Balaji Srinivasan’s $1M BTC Bet: Latest Updates

Ex-Coinbase CTO and former a16z partner Balaji Srinivasan deposited $2,000,000 in USD Coin (USDC) for his unmatched bet with pseudonymous Twitter skeptic

Srinivasan’s competitor, pseudonymous left-wing blogger James Medlock, opined that no funding for this gargantuan bet was provided. Srinivasan showed proof and shed light on his motivation in this bet.

$2,000,000 moved to “Balaji’s Bet” address for “zero profit” bet

As explained by Srinivasan today, on March 25, 2023, he deposited $2 million in USD Coin (USDC) to a special address shortly after the widely-followed bet was announced. He shared a link to a crypto wallet labeled “Balaji’s Bet”: on March 18, the entire sum was deposited here from Coinbase-associated accounts.

As I mentioned to Medlock, I moved $2M into USDC days ago and it’s ready to go[1].

Right now, we’re making sure it’s set up as a Simon-Erlich style public interest bet where it’s clear that there’s zero profit motive.

[1]: https://t.co/cLy2hEFsIc https://t.co/mKpak2KBCU pic.twitter.com/vh4k0nKFHh

— Balaji (@balajis) March 25, 2023

Ex-Coinbase CTO also stressed that this bet is a non-profit campaign for him. He recalled the Simon–Ehrlich wager, a 1980 wager between two U.K. scientists about the price dynamics of raw materials.

As per Srinivasan, the entire trend with the much-anticipated bet is designed to be “purely about settling an ideological matter.” Instead of seeking a cash prize, he is interested in spreading the word about the upcoming collapse of the U.S. Dollar:

That’s also the only reason I’m doing this: to alert innocent Americans and dollar holders in the style of Paul Revere that the printing is coming

Also, he noted that he only accepted this bet on Twitter. He will never sell Bitcoin (BTC) for U.S. Dollars and is going to hold the first cryptocurrency until USD loses its status of the global reserve currency.

Balaji Srinivasan’s opponent suggests him “backup idea”

Such a detailed explanation was posted by Srinivasan as a response to James Medlock’s accusation of alleged cheating: yesterday, on March 24, the Twitter personality announced that Balaji did not escrow the $2 million for the bet.

James Medlock even suggested that his opponent should have a second option:

Backup is to give the $1 million directly to charity

As covered by U.Today previously, tech entrepreneur and investor Balaji Srinivasan dropped a bombshell with his $2 million bet: he placed it on Bitcoin (BTC) reaching $1,000,000 in 90 days.

By press time, Bitcoin (BTC) is changing hands at $27,503; as such, it should be ready for a 3,532% rally for Srinivasan to win this bet.