Former Chief Technology Officer at Coinbase, Balaji Srinivasan, closed out early a bet that the price of bitcoin would hit $1 million by mid-June amid hyperinflation of the U.S. dollar. Srinivasan paid a total of $1.5 million, more than the initially committed $1 million, with two-thirds of the money donated to two organizations.
Former Coinbase CTO Settles $1 Million Bet on Bitcoin Ahead of Time
Balaji Srinivasan, the ex-chief tech officer of U.S. crypto exchange Coinbase, has closed his million-dollar Bitcoin bet with the pseudonymous Twitter pundit James Medlock. On Tuesday, Srinivasan announced on his website and social media that he has settled the apparently losing bet ahead of time.
Medlock made the bet on March 16 when he tweeted: “I’ll bet anyone $1 million dollars that the U.S. does not enter hyperinflation.” Srinivasan took it on the following day, asking Medlock to buy 1 BTC and promising to send him $1 million if the leading crypto’s price doesn’t reach $1 millio
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