Balaji Srinivasan, a former CTO of Coinbase, staked $2 million on Bitcoin reaching $1 million in 90 days.
Following investor James Medlock's $1 million betting that the US won't experience hyperinflation despite the near-collapse, Balaji Srinivasan made his wager. The following is a list of banks in the US.
In a tweet on his personal Twitter on March 17, Balaji Srinivasan clarified his position and the reasons behind his bet with James Medlock: Balaji Srinivasan believes that the current state of US banks is identical to the 2008 crisis, with the exception that this time, central banks and regulators have duped all holders and sent USD.
The former CTO of Coinbase predicts that the US dollar will weaken due to the impending crisis, and that in the following weeks, individuals, businesses, and significant funds would buy Bitcoin to protect themselves against hyperinflation, pushing the price of the cryptocurrency to $1 million USD.
According to the terms of the staking agreement between Balaji Srinivasan and James Medlock, Medlock will receive 1 million USDC and 1 BTC if Bitcoin does not reach $1 million in the following 90 days. Balaji will have an additional 1 BTC and 1 million USDC if Bitcoin achieves $1 million in the ensuing 90 days.
Despite market turbulence, Bitcoin is still valued around $27,000. Rich Dad Poor Dad author Robert Kiyosaki has previously made outlandish predictions about the end of the dollar and the coming collapse of the US economy due to rising inflation and interest rates, which might cause a global recession.
Robert Kiyosaki, in contrast to Balaji Srinivasan, just projected Bitcoin's future development without offering any specific projections. The price of one bitcoin is $26,960 at the time of writing, up about 30% over the last seven days.
