Why did Balaji Srinivasan make a bullish bet on Bitcoin?

The entrepreneur pointed to the government printing money as the reason for his bullish call. Entrepreneur Balaji Srinivasan explained the rationale for his bet that bitcoin ( BTC) could reach $1 million in price by June 17 as he spoke remotely by video link at CoinDesk’s Consensus 2023 conference, which is being held in Austin, Texas.

What happens if BTC doesn't hit the price target?

If BTC reaches $1 million within the set time frame, he gets to keep Medlock’s 1 BTC and the $1 million deposited. However, if BTC does not hit the price target in 90 days, Medlock gets the $1 million and keeps the 1 BTC. Balaji said he would deposit $2 million to have the bet with Medlock and any other person.

How much is a bitcoin bet on Medlock vs Srinivasan?

At $28,710, Bitcoin is about 10% up from when Srinivasan accepted the bet on March 17. It wasn’t immediately clear what were the terms of the wager. Medlock and Srinivasan didn’t return requests for comment.

How much is 1 BTC worth?

You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days. All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.