Balaji Bets $1M on Bitcoin Price, Says US Hyperinflation Is Underway
- A tech founder gambles $1 million that the US would enter hyperinflation.
- The participant prefers the stake through a smart contract to allow USDC.
- The US government recently printed $300 billion as a bail-out for banks.
In a bold move, Balaji Srinivasan, a tech founder, accepted the wager of James Medlock, a social democrat, who bet $1 million that the US would not enter hyperinflation. Srinivasan took the bet against one Bitcoin (BTC) with 40:1 odds, with the bet terms lasting 90 days.
Srinivasan said he needs a mutually agreed custodian to ensure the bet’s settlement in case of digital dollar devaluation. The tech founder also mentioned the possibility of executing the stake through a smart contract, allowing the use of USDC stablecoin instead of US dollars. Nonetheless, Srinivasan challenged Medlock to name a custodian if he was unwilling to use a smart contract.
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