Former Coinbase CTO makes $2M bet on Bitcoin's performance
Former Coinbase chief technology officer Balaji Srinivasan has made a millionaire bet on Bitcoin's (BTC) price over the next 90 days, predicting the cryptocurrency price will reach $1 million by June 17.
The wager was initiated on March 17, when pseudonymous Twitter user James Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation.
A few hours later, the former Coinbase CTO accepted the bet.Sir, I believe we have ourselves a deal https://t.co/9JYaLNo9EqUnder the proposed terms, if Bitcoin's price fails to reach $1 million by June 17, Medlock will win $1 million worth of the dollar-pegged stablecoin USD Coin (USDC) and the 1 BTC.
The same way, if Bitcoin is worth at least $1 million by the date, then Balaji can keep the 1 BTC and the $1 million in USDC.
Read more on cointelegraph.com
