Ex-Coinbase CTO Burns $1M Bitcoin: “They’re Printing Trillions.”

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Coinbase ex-CTO made a $1 million bet.
Balaji Srinivasan later pulled out of the bet to prove a point.
Srinivasan says there’s something wrong with the US economy.

Ever had to lose a bet to prove a point? Well, Coinbase’s Former CTO Balaji Srinivasan has, and he says it was to show that the US economy is failing.

Balaji firmly believed that the global economy is on the edge of a rapid shift, where Bitcoin would have assumed its highly sought-after $1 million valuation.

However, with Bitcoin struggling to break through its resistance, that idea may seem far off for Srinivasan, who now has a big point to prove with $1 million less.

Κάτι είναι λάθος

Balaji Srinivasan made a bet with Twitter pundit James Medlock that Bitcoin would reach $1 million in 90 days. He buttressed that the world would soon significantly change, and we would see the rapid adoption of Bitcoin.

However, Balaji pulled out of the bet early on May 2nd, saying he closed it with “mutual agreement.” The former Coinbase executive donated $500,000 each to the charity organization Give Directly, Bitcoin Core developers, and James Medlock.

His reason? There’s something wrong with the economy, and he believes in the public good.

Balaji Shared:

“So I spent my own money to send a provably costly signal that there’s something wrong with the economy, and that it's not going to be a "soft landing" like Powell promises — but something much worse.”

In a Twitter video, Balaji later explains his reason: “I burned a million to tell you they’re printing trillions.”

They’re Printing Trillions

In the video, Balaji insists that there’s something wrong with the American economy and will soon enter hyperinflation. He cites the Κατάρρευση της τράπεζας Silicon Valley, Covidien-19, Former Federal Reserve Chairman Ben Bernanke, Κρίση της Ουκρανίας, Αποδολαριοποίηση, and the USSR collapse to support his views.

Balaji adds that many things are falling apart, such as τράπεζες, commercial real estate, bonds, the debt ceiling, and more. He warns that things could unwind quickly, and assets once considered safe havens would fail to be so in the future, except for Bitcoin, which he believes in hitting a market cap of $19 trillion.

However, Bitcoin has to skyrocket by over 3000% to achieve that. Currently, it’s trading at $28,246, according to CoinMarketCap. The digital asset has yet to break through its all-time high of $69,044, set in November 2021.

Από την άλλη πλευρά

Crypto entrepreneur David Gokhshtein shared he’d delete his Twitter account if Balaji Srinivasan’s prediction of Bitcoin hitting the $1 million mark in 90 days comes true.

Γιατί πρέπει να φροντίζετε

A global economic crisis is daunting because it could affect billions worldwide. With banks crashing and the US government raising its debt ceiling, Balaji Srivasan’s public demonstration could have raised the alarm at the right time to prepare people to protect themselves from imminent financial danger.

Read what Charles Hoskin has to say about not contributing anything to Ethereum:

Ο ιδρυτής της Cardano Charles Hoskinson απαντά στο Jab από τον συνιδρυτή του Ethereum

Read how Bitcoin and other assets performed amid the banking crisis:

Το Bitcoin σπάει 28 $ καθώς το Ethereum βλέπει $2 εν μέσω τραπεζικής κρίσης