A message to a million – This bold bet hit the cryptosphere last March: balaji srinivasanold frame of coinbasetook the bet that only one bitcoins (BTC) could value over 1 million US dollars within 90 days. The millionaire, however, did not even attend the end date of the bet, since he had a important message to pass on the potential (and catastrophic) future fiat currency crisis.
“Lost” Balaji Srinivasan Is for Bitcoin to Warn of a Severe Crisis
Let us first recall the famous bet that balaji srinivasan April 17, 2023. On this day, James Medlock expresses his skepticism that they The United States has entered hyperinflation, betting $1 million it wouldn’t happen. This is where our old Coinbase executive 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 more late payment 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 depreciate as much facing bitcoin in a comb 3 months the times.
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currency decree In exploring “sooner or later”, the question is: when?
in joined series From tweets from May 2, 2023, Balaji Srinivasan explained why he was my premature term to his bet (which would otherwise have expired on June 17, 2023). If I agree tobuy bitcoin for 1 million dollars, it is to prevent us from deleterious interventions by central bankers On the currency.
Begin to explain what it takes ‘burnt a million to tell you they [les banquiers] printing trillions », the former Coinbase executive then detailed 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 bitcoin coreand $500,000 to charity Give directly.
“(…) I settled the bet in advance and gave even more of what I had promised. (…) I haven’t gotten into 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 “slight regression”, 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 (…): to know something is wrong with the economy, and that it will not be a “soft landing” as Powell told him. promised, but of something chose much worse. »
Balaji Srinivasan asks in conclusion (and in the form of a survey) the following question: When is the fiat currency crisis over? For the moment, the responses of the millionaire’s followers go mainly (approximately to fifty %) will see a question of a few years. Only 15% think there is still enough for ten years reprieve, and nearly 29% believe that this serious currency crisis decree 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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