the US. But Srinivasan is willing to bet as much as $1m worth of USDC.

A wager has been placed between him and Twitter user James Medlock. Srinivasan is willing to stake $1m as he is confident that BTC will hit $1m by the cut-off date of June 17.

All Medlock has to do to cover the bet is buy 1 BTC and stake it against Srinivasan’s one-million worth of USDC.

Srinivasan has confirmed that he would be willing to accept the wager with Medlock and another person.

According to the Coinbase executive, there is an oncoming crisis that will lead to deflation of the US dollar, trigger hyperinflation and then shoot up the price of BTC to $1m. Srinivasan seems to be taking matters a bit far in trying to prove his point.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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