Balaji Srinivasan, former a16z partner and Coinbase CTO, has placed a $2 million bet on Bitcoin (BTC) reaching over $1 million in 90 days, in response to a tweet by James Medlock, who was ready to place a $1 million bet on the U.S. Dollar not facing hyperinflation.
Srinivasan believes hyperinflation is inevitable due to the insolvency and ignorance of the U.S. bank system and financial regulators. This bet comes amid an accelerating banking collapse, with major U.S. institutions collapsing and triggering a series of painful collapses on VC markets.
Srinivasan has also launched “BitSignal,” an initiative to spread awareness about the upcoming devaluation of the U.S. Dollar, offering 1,000 prizes of $1,000 each for content that would alert Twitter users about the collapse.
The bet has drawn skepticism from commentators, with some considering it a “FOMO”-triggered proposal.
