Balaji Srinivasan, the former CTO of Coinbase, who bet $ 1 million on the leading cryptocurrency Bitcoin (BTC) and predicts that the leading crypto will rise to the level of $ 1 million within 90 days, as we have previously reported as Kriptokoin.com, said that he has ended this bet. announced! After that, investors wondered why! So what happened? Here are the details…
Coinbase CTO Balaji Srinivasan explained: I’ve closed my Bitcoin bet!
As you may recall, former Coinbase technology manager Balaji Srinivasan, who drew attention with his statements last March, claimed that the leading cryptocurrency Bitcoin (BTC) would rise to the level of 1 million dollars in a 90-day period. However, the former CTO, who made a bet of 1 million dollars, stated that he instantly closed this bet.
Statements from former Coinbase CTO Srinivasan drew attention. Srinivasan stated that he is not a trader and does not have a habit of throwing away 1 million dollars, and claimed that he wants to do something for the public good. However, the former Coinbase official stated that he closed his bet early, which he thought that Bitcoin would reach the level of $ 1 million. On the other hand, after losing his bet, the Bitcoin Core development team donated $500,000 to Chaincode Labs, $500,000 to the charity named Give Directly, and $500,000 to Twitter user James Medlock, who won the bet on Twitter.
Srinivasan posted his decisions on a blog!
Former Coinbase CTO Srinivasan announced his decision to close his Bitcoin bet early in a blog post, stating that he wanted to show that the state of the economy is in trouble and that the public can no longer trust the government to make an accurate assessment. However, he pointed out that his aim is to demonstrate the instability of fiat currencies such as the US dollar, which puts upward pressure on the value of Bitcoin.
I just burned a million to tell you they're printing trillions. pic.twitter.com/pX5622rjUO
— Balaji (@balajis) May 2, 2023
He tweeted, “I burned a million dollars just to pass it on to you, they’re printing trillions of dollars!” Explaining his words in the video he quoted with his words, the name attracted the attention of many investors and expressed his concerns about the state of the economy. The former Coinbase official pointed to US banks, government debt, and other potential problems in the video and said it was alarming for the public as well as himself. However, the data reported is that the value of Bitcoin has increased by 10 percent as of the date Srinivasan made the bet.
Bitcoin (BTC) price situation
The leading cryptocurrency Bitcoin (BTC) has fallen by 3 percent in the last 24 hours and is instantly trading at $ 28,737. However, the market value of BTC, which has a market value of 556 billion dollars, is at the level of 16 billion dollars.
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