Balaji Srinivasan doubles down on his $1M Bitcoin bet as an answer to the banking crisis
Crypto Entrepreneur Balaji Srinivasan Discusses May 2 In the face of the ongoing banking crisis, it announced that it had invested in a $1 million Bitcoin bet.
Balaji says US government is printing trillions of dollars
In a video posted on Twitter, Srinivasan said:
“I just burned a million dollars and told you they were printing trillions of dollars…I wanted to tell you in a provable way…there is something wrong with the economy. , the state hasn’t told you about it, and things could clear up very quickly.”
Srinivasan turned his attention to various ongoing financial crises, including government debt ceilings, recent bank failures, property crises and bond crises.
Specifically, he noted that the US government printed $300 billion to bail out companies and bail out other banks days after the Silicon Valley Bank collapse. He also suggested, based on recent data, that the banking system has suffered unrealized losses of his $2.2 trillion over the past year. Stanford University.
Srinivasan also highlighted trillions in pension, auto loan, student loan and credit card debt. In addition, he drew attention to international affairs, commenting on the US giving him $75 billion in aid to Ukraine and his $700 billion in energy subsidies in Europe.
He also warned that a fiat currency crisis could emerge suddenly. , argued that Federal Reserve policy could result in a “crash landing.”
He also reiterated his earlier assertion that there is a 10% chance of a fiat currency crisis in the next few months and a 70% chance of a crisis in the next few years.
Srinivasan bet $1.5 million on chain
Srinivasan said those concerns justified his earlier bets. In late March, Srinivasan said he would bet $1 million on Bitcoin’s price reaching $1 million in 90 days.
On May 2, he said he had committed to that bet with three on-chain Bitcoin transactions. He committed a total of $1.5 million in Bitcoin, donated $500,000 to Bitcoin Core development via chaincode, and donated $500,000 directly. He also sent $500,000 to pseudonymous Twitter user James Medlock, with whom he originally arranged the bet.
Srinivasan apparently did not use escrow.Settled bets in advance and donated more [he] I was committed.“
Bitcoin’s current price is $28,700 and a $1 million price tag represents a 35x price increase. Some called such rapid gains unlikely, suggesting that Balaji arranged the bet to market Bitcoin without expecting to win.
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