• Former Coinbase CTO Balaji Srinivasan has placed a bullish bet on Bitcoin, offering to send $1 million USD if the cryptocurrency surpasses $1 million in value within 90 days.
• James Medlock proposed to crowdfund the bet and donate 70% of it to GiveDirectly as a good cause.
• The two parties have agreed that if Bitcoin is still below $1 million after 90 days, Srinivasan’s opponent will win 1 BTC along with the money from the escrow.
Balaji Srinivasan’s Bullish Bet On Bitcoin
Balaji Srinivasan, the former chief technology officer of Coinbase has made a bullish call for Bitcoin by placing a $1 million bet. It all started when James Medlock tweeted that he would bet $1 million that the United States does not record hyperinflation. Srinivasan responded to this tweet and asked Medlock to buy 1 BTC, adding that he would also send $1 million to him.
The Terms Of The Bet
The two parties have agreed that if Bitcoin is still below $1 million after 90 days, Srinivasan’s opponent will win 1 BTC along with the money from the escrow. On the other hand, if Bitcoin surpasses $1 million in value within 90 days after they send their funds into an escrow, then Balaji stands a chance to walk away with $1 million in total.
Medlock Proposes To Crowdfund The Bet
James Medlock seemed to be in on it but disclosed that he didn’t have enough liquid cash for his part of the agreement. He proposed crowdfunding and donating 70% of it to GiveDirectly as a good cause instead. Both parties came to an agreement and proceeded with setting up an escrow and sending funds through smart contract instead of using custodian services.
Will Balaji Win The Million Dollar Bet?
It remains unclear whether or not Balaji will win his bet worth millions of dollars but one thing is certain – this bold move could potentially benefit many people around the world should Balaji prove successful in his prediction about Bitcoin reaching over one-million mark in value within 90 days time frame set for this particular deal between him and his opponent James Medlock .
At this point, we can only wait and see what happens next as both parties wait patiently for their respective outcomes from this historic betting match between Balaji Srinivasan and James Medlock which could potentially shape crypto market future even more than ever before!