Former Coinbase chief technology officer Balaji Srinivasan has made a millionaire bet on Bitcoin's



BTC

tickers down

$27,249

price over the next 90 days, predicting the cryptocurrency price will reach $1 million by June 17.


The wager wasinitiatedon March 17, when pseudonymous Twitter user James Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation. A few hours later, the former Coinbase CTO accepted the bet.

Under the proposed terms, if Bitcoin's price fails to reach $1 million by June 17, Medlock will win $1 million worth of the dollar-pegged stablecoin USD Coin (USDC) and the 1 BTC. The same way, if Bitcoin is worth at least $1 million by the date, then Balaji can keep the 1 BTC and the $1 million in USDC. Srinivasan explained in the thread: