Balaji Srinivasan Closes Out $1 Million Bitcoin Bet Early

Balaji Srinivasan, the former chief technology officer of Coinbase Global, said he closed out what appeared to be a losing bet that Bitcoin would rise to $1 million within 90 days. From a report: Srinivasan said he gave $1 million to two organizations, including Bitcoin Core development team at researcher Chaincode Labs, as well as paying $500,000 to someone who goes by James Medlock on Twitter, and who won the wager. The goal of the bet, Srinivasan reiterated in a Twitter post and a short video Tuesday, was to show that fiat currencies such as the dollar are in trouble, and that those troubles will push Bitcoin's price up. At $28,710, Bitcoin is about 10% up from when Srinivasan accepted the bet on March 17. "The reason that I did that is I wanted to tell you in a provable way that there's something wrong in the economy and the state isn't telling you about it," Srinivasan said in the video, recounting troubles with US banks, sovereign debt and other potential issues. "That is what I am doing at my own expense, I am raising public alarm."

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