A message to 1 million – This bold bet hit the cryptosphere last March: Balaji Srinivasanformer frame of Coinbasetook the bet that only one bitcoin (BTC) could worth more than 1 million US dollars within 90 days. The millionaire did not even wait for the end date of the bet, however, since he had a important message to pass on the potential future (and catastrophic) fiat currency crisis.
Balaji Srinivasan ‘loses’ bitcoin bet to warn of serious crisis
Let us first recall the famous bet that Balaji Srinivasan took on March 17, 2023. On that day, James Medlock was expressing his skepticism that the United States goes into hyperinflation, betting $1 million it wouldn’t happen. This is where our former Coinbase framework took it completely against the grain.
Balaji Srinivasan offered James Medlock to buy the same day a bitcoinand that he would buy back this BTC from him (regardless of the price) 90 days later for 1 million of dollars. Of course, even if the specter of hyperinflation patiently watches over the USA, there was still small chance that the American currency depreciates so much against Bitcoin in barely 3 months of time.
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The currency fiat will explode “sooner or later”, the question is: when?
In series of tweets published on May 2, 2023, Balaji Srinivasan explains why he terminated prematurely to his bet (which would otherwise have expired on June 17, 2023). If he agrees tobuy bitcoin for 1 million dollars, it is to prevent us from deleterious interventions by central bankers on the currency.
Beginning by explaining that he has ‘burnt a million to tell you they [les banquiers] print trillions », the ex-Coinbase executive then details the closing of his bet “by mutual agreement” (and 45 days before the scheduled date). In detail, it is even 1.5 million which he distributed, since he gave $500,000 to James Medlock (in exchange for his bitcoin), $500,000 to the developers of BitcoinCoreand $500,000 to the charity at Give Directly.
“(…) I settled the bet in advance and gave even more than I had promised. (…) I’m not in the habit of publicly burning a million dollars. I did it because I believe in the public good, but unfortunately we can no longer rely on the public sector to tell us when something is wrong.
After all, Janet Yellen knew the 2008 crisis was coming, but she didn’t sound the alarm. Ben Bernanke told us on April 10, 2008 that it would be a “mild recession”, but 158 days later the global economy has collapsed. And Jerome Powell continues to say today that we can still have a “soft landing”.
So I spent my own money to send a signal (…): that something is wrong with the economy, and that it will not be a “soft landing” as Powell promises. , but of something much worse. »
Balaji Srinivasan asks in conclusion (and in the form of a survey) the following question: when will the fiat currency crisis start? For the moment, the responses of the millionaire’s followers go mainly (approximately to 50%) to a question of a few years. Only 15% think there is still enough for decades reprieve, and almost 29% believe that this serious currency crisis fiat to arrive at in the coming months. Another question will be whether Bitcoin will become a real life buoy in this serious crisis.
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