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Balaji Srinivasan

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cryptocurrency2 years ago

Balaji Srinivasan loses $1M Bitcoin bet, donates $1.5M to Bitcoin development.

Balaji Srinivasan, former CTO of Coinbase, has settled a $1 million Bitcoin price bet 45 days ahead of time, paying out $500,000 to the bettor, donating $500,000 to Bitcoin Core developers, and giving $500,000 to charity. Srinivasan closed out the bet around $970,000 below his target price of $1 million per Bitcoin, but remains convinced that a "fiat crisis" is inevitable and that the US economy will eventually reach a state of hyperinflation, causing investors to rush to secure the value of their dollars in Bitcoin.

via Cointelegraph|
#balaji-srinivasan#bitcoin#cryptocurrency
cryptocurrency2 years ago

Balaji Srinivasan's $1 Million Bitcoin Bet Comes to a Close.

Balaji Srinivasan settled a $1 million bet made in March by donating $1.5 million of his own money to charity and Bitcoin core developers. He claims that the US economy is in bad shape and that people will turn to cryptocurrency, eventually leading to hyperbitcoinization. Srinivasan believes that Bitcoin will hit a market cap of $19.3 trillion and that economic catastrophe is coming. He made the donations to signal that "things could unwind very fast" and that the US is printing trillions.

via Decrypt|
#balaji-srinivasan#bitcoin#cryptocurrency
cryptocurrency2 years ago

Balaji Srinivasan's Bold Bitcoin Bets and Donations.

Balaji Srinivasan has closed his $1 million bet on Bitcoin ahead of time and donated $1.5 million to three entities as settlement, including $500,000 for Bitcoin Core development at Chaincode Labs. Srinivasan had predicted a banking crisis to trigger a sizable devaluation of the US dollar, hyperinflation, and a surge in Bitcoin to $1 million by mid-June. He argued that the current crop of leaders, including Federal Reserve Chair Jerome Powell, are in denial about the economy's state.

via CoinDesk|
#balaji-srinivasan#bitcoin#cryptocurrency