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.