Coinbase Ex-CTO Places a $2 Million Bet on Bitcoin Market Performance

On March 17, the former chief technology officer Balaji Srinivasan announced a $2 million bet on Bitcoin’s (BTC) price performance. Srinivasan predicted the BTC prices to experience an uptick  for the next three months. He argued that the crypto asset prices would surpass $1 million before June 17.

Following Srinivasan remarks, Twitter community members issued their predictions on the crypto market outlook in the coming days. A tweet from anti-Bitcoin James Medlock confirmed that the US is at the edge of witnessing hyperinflation events.

Medlock projection on  the US economy prompted him to  place a $1 million bet. Medlock’s action inspired Srinivasan to stake a million on the Bitcoin market performance.

Bitcoin Price Prediction

The two investors placed their high-risk chances under specific conditions. After June 17, if the Bitcoin prices dip below the $1 million mark, Medlock will be awarded USD 1 million coins and 1 BTC. If the market favors Srinivasan, he will be awarded according to the wager conditions.

Later, Srinivasan pledged to reward traders with USD 1 million for purchasing measurable BTC assets. He stated that the offer would run for the next 90 days.

In his address, Srinivasan revealed plans to take another high-stake offer worth $1 million USDC. Srinivasan remained optimistic about the Bitcoin uptrends and plans to stake another bet that will amount to $2 million.

In the meantime, Srinivasan wager involves Medlock and another risk-taker who predicts that the BTC prices will slide below the $1 million mark.

Srinivasan has encouraged the Bitcoin enthusiast to purchase a substantial amount of BTC before the impending  price increase on June 17.

Wager Condition and Terms

The wager attracted many Twitter fans who agreed to develop a smart contract with favorable betting terms for Medlock and Srinivasan.

Beyond this, the two risk-takers had a different perspective on the stability of the  US economy in the next 90 days. Srinivasan argued that the US economy would experience a series of deflation cases that would affect the dollar value. He stated that the BTC prices would surge above the $1 million mark when the economy experiences hyperinflation.

On the contrary, Medlock argued that if the US economy experiences hyperinflation, the BTC prices will establish a dribbling momentum.

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