A million dollar bitcoin

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Price Bet paid 97% of its target price, with backer Balaji Srinivasan instead opting to pay a total of $1.5 million as a settlement to three separate firms.

On May 2, Coinbase’s former chief technology officer Srinivasan said the bet was “closed by mutual agreement” 45 days ago.

As a settlement, Srinivasan paid $500,000 to Twitter user and self-described “hyperinflation skeptic” James Medlock, donated $500,000 to Bitcoin Core developers, and gave an additional $500,000 to the nonprofit charity Give Directly.

“I settled the bet early and donated more than I committed,” Srinivasan tweeted.

“I’m not in the habit of burning a million rupees publicly,” Srinivasan added, adding that the reason he’s closing in on a stake of about $970,000 rather than his target price of $1 million for bitcoin is because he believes in the “common good.” Citizens can no longer “rely on the public sector […] to tell us when something is wrong.

“I spent my own money to send a valuable signal — but a very bad one — that something is wrong with the economy and it’s not going to be a ‘soft landing’ like Powell is promising.
Despite a total of $1.5 million, Srinivasan is convinced that the American economy will eventually reach hyperinflation. According to his view, investors will rush to secure their rapidly depreciating dollar value in Bitcoin, which will see the asset value reach $1 million.

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The high stakes began on March 17 following a spat between Srinivasan and Twitter user James Medlock. Medlock initially tweeted that he would bet anyone $1 million that the US dollar would not enter any hyperinflationary state.

Related: How Bitcoin Can Hold $28K Amid Banking Crisis?

The terms of the bet stipulate that if the price of Bitcoin fails to reach $1 million by June 17, Medlock will receive $1 million in dollar-pegged stablecoin USD coin.

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And an additional 1 BTC. Conversely, if on the same date a person’s Bitcoin is valued at $1 million, Balaji can hold 1 BTC and $1 million in USDC.

Bitcoin is currently trading above $28,700 and has a market capitalization of $556 billion, according to Cointelegraph data.

Source: CoinTelegraph