Ex-Coinbase CTO and prominent angel investor Balaji Srinivasan betting (really) big on orange coin in short term
Global cryptocurrency community is excited by the discussion between Balaji Srinivasan, former a16z partner and Coinbase CTO and pseudonymous Twitter speaker James Medlock. This might be the largest bet in the entire history of the cryptocurrency ecosystem.
Balaji Srinivasan places $2 million bet on Bitcoin (BTC) 40x rally in 90 days
Yesterday, on March 17, 2023, Balaji Srinivasan announced that he is placing a gargantuan $2,000,000 bet on Bitcoin (BTC). He is sure that Bitcoin (BTC) will be worth over $1,000,000 in 90 days. Otherwise he will pay $1 million to his opponent.
I will take that bet.
You buy 1 BTC.
I will send $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… https://t.co/tcuBNd679T pic.twitter.com/6Aav9KeJpe
— Balaji (@balajis) March 17, 2023
This insane bet was placed as a response to the tweet by James Medlock, a pseudonymous Twitter user and popular left-wing speaker and analyst. The owner of this account said that he was ready to place a $1 million bet on the fact that the U.S. Dollar will not face hyperinflation.
Srinivasan stressed that hyperinflation is inevitable due to the insolvency and ignorance of the bank system and financial regulators in the United States:
The central bank, the banks, and the bank regulators have bankrupted all of us. They hid their insolvency from you, the depositors. And they’re about to print $2T to hyperinflate the dollar
Balaji Srinivasan is well known for his forecasts about social and political trends he made on the eve of the global 2020 crisis. His aggressive bet is also made amid an accelerating banking collapse.
As covered by U.Today previously, the crash of major U.S. institutions (Signature, Silvergate, Silicon Valley Bank) triggered a series of painful collapses on VC markets.
BitSignal initiative launches to alert people of USD hyperinflation coming
Largely, the commentators on Srinivasan’s account are pessimistic about the prospects of his bet. Even Bitcoin (BTC) bull and crypto influencer who goes by Colin Talks Crypto stressed that this bet might be a “FOMO”-triggered proposal:
I feel like this is the ultimate FOMO bet. As in: you saw BTC go up a $5k in a few days and got so excited that you somehow extrapolated a mental model for another $975k gain.
At the same time, Balaji Srinivasan launched yet another initiative to spread the word about the upcoming devaluation of the U.S. Dollar. In his tweet, he offered 1,000 prizes of $1,000 each for content that would alert Twitter users about the collapse.
In this campaign dubbed “BitSignal,” he will reward the best 1,000 pieces of content (“charts, graphs, stats, memes”) with bonuses in Bitcoin (BTC).