© Reuters. Balaji bets $1 million on bitcoin price, says hyperinflation in the US is in the works
- A tech founder gambles $1 million that the US will enter hyperinflation.
- Participant prefer stake through smart contract to allow USDC.
- The US government recently printed a $300 billion bailout for the banks.
In a bold move, technology founder Balaji Srinivasan accepted James Medlock, a social democrat, bet $1 million that the United States would not enter hyperinflation. Srinivasan took the bet on one (BTC) at odds of 40:1, with betting terms remaining 90 days.
Srinivasan said he needs a mutually agreed trustee to ensure that the bet is settled in the event of a digital dollar devaluation. The tech founder also mentioned the possibility of executing stakes through a smart contract, allowing the USDC stablecoin to be used instead of the US dollar. However, Srinivasan challenged Medlock to name a trustee if he was unwilling to use a smart contract.
I’m going to take this bet, you’ll buy 1 BTC, I’ll send $1 million, that’s roughly 40:1 since 1 BTC is worth $26,000, duration is 90 days, all we need is a mutually agreed custodian who will do that. There is still to settle this in the event of a digital dollar devaluation. If someone knows how to do this… https://t.co/tcuBNd679T pic.twitter.com/6Aav9KeJpe
– Balaji (@balajis) March 17, 2023
The tweet sparked a lot of interest in the cryptocurrency community, with many users discussing the feasibility of such a bet and the potential risks and rewards involved.
While Srinivasan took the bet, he argued that banks and regulators were lying to depositors and dollar holders about bank failures, as happened in the 2008 financial crisis. According to the analyst, banks used deposits to buy long-term US Treasury bonds, which the Fed eventually devalued, causing It caused a banking crisis.
The tech founder argued that investors who bet on long-term Treasuries were wiped out in 2021, and those who relied on short-term Treasuries will suffer the same fate in 2023. He recommends buying bitcoin and getting coins from exchanges as a precaution against risk. Finance.
It is worth noting that many reports confirmed that the US government recently printed $ 300 billion “out of thin air” as a rescue operation in the wake of the collapse of three prominent banks in the country.
Balaji Post Bet $1 Million On Bitcoin Price Says Hyperinflation In The US Has Debuted The Coin Issuance.
