American businessman and investor Balaji Srinivasan said that Bitcoin will see a meteoric price rise in the next three months. For that reason he made a bet on the social democrat James Medlock.
This unusual bet began on March 17. Social Democrat James Medlock from his Twitter account said he was willing to bet $1 million that the United States will not experience hyperinflation. A few hours later, someone appeared willing to take up their bet.
This is the American businessman and investor, Balaji Srinivasan, who, contrary to James Medlock is very sure that the US economy is on the verge of collapse and that he is willing to throw in a lot of money to prove his point.
Former Coinbase CTO Srinivasan proposed the following to Medlock: You must buy 1 Bitcoin (BTC) and at the same time make a deal in stable USD Coin (USDC), linked to the US dollar.
How the bet would play out: if the cryptocurrency does not reach a million dollars in 90 days, Medlock keeps the million dollars in USDC and the Bitcoin. But if Bitcoin reaches the anticipated level, Srinivasan keeps the million dollars and the funds in BTC. (That is, with a total sum of US$2 million).
Srinivasan explained on Twitter: “You buy 1 BTC. I’ll send $1 million. This has odds of about 40:1, since 1 BTC is worth about $26,000. The timeframe is 90 days.”.
The former Coinbase CTO predicted that American savers will continue to make massive withdrawals in the coming days, leaving banks short of liquidity. “Bitcoin is the only global safe haven“he wrote in a tweet, reiterating his belief that the digital currency.
Source: Ambito
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