former Coinbase CEO Balaji Srinivasan exited early on his $1 million Bitcoin bet, leaving many in the crypto community to wonder why he quit. On March 16, a tax enthusiast and hyperinflation skeptic filed a tweet He does not agree that the United States will enter into hyperinflation and bets on a million dollars.
To make the bet even more interesting, Ex-Coinbase CEO Balaji responded to Medlock’s tweet and said, “I will accept this bet.” The terms of the bet were 90 days, however, Balaji was quick to close the bet yesterday, after about 17 days of betting.
Balaji exits the Bitcoin bet early
On Tuesday, Balaji announce Early Exit Bitcoin Bet Saying “The Million Dollar Stake is Closed Now”. According to Balaji, he settled the bet early on and donated more than he had committed to.
Balaji said he gave $1 million to two organizations, including the Bitcoin Core development team at researcher Chaincode Labs, and $500,000 to James Medlock, who won the bet.
The former Coinbase CEO said that the goal of the bet is to prove that fiat currencies like the US dollar are in trouble and that their problems will only increase. Bitcoin price. Notably, Medlock’s initial bet was that the US would not engage in hyperinflation.
However, Balaji was keen to bet further that Bitcoin would rise to $1 million within 90 days due to the rapid depreciation of the US dollar.
At the time Balaji accepted the bet on March 17, the bitcoin price was trading at around $28,000. Since then, the bitcoin price has only increased by 10% at most. Apart from the 90-day period, neither Medlock nor Srinivasan disclosed the other terms of the bet.
Balaji Srinivasan is a well-known figure in the crypto world. The former CEO of Coinbase at A video titled “I Burned a Million to Tell You They’re Printing Trillions,” and stated that the reason for the bet was to make the public concerned about issues related to American banksand sovereign debt and other potential economic problems that the state does not tell the public about.
He explained that he wanted to show in a demonstrable way that there was something wrong with the economy and that he was doing it at his own expense.
Meanwhile, Medlock, in a recent tweet, expressed surprise that his tweet had turned into a high-stakes bet. He stated that it was just one of those tweets that popped into his head, and he sent it in 10 seconds without thinking about it. He also stated that he was amazed to think about how different his life would have been if he had never clicked on his “tweet”.
Why did he call her stop
The reasons for Srinivasan’s early exit from the bet are unclear. And since he still stands by the sentiment that the US could introduce hyperinflation, many in the cryptocurrency community are left with nothing but speculation as to why he quit with Bitcoin bet.
By now, some speculate that Balaji may have had second thoughts about the terms of the bet or the potential risks involved. Others think he may have simply wanted to avoid the possibility of losing a large sum of money. Regardless of the reasons, Balaji’s early exit sparked a lot of interest and discussion within the crypto community.
Meanwhile, Bitcoin (BTC) has not made any significant movement in the past few days. Only the highest cryptocurrency ranged between $29,000 and $28,000. Over the past 24 hours, Bitcoin appears to be preparing for an upward movement. It’s up nearly 1% at a market price of $28,250, at the time of writing.
Featured image from Unsplash, chart from TradingView