• Balaji Srinivasan, former Coinbase CTO, closed his bet on Bitcoin reaching $1 million within 90 days of his statement, and donated approximately $1.5 million to charity and research.
• Srinivasan stated that his primary aim was to show that something was wrong and that he did not trust the government to tell the public what was going on.

Former Coinbase CTO Balaji Srinivasan claimed in March that Bitcoin would reach $1 million in 90 days, and he put down a $1 million bet on the claim. Srinivasan announced that he closed the bet early, citing the fact that he was not a trader, did not have a habit of openly burning $1 million, and wanted to do something to benefit the public. He also donated $500,000 to Bitcoin Core development team Chaincode Labs, $500,000 to charity Give Directly, and $500,000 to James Medlock, a Twitter user who won the bet.

The Purpose of Closing the Bet Early

Srinivasan explained his decision to close the bet early in a blog post, stating that he wanted to show that there was something wrong with the state of the economy and that the public could no longer rely on the government to provide an accurate assessment. He emphasized that his goal was to demonstrate the instability of fiat currencies such as the US dollar, which puts upward pressure on Bitcoin’s value.

Srinivasan’s Thoughts on the Current State of the Economy

Srinivasan discussed his concerns about the state of the economy in a video he shared on Twitter. He pointed out issues with US banks, government debts, and other potential issues, and he stated that he was sounding the alarm for the public, just as he was doing for himself. As of the date of Srinivasan’s bet, Bitcoin has increased in value by around 10%.

The Origin of the “Bitcoin Will Reach $1 Million” Bet

A Twitter user named Medlock tweeted on March 16,

“I bet anyone $1 million that the US won’t experience hyperinflation.”

Srinivasan replied on March 17,

“I’ll take that bet”

and asked Medlock to purchase a Bitcoin from him. Srinivasan promised to send $1 million if he lost the bet. Medlock claimed that he tweeted without thinking and that his life would be different if he had not clicked on the tweet. Chaincode Labs also thanked Srinivasan for his contributions.

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