© Reuters
Investing.com – The is currently enjoying a homecoming amid the ongoing banking crisis.
BTC was born out of the need for people to have a currency that was not controlled by a government or central bank and could not be multiplied infinitely. Because that is exactly what is currently happening with the world’s reserve currency, the dollar.
The world’s largest central banks have decided together to control the new crisis with the same panacea as in previous crises: print even more money.
At a time when the largest industrialized countries in the world are already confronted with high inflation rates, the fear that the central banks will completely lose control of the situation is growing.
For the Social Democrat James Medlock, this is nonsense. He is so sure of himself that he bet on Twitter (NYSE:) that the United States would not experience hyperinflation. The bet is beautiful: 1 million dollars.
What he certainly didn’t expect was that the former CTO of Coinbase (NASDAQ:), Balaji Srinivasan, would be ready to accept this bet.
Srinivasan refined the terms of the bet saying that Medlock had to buy 1 BTC and would receive $1 million in USDC if the did not reach a price of at least $1 million by June 17. This is how the nature of hyperinflation is defined. Indeed, such rapid price action would only be possible if what Medlock categorically excludes occurs – the collapse of the USD and hyperinflation.
According to the latest update from Srinivasan, the terms of the fiduciary management of the stake are being settled. He has already made available 2 million USDC, as he offers the same bet to another interested person, in addition to Medlock. Whoever is therefore sure that BTC has no value and does not reach the magic mark by June 17, can start betting.
By Marco Oehrl