Why Balaji Srinivasan Is Optimistic Despite Losing His $1M Bitcoin Bet?

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Why Balaji Srinivasan Is Optimistic Despite Losing His $1M Bitcoin Bet?
Credit: © Reuters.

  • The former CTO of Coinbase (NASDAQ: COIN ) has settled his Bitcoin bet. 
  • BTC is trading at $28,531.03.

Balaji Srinivasan, the former CTO of Coinbase, revealed that he settled a notable Bitcoin bet made in March by contributing $1.5 million of his own money. When Srinivasan initially made his $1 million bet public in March, he claimed that because the world economy is about to experience an enormous change. And Bitcoin will be adopted quickly.

In the original bet, made with Twitter commentator James Medlock. He guaranteed $1 million in Circles USDC stablecoin if Bitcoin failed to reach $1 million within 90 days. He claimed that the bet had been closed out by mutual agreement. And resolved early, with $500,000 going to Medlock, $500,000 going to the developers of the Bitcoin core. And also $500,000 to the Give Directly charity. 

“I settled the bet ahead of time and donated even more than I had committed”

The bet stipulated that if Bitcoin’s price would not hit $1 million by June 17, Medlock would receive $1 million in the dollar-pegged stablecoin USD coin As well as an additional 1 BTC. On the other hand, if the price of a single Bitcoin climbed to $1 million by the same date, Balaji could keep both the 1 BTC and the $1 million in USDC. At the time of writing BTC is trading at $28,531.03 with a 24-hour trading volume of $16,474,810,502. In the last 24 hours, BTC has increased by 2.05% as per CMC (NS: CMC ).

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