Balaji's Bet Tracker

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2023-03-26 15:30:03

TL;DR: Balaji Srinivasan believes that an impending crisis will lead to the deflation of the U.S. dollar, causing hyperinflation, and as a result, Bitcoin's price will rise to $1 million.

In March 2023, a Twitter user named James Medlock offered a bold wager of $1 million, betting that the United States would not enter a state of hyperinflation. Balaji Srinivasan, the former Chief Technology Officer of Coinbase, responded by accepting the bet, proposing a deal with roughly 40:1 odds. Balaji offered to send $1 million USD to James Medlock if he buys 1 Bitcoin (BTC), which was valued around $26,000 at the time. The bet had a 90-day term, and Balaji suggested the use of a smart contract or a mutually agreed-upon custodian to settle the bet in the event of digital dollar devaluation.

The terms of the bet were that if Bitcoin's price fails to reach $1 million by June 17, 2023, Medlock will win $1 million worth of the dollar-pegged stablecoin USD Coin (USDC) and 1 BTC. However, if Bitcoin is worth at least $1 million by the specified date, Balaji can keep the 1 BTC and the $1 million in USDC.

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