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 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 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.