Balaji Srinivasan, the esteemed American entrepreneur and former Chief Technology Officer of Coinbase has officially confirmed via his Twitter thread that he has successfully transferred a whopping $2 million into USDC as part of his bet with the tax enthusiast known as James Medlock on Twitter.
On March 25, Balaji took to Twitter to provide an update on the status of the bet. He likened it to a Simon-Erlich-style public interest bet, emphasizing that no profit motive was involved. The tone of the message was professional and straightforward.
On March 16, Medlock took to his official Twitter account to wager a hefty $1 million on the unlikelihood of hyperinflation in the US crypto market. In response, Balaji stepped up to the challenge and offered Medlock a matching $1 million bet. Both parties have put their money where their mouths are, and the stakes are high. It remains to be seen who will come out on top, but one thing is certain – this bet will be closely watched by industry professionals and enthusiasts alike.
Despite previous agreements, it has come to light that Balaji has yet to deposit the agreed-upon $1 million bet amount into the escrow account. This information was brought to the attention of Medlock on March 25 via Twitter.
Following Medlock’s post, Balaji promptly provided a comprehensive account of the Simon-Erlich bet. This update holds significant weight as it sheds light on the wager’s outcome. It is important to note that the tone of this communication remains professional and informative.
The hyperbitcoinization bet is a Simon-Erlich-style public interest bet…I have absolutely zero profit motivation… I am never selling Bitcoin for USD unless legally compelled to do so. And I am holding Bitcoin until the US dollar is no longer the reserve currency of the world, again unless legally compelled to do otherwise.
According to Balaji’s proposal, appointing a mutually agreed custodian responsible for settling any potential digital dollar devaluation is imperative. Upon implementation of the plan, Medlock’s 1 BTC and Balaji’s $1 million will be securely held in escrow by a trusted third party. The entire sum will then be presented to the winner in due course. This approach ensures a professional and reliable process for all parties involved.
Over the next 90 days, the outcome of the BTC price will determine the victor of this wager. Should the price fall below $1 million, Medlock will emerge as the winner. Conversely, if the price surpasses $1 million, Balaji will claim the title. Rest assured; this is a professional and calculated bet.
