Balaji pays out his crazy $1M Bitcoin bet, 97% under price target
The former Coinbase exec settled the high profile wager 45 days ahead of time but remains convinced that a “fiat crisis” is inevitable. A $1 million Bitcoin (BTC) price bet has been closed out 97% under its target price , with its backer Balaji Srinivasan choosing instead to donate a total of $1.5 million to three different entities as a settlement. On May 2, Srinivasan, the former chief technology officer at Coinbase, said the bet had been “closed out by mutual agreement” 45 days ahead of time. As a settlement, Srinivasan paid pseudonymous Twitter user and self-titled “hyperinflation doubter” James Medlock $500,000, donated $500,000 to Bitcoin Core developers and gave an additional $500,000 to the non-profit charity Give Directly. I just burned a million to tell you they're printing trillions. pic.twitter.com/pX5622rjUO — Balaji (@balajis) May 2, 2023 “I settled the bet ahead of time and donated even more than I had committed,” Srinivasan tweeted. “I’m not in the habit o...