Former Coinbase CTO Balaji Bets 2 Million Dollars on Bitcoin hitting $1M by June 17

Former Coinbase chief technology officer Balaji Srinivasan has made a bold bet on Bitcoin's ($BTC) price over the next 90 days. He predicts that the cryptocurrency will reach $1 million by June 17, and he put his money where his mouth is by accepting a $1 million bet from a pseudonymous Twitter user named James Medlock.

The bet was initiated on March 17 when Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation. A few hours later, Srinivasan accepted the bet, proposing that if Bitcoin's price fails to reach $1 million by June 17, Medlock will win $1 million worth of the dollar-pegged stablecoin USD Coin (USDC) and 1 BTC. If Bitcoin is worth at least $1 million by the date, then Balaji can keep the 1 BTC and the $1 million in USDC.

To set up the wager, other Twitter users helped establish a smart contract with the betting terms. Srinivasan also disclosed that he would move another $1 million $USDC for another wager on the same topic. He plans to do it with Medlock and one other person to prove his point.

The former Coinbase executive believes that there is an impending crisis that will lead to a hyperinflation scenario that would take the BTC price to $1 million. Medlock, on the other hand, doesn't think there is upcoming hyperinflation in the country.

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