Former Coinbase chief technology officer Balaji Srinivasan has paid out $1.5 million to close out his long shot bet on Bitcoin’s (BTC) price.
In March, Srinivasan made waves in the crypto world after placing a million-dollar bet that Bitcoin would skyrocket to $1 million in just 90 days in response to failing banks and hyperinflation.
BTC was trading around $27,000 at the time of his bet and is only trading at $28,614 at time of writing.
Now the former Coinbase CTO says in a new video he’s closed out the wager early and claims he just made the bet just to raise “public alarm” about the U.S. Federal Reserve’s monetary policies.
“I burned a million to tell you they’re printing trillions. First I’m going to talk about the million, then the trillions. So — remember that million-dollar bet from a few weeks ago? I just settled it up front, I settled it early, $500,000 to Bitcoin Core, $500,000 to Give Directly, $500,000 to Medlock, you can check those links on-chain. You can read details at balajis.com/fiat. There are just some legal details to work out, but that is now done, that’s provable. You can go check it.
So that takes care of the million, that’s proof of work, and now let’s talk about the trillions. So the reason that I did this is I wanted to tell you in a provable way, to send a provable signal, that there is something wrong in the economy. I’m not in the habit of just burning a million bucks for the sake of it. There’s something wrong in the economy and the state isn’t telling you about it. And things could unwind very fast.”
Srinivasan also notes he donated more than he initially committed.
I JUST BURNED A MILLION TO TELL YOU THEY’RE PRINTING TRILLIONS
The million dollar bet is now closed out by mutual agreement. I made $1M+ in provable on-chain donations, which you can verify by clicking the links below:
1) $500k to Bitcoin Core development via Chaincode:… pic.twitter.com/J9nwxZAAhD
— Balaji (@balajis) May 2, 2023
He also says that the US economy “went from mild recession to financial crisis in two quarters in 2008.”
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