Balaji Srinivasan concedes bet that Bitcoin will hit $1 million in 90 days

[ad_1]

Balaji Srinivasan (left) has settled his $1 million bitcoin bet. (Photo by Steve Jennings/Getty Images for TechCrunch)

Getty

Balaji Srinivasan, a tech mogul and cryptocurrency advocate, bet in March that bitcoin would reach a value of $1 million within 90 days. Halfway, he hoists the white flag.

On Tuesday, Srinivasan posted his concession on Twitter, saying he burned $1 million to raise awareness that the Federal Reserve was about to print trillions more. He also paid an additional $500,000 as part of the bet. In all, three payouts of $500,000 were made to the person he bet against, a fund supporting the development of BitcoinBTC Core, and a charitable donation to GiveDirectly, an organization that gives money to very poor people.

Bitcoin is currently trading at around $29,000. That’s a gain of around 10% from the $26,000 mark when Srinivasan made the bet. To win the bet, Bitcoin would have had to compound at around 4% per day for the full 90 days.

Srinivasans’ bet has sparked discussion and debate within the bitcoin community, with most people questioning the feasibility of the target price and others hailing it as a bold move that could potentially put the digital asset back on the map. chart after enduring a long bear market.

Follow me on Twitter. Send me a secure tip.

[ad_2]