Coinbase’s former CTO believes Bitcoin will topple $1 million in 90 days

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Former chief technology officer of leading crypto exchange Coinbase, placed a bullish bet on Bitcoin.
Balaji Srinivasan, the former Coinbase CTO stands a chance to walk away with $1 million in total, if the bet plays out in his favour.

Balaji Srinivasan, the former chief technology officer of Coinbase has made a bullish call for Bitcoin. The Bitcoin proponent is placing a $1 million bet on Bitcoin. It all started when James Medlock tweeted that he would bet $1 million that the United States does not record hyperinflation. Srinivasan would go on to respond to the tweet, stating that he would take the bet. He asked Medlock to buy 1 BTC, adding that he would also send $1 million to him. Balaji stated in a response tweet;

“I will take that bet. 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. All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation. If someone knows how to do this with a smart contract, we can do it on chain, so I can send USDC. If you won’t do that, name a custodian.”

I will take that bet.
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.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… https://t.co/tcuBNd679T pic.twitter.com/6Aav9KeJpe

— Balaji (@balajis) March 17, 2023

James Medlock seemed to be in on it, as he dropped subtle hints that he would get a lawyer. However, he went on to disclose that he didn’t have $26,000 liquid cash, but was willing to take another route.

Here’s what I’m thinking: I don’t have $26k liquid – if I crowd fund for the total, and pledge to donate 70% to GiveDirectly, will you chip in? Incredible return on your investment for a good cause https://t.co/fVKWpedk5f

— James Medlock (@jdcmedlock) March 17, 2023

After coming to a conclusion that the former Coinbase CTO agreed to, he proceeded to request that the exchange be done using a smart contract. Srinivasan said that his opponent would win the 1 BTC along with $1 million USD in form of USDC if Bitcoin is still below $1 million in the next 90 days after the funds are sent to the escrow. On the other hand, Srinivasan goes home with the money if Bitcoin is greater than $1 million after the agreed time period.

“Yes. Just moving money for the bet. We can do it via smart contract, but for simplicity old-fashioned escrow may work. The escrow person would need one BTC address and one ETH address (for the USDC). The assets would sit on chain for 90 days. If BTC < $1M in 90 days after escrow, then you win and get both the 1 BTC and the $1M USDC. If BTC > $1M USD in 90 days after escrow, then I win and get both the 1 BTC and the (now worthless) $1M USDC.” He wrote in another tweet.

Yes. Just moving money for the bet. We can do it via smart contract, but for simplicity old-fashioned escrow may work.

The escrow person would need one BTC address and one ETH address (for the USDC). The assets would sit on chain for 90 days.

If BTC < $1M in 90 days after… https://t.co/TP82ecUf9J

— Balaji (@balajis) March 18, 2023

The bet has since sparked a heated debate across the cryptocurrency market from Bitcoin proponents and skeptics. At report time, Bitcoin is trading at $28,212; a significantly lower price point from where Srinivasan expects it to be in the next 90 days.

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