Former CTO of Coinbase says Bitcoin will reach $1 million

Former CTO of Coinbase says Bitcoin will reach $1 million

Balaji Srinivasan, the former CTO of Coinbase, said that the leading cryptocurrency will reach $1 million by June 17th and has bet $1 million.

The betting began on March 17 when a Twitter user offered a $1 million bet that hyperinflation would not occur in the US. The Coinbase CTO accepted this bet.

According to the terms of the bet, if the value of Bitcoin does not reach $1 million by June 17, Twitter user Medlock will win $1 million worth of USDC and 1 BTC. Likewise, if Bitcoin is worth $1 million, Balaji can hold 1 BTC and $1 million in USDC. Srinibasan explained:

You buy 1 BTC. I’ll send 1 million dollars. This is ~40:1, because 1 BTC is worth ~$26,000. Duration is 90 days”

Related: Banking crisis: What does it mean for crypto?

Other Twitter users helped make smart contracts with wagering terms. Srinivasan announced that it will move another $1 million to USDC for another bet on the same terms.

I’m transferring $2 million to USDC to bet. I’ll do this with Medlock and another person. That’s enough to explain the issue. Check out my next tweet. Everyone else go and buy Bitcoin.

Medlock and Srinivasan entered bshe based on differing views on the future of the country’s economy amid ongoing uncertainty over the country’s banking system.

Srinivasan argues that with the deflation of the US dollar, a crisis is looming that will lead to a hyperinflationary scenario that will push the Bitcoin price to $1 million. However, Medlock does not believe there is an impending hyperinflation in the country.

However, Bitcoin is trading at $27,387 at the time of writing. This means that the asset’s value has appreciated by 66% in 2023. The asset’s value has surpassed that of Wall Street banks.

Additionally, for the first time in a year, Bitcoin’s price has moved away from US stocks, increasing by nearly 65% ​​compared to the S&P 500’s 2.5% gain and the Nasdaq’s 15% decline, Cointelegraph reported.

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