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.

Who is Balaji Srinivasan?

(Photo by Steve Jennings/Getty Images for TechCrunch) On Friday, Balaji Srinivasan, a man who wields considerable influence in the tech and crypto worlds, made a jaw-dropping bet: $2 million that bitcoin would skyrocket from the mid-$20,000 range to $1 million per coin within 90 days.

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.