Why did Balaji Srinivasan close a bet on Bitcoin?

Former Chief Technology Officer at Coinbase, Balaji Srinivasan, closed out early a bet that the price of bitcoin would hit $1 million by mid-June amid hyperinflation of the U.S. dollar. Srinivasan paid a total of $1.5 million, more than the initially committed $1 million, with two-thirds of the money donated to two organizations.

How much money did Balaji make from his $1 million bet?

Out of Balaji's $1 million bet, the tech billionaire made three $500,000 donations. The first was channeled towards pseudonymous Twitter user James Medlock, who had offered to bet $1 million back in March that the US would not experience hyperinflation.

How much money did Balaji Srinivasan donate?

Besides cancelation, he donated $1.5 million to three different entities as a settlement. Balaji Srinivasan announced closing his $1 million bet on Bitcoin (BTC) prematurely and donated $1.5 million to three organizations as a settlement.

What happens if bitcoin's price doesn't reach $1 million?

The terms of the wager stipulated that if Bitcoin’s price did not reach $1 million by June 17, Medlock would receive $1 million in the dollar-pegged stablecoin USD Coin and an additional 1 Bitcoin. In contrast, if the value of a single Bitcoin reached $1 million by the same date, Balaji could retain the 1 BTC and $1 million in USDC.