Balaaghi Srinivasan, former Coinbase technical director, has made a multimillionaire bet on the price of BTC over the next 90 days, predicting that the digital currency will reach $1 million on June 17.
The game began on March 17th, when James Medlock, a pseudonym client on Twitter, explicitly offered to block everyone for $1 million, betting that it would not be easy for foreign countries to experience hyperinflation. Hours later, the former Coinbase executive accepted the bargaining chip.
Under the proposed terms, if the price of bitcoin does not reach $1 million before June 17, Medlock will be able to use $1 million to peg stable bitcoin (USDC) and 1 bitcoin. Similarly, if bitcoin is worth at least $1 million so far, Balaji can save one BTC and $1 million in USDC. Srinivasan explained in the post:
"you buy a BTC. I can send you 1 million dollars. This is also an European compensation at 40:1, because a BTC is worth ~ 26000 US dollars. The time limit is 90 days.
According to the post, other Twitter users helped set up a smart contract with online gambling terms. Srinivasan also said he would move another $1 million at USDC to make another bet on the same subject:
"I'm going to transfer $2 million to USDC for a bet. I can do it with Medlock and another person, which illustrates this point. Please read my next article. Everyone else should buy bitcoin, because it's much cheaper for you than locking a bitcoin for 90 days.
Both Medlock and Srinivasan made the bet based on their different views on the future of the US economy, and the US banking management system remains to be seen at this stage.
Srinivasan believes that an urgent dilemma could lead to dollar deflation and could lead to a hyperinflationary scenario in which BTC prices rise to $1 million. On the other hand, Medlock has a negative attitude towards the coming hyperinflation in his country.
In addition, at the time of writing, the price of Bitcoin has reached $27387, and its total market capitalization has increased by more than $194 billion so far this year, or 66% in 2023, amid anxiety about the plight of commercial banks around the world. Bitcoin outperformed Wall Street bank stocks.
In addition, the price of bitcoin is up about 65%, while the S and S indices are up 2.5%, and Hong Kong's Hang Seng index is down 15%, according to Cointelegraph.
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