The former chief technology officer of Coinbase, Balaji Srinivasan, has speculated that BTC will hit $1 million in 90 days! He claims the price influx will come about by June 17 due to devaluation in the United States.
The discussion came up when James Medlock dropped a $1 million wager to anyone that America would not encounter hyperinflation.
The ex-Coinbase CTO accepted the offer some hours after the bet was announced on Twitter.
If the value of Bitcoin does not hit $1 million by June 17, the pseudonymous Twitter user will receive $1 million USDC and 1 BTC. Likewise, if Bitcoin reaches $1 million by the agreed date, Balaji Srinivasan will retain the 1 BTC and $1 million worth of USDC.
Balaji Srinivasan stated:
“You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days.”
Regarding the thread, other interested Twitter users developed a smart contract with the proposed terms. The Coinbase executive also revealed that he will add an additional $1 million worth of USDC for another bet regarding the same issue.
The wager between Medlock and Srinivasan is a product of their contrasting perspectives on the future of America’s economy in the middle of the current banking system’s unpredictability.
Srinivasan believes that the ongoing crises will bring about the deflation of the American dollar, and hyperinflation will occur that will boost BTC value to $1 million.