Balaji cashes in on his Bitcoin Million Dollar bet early, donating $1.5 million to three entities

链捕手ChainCatcher · 2023-05-03T01:05:08.000Z

ChainCatcher news, former Coinbase CTO Balaji Srinivasan posted a video on social media saying that the bet he initiated on "Bitcoin rising to $1 million" has actually been honored in advance, and he has personally donated a total of $1.5 million to three entities. ($500,000 more than the terms of the bet), one was used to fund the development of Bitcoin Core by Chaincode Labs, one was donated directly to the charity organization Givedirectly, and the other was donated to anonymous Twitter user James Medlock (another bet participant ), all three transfers are evidenced by on-chain data.

According to ChainCatcher, former Coinbase CTO Balaji Srinivasan posted a video on social media saying that the bet he initiated about "Bitcoin rising to $1 million" had actually been fulfilled in advance, and he had personally donated a total of $1.5 million to three entities (US$500,000 more than the terms of the bet), one to fund the Bitcoin core development of Chaincode Labs, one directly to the charity organization Givedirectly, and another to the anonymous Twitter user James Medlock (another bet participant). All three transfers are supported by on-chain data.
In this video, Balaji again cited the Federal Reserve's targeted balance sheet expansion in response to bank collapses, as well as its previous balance sheet expansion after the start of the pandemic, to further explain why he made the "Bitcoin rises to $1 million" bet.
Former Coinbase CTO Balaji Srinivasan made a $1 million bet on the price of Bitcoin with Twitter user James Medlock on March 19. According to the proposed terms, Medlock would buy one Bitcoin, and if the price of Bitcoin did not reach $1 million within 90 days (June 17), he would win $1 million from Balaji, otherwise he would lose one Bitcoin. (Source link)