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Mixed feelings on BTC’s $1M and XRP’s $589 expectations

Gary Flanders by Gary Flanders
2 years ago
Mixed feelings on BTC's $1M and XRP's $589 expectations

There has been a buzz in the crypto sphere surrounding two remarkable price forecasts for leading coins such as Bitcoin (BTC) and XRP. A cohort of Bitcoin maximalists has entered into a wager that BTC will soar to $1 million within a mere 90 days. Meanwhile, the XRP army has put forth a compelling argument that XRP has the potential to reach $589. These predictions have sparked much interest and speculation within the community.

Although both forecasts may seem unbelievable, David Gokhshtein, the founder of G3vrse, has observed a biased response from the crypto community towards these predictions. Gokhshtein notes a surge of positive enthusiasm when individual bets on Bitcoin, reaching $1 million in the next three months.

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In contrast to the fervent response to prognostications about Bitcoin, Gokhshtein observed that the cryptocurrency community was quick to reject the notion of XRP attaining the $589 mark.

Wait — I have a question. 🤔

When people talk about #Bitcoin potentially hitting $1M in 90 days, we throw parties and shit.

When the XRP army states that $XRP has a chance of hitting $589, you get the entire space dogging the possibility.

— David Gokhshtein (@davidgokhshtein) March 20, 2023

On Friday, a discussion was sparked between James Medlock, a social democrat, and tech founder Balaji Srinivasan regarding the possibility of hyperinflation in the US. In a daring move, Medlock wagered $1 million on the notion that hyperinflation would not occur. On the other hand, Srinivasan accepted the bet with a 40:1 odds ratio and a 90-day time limit, offering one Bitcoin as collateral. The exchange was a bold and intriguing display of confidence and conviction from both parties.

Srinivasan made a prudent request for a neutral custodian to oversee the settlement of a wager in the event of a decline in the dollar’s value. The astute tech entrepreneur also proposed using a smart contract, which would enable the USDC stablecoin to serve as a substitute for US dollars in the bet.

I will take that bet.
You buy 1 BTC.
I will send $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… https://t.co/hhPr522PQu pic.twitter.com/6Aav9KeJpe

— Balaji (@balajis) March 17, 2023

Upon accepting the wager, Srinivasan presented a compelling argument that US financial institutions and regulatory bodies have been deceiving depositors and holders of the almighty dollar regarding the precarious financial state of banks, reminiscent of the 2008 economic meltdown.

Tags: BitcoinPriceXRP
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Gary Flanders

Gary Flanders

Passionate writer who is keenly exploring crypto and Blockchain loves to know about new things and explore what is happening in the world. Cherishes writing, primarily about cryptocurrency and Blockchain.

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0.55%
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