{"id":10984,"date":"2023-03-19T00:10:22","date_gmt":"2023-03-19T00:10:22","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10984"},"modified":"2023-03-19T00:10:22","modified_gmt":"2023-03-19T00:10:22","slug":"former-coinbase-cto-makes-2m-bet-on-bitcoins-performance","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10984","title":{"rendered":"Former Coinbase CTO makes $2M bet on Bitcoin&#8217;s performance"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Former Coinbase chief technology officer Balaji Srinivasan has made a millionaire bet on Bitcoin&#8217;s (BTC) price over the next 90 days, predicting the cryptocurrency price will reach $1 million by June 17.\u00a0<\/p>\n<p>The wager was initiated on March 17, when pseudonymous Twitter user James Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation. A few hours later, the former Coinbase CTO accepted the bet.<\/p>\n<p lang=\"en\" dir=\"ltr\">Sir, I believe we have ourselves a deal https:\/\/t.co\/9JYaLNo9Eq<\/p>\n<p>\u2014 James Medlock (@jdcmedlock) March 18, 2023<\/p>\n<p>Under the proposed terms, if Bitcoin&#8217;s price fails to reach $1 million by June 17, Medlock will win $1 million worth of the dollar-pegged stablecoin USD Coin (USDC) and the 1 BTC. The same way, if Bitcoin is worth at least $1 million by the date, then Balaji can keep the 1 BTC and the $1 million in USDC. Srinivasan explained in the thread:\u00a0<\/p>\n<p>\u201cYou buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days.\u201d<\/p>\n<p><strong><em>Related:\u00a0Banking crisis: What does it mean for crypto?<\/em><\/strong><\/p>\n<p>As per the thread, other Twitter users helped set up a smart contract with the betting terms. Srinivasan also disclosed that he would move another $1 million in USDC for another wager on the same topic:\u00a0<\/p>\n<p>&#8220;I am moving $2M into USDC for the bet. I will do it with Medlock and one other person, sufficient to prove the point. See my next tweet. Everyone else should just go buy Bitcoin, as it&#8217;ll be much cheaper for you than locking one up for 90 days.&#8221;<\/p>\n<p>Medlock and Srinivasan made the wager based on their different views of the U.S. economy&#8217;s future amid ongoing uncertainty regarding the country&#8217;s banking system.<\/p>\n<p>Srinivasan argues that there&#8217;s an impending crisis that will lead to the deflation of the U.S. dollar, and thus, to a hyperinflation scenario that would take the BTC price to $1 million. Medlock, on the other hand, is bearish about upcoming hyperinflation in the country. <\/p>\n<p>Meanwhile, Bitcoin&#8217;s price has reached $27,387 at the time of writing, with its market capitalization adding over $194 billion year-to-date to a 66% growth in 2023, outperforming Wall Street bank stocks amid fears of a global banking crisis. <\/p>\n<p>Also, for the first time in a year, BTC&#8217;s price has shifted away from United States stocks, rising about 65% compared to the S&amp;P 500&#8217;s 2.5% gains and the Nasdaq&#8217;s 15% decline, Cointelegraph reported. <\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/former-coinbase-cto-makes-2m-bet-on-bitcoin-s-performance\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Coinbase chief technology officer Balaji Srinivasan has made a millionaire bet on Bitcoin&#8217;s (BTC) price over the next 90 days, predicting the cryptocurrency price will reach $1 million by June 17.\u00a0 The wager was initiated on March 17, when pseudonymous Twitter user James Medlock offered to bet anyone $1 million that the United States [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10984"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10984\/revisions"}],"predecessor-version":[{"id":10986,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10984\/revisions\/10986"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10985"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}