Balaji cashes out the "Bitcoin million dollar" bet early, donating $1.5 million to three entities

2023-05-03 09:02:26

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ChainCatcher news, former Coinbase CTO Balaji Srinivasan posted a video on social media stating that the "Bitcoin will reach $1 million" bet he initiated has actually been settled in advance. He has personally donated a total of $1.5 million to three entities (which is $500,000 more than the bet conditions): one donation is for funding Bitcoin core development at Chaincode Labs, another is directly given to the charity organization Givedirectly, and the third donation is to anonymous Twitter user James Medlock (another participant in the bet). All three transfers have on-chain data as evidence.

In this video, Balaji again referenced the Federal Reserve's targeted balance sheet expansion in response to bank collapses, as well as the balance sheet expansion actions taken after the onset of the pandemic, further explaining the reasons behind his "Bitcoin will reach $1 million" bet.

Former Coinbase CTO Balaji Srinivasan made a million-dollar bet on Bitcoin's price with Twitter user James Medlock on March 19. According to the proposed terms, Medlock buys one Bitcoin, and if the Bitcoin price does not reach $1 million within 90 days (by June 17), he will win $1 million from Balaji; otherwise, he will lose one Bitcoin. (source link)

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