• Balaji Srinivasan, the former chief technology officer of Coinbase, has made a bullish call for Bitcoin by placing a $1 million bet on it.
• James Medlock started the conversation by tweeting that he would bet $1 million that the United States will not experience hyperinflation.
• Balaji Srinivasan agreed to take the bet and asked Medlock to buy 1 BTC in exchange for $1 million USD in 90 days if Bitcoin is still below $1 million.
Former CTO’s Bullish Bet on Bitcoin
Coinbase’s former chief technology officer (CTO), Balaji Srinivasan, has placed a bullish call on Bitcoin with a $1 million bet. The tweet came after James Medlock tweeted about betting $1 million that the US does not record hyperinflation.
Agreement Between Opponents
The two opponents agreed that if Bitcoin stays below $1 million in the next 90 days then Balaji Srinivasan will send one bitcoin and $1 million USD in form of USDC to an escrow account. On the other hand, if Bitcoin surpasses this amount before the allotted time period then Medlock will win one bitcoin and $1 million USD from Srinivasan.
For this agreement to be fulfilled both parties need to find a mutually agreed custodian who will settle any disputes between them if digital dollar devaluation takes place. To make this happen they are also looking into using smart contracts so they can send USDC directly instead of involving third-parties or custodians.
Medlock Looking For Funding
Medlock revealed that he did not have enough liquid cash to purchase 1 BTC at its current value but was willing to take another route which involves crowd funding for the total amount and pledging 70% of it towards GiveDirectly – an international charity organization operating in Kenya and Uganda.
The proposed agreement between both parties still needs further details before it can be finalized but it looks like we may witness history being made soon as these two individuals battle it out with their bets on Bitcoin’s performance over the next 90 days!