{"id":1729,"date":"2023-03-19T04:57:55","date_gmt":"2023-03-19T04:57:55","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=1729"},"modified":"2023-03-19T04:58:22","modified_gmt":"2023-03-19T04:58:22","slug":"former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\/","title":{"rendered":"Former Coinbase CTO bets $1 million on Bitcoin hitting $1 million by June 17, 2023"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Former Coinbase CTO Balaji Srinivasan has taken a $1 million bet on Bitcoin, predicting that the cryptocurrency will hit $1 million by June 17. The bet was initiated on March 17 when Twitter user James Medlock offered to bet anyone $1 million that the US would not experience hyperinflation. Srinivasan accepted the bet, with the proposed terms stating that if Bitcoin&#8217;s price fails to reach $1 million by the set date, Medlock wins $1 million worth of USD Coin (USDC) and 1 BTC. Conversely, if Bitcoin reaches the predicted value, Srinivasan keeps both assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-different-views-on-the-us-economy-s-future\">Different Views on the US Economy&#8217;s Future<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Medlock and Srinivasan hold opposing views on the future of the US economy amid ongoing uncertainty regarding the country&#8217;s banking system. Srinivasan predicts an impending crisis that will lead to deflation of the US dollar, resulting in hyperinflation and Bitcoin reaching $1 million. On the other hand, Medlock holds a bearish view about the possibility of hyperinflation in the US.<\/p>\n\n\n<div class=\"wp-block-image\">\n<div><a href=\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-19-at-04.53.27.png\" class=\"td-modal-image\"><figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-19-at-04.53.27.png\" alt=\"\" class=\"wp-image-1731\" width=\"394\" height=\"517\" srcset=\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-19-at-04.53.27.png 525w, https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-19-at-04.53.27-229x300.png 229w, https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-19-at-04.53.27-150x197.png 150w, https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-19-at-04.53.27-300x394.png 300w\" sizes=\"(max-width: 394px) 100vw, 394px\" \/><\/figure><\/a><\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">Smart Contract Set up on Twitter<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Srinivasan&#8217;s wager with Medlock, in which both parties bet on the future value of Bitcoin, has been facilitated by a smart contract set up on Twitter. Other users also helped set up the contract with the betting terms. The former Coinbase CTO has disclosed that he will move an additional $1 million in USDC for another wager on the same topic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Also Read: <a href=\"https:\/\/www.cryptometer.io\/news\/indias-government-steps-up-efforts-to-clarify-regulation-of-crypto-assets\/\" target=\"_blank\" rel=\"noreferrer noopener\">India&#8217;s Government Steps Up Efforts to Clarify Regulation of Crypto Assets<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the time of writing, Bitcoin&#8217;s price is $27,218, with a market capitalization is $526 billion. Bitcoin has recorded a 65% growth in 2023, outperforming Wall Street bank stocks amid fears of a global banking crisis. Additionally, BTC&#8217;s price has shifted away from United States stocks, rising about 65% compared to the S&amp;P 500&#8217;s 2.5% gains and the Nasdaq&#8217;s 15% decline.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Coinbase CTO Balaji Srinivasan has taken a $1 million bet on Bitcoin, predicting that the cryptocurrency will hit $1 million by June 17. The bet was initiated on March 17 when Twitter user James Medlock offered to bet anyone $1 million that the US would not experience hyperinflation. Srinivasan accepted the bet, with the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":1733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257,43],"tags":[],"class_list":["post-1729","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-general-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Former Coinbase CTO bets $1 million on Bitcoin hitting $1 million by June 17, 2023<\/title>\n<meta name=\"description\" content=\"Former Coinbase CTO Balaji Srinivasan has taken a $1 million bet on Bitcoin, predicting that the cryptocurrency will hit $1 million by June 17. The bet\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cryptometer.io\/news\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former Coinbase CTO bets $1 million on Bitcoin hitting $1 million by June 17, 2023\" \/>\n<meta property=\"og:description\" content=\"Former Coinbase CTO Balaji Srinivasan has taken a $1 million bet on Bitcoin, predicting that the cryptocurrency will hit $1 million by June 17. The bet\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cryptometer.io\/news\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoMeter.io\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-19T04:57:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-19T04:58:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/bitcoin-wallet-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raj Sharma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Raj Sharma\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\\\/\"},\"author\":{\"name\":\"Raj Sharma\",\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/#\\\/schema\\\/person\\\/bbfe4a2efa58e681b4208612112f3149\"},\"headline\":\"Former Coinbase CTO bets $1 million on Bitcoin hitting $1 million by June 17, 2023\",\"datePublished\":\"2023-03-19T04:57:55+00:00\",\"dateModified\":\"2023-03-19T04:58:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\\\/\"},\"wordCount\":306,\"publisher\":{\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/bitcoin-wallet-scaled.jpeg\",\"articleSection\":[\"Bitcoin\",\"General News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\\\/\",\"url\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\\\/\",\"name\":\"Former Coinbase CTO bets $1 million on Bitcoin hitting $1 million by June 17, 2023\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/former-coinbase-cto-bets-1-million-on-bitcoin-hitting-1-million-by-june-17-2023\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.cryptometer.io\\\/news\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/bitcoin-wallet-scaled.jpeg\",\"datePublished\":\"2023-03-19T04:57:55+00:00\",\"dateModified\":\"2023-03-19T04:58:22+00:00\",\"description\":\"Former Coinbase CTO Balaji Srinivasan has taken a $1 million bet on Bitcoin, predicting that the cryptocurrency will hit $1 million by June 17. 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