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Published on 2 May 2023 on CoinDesk via Yahoo Finance

Balaji Closes Bitcoin Bet With $1.5M in Donations, Including $500K for Bitcoin Core Development


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Balaji Srinivasan on Tuesday said his $1 million bet on bitcoin (BTC) has been closed out ahead of time, and he has donated $1.5 million ($500,000 more than required) to three different entities as settlement.

The former chief technology officer at crypto exchange Coinbase and a former partner at venture capital firm Andreessen Horowitz, Srinivasan in mid-March – shortly after the failures in short order of Silvergate Bank, Signature Bank and Silicon Valley Bank – said he expected a banking crisis to trigger a sizable devaluation of the U.S. dollar, hyperinflation and a surge in bitcoin to $1 million by mid-June. He put up $1 million to back his prediction.

"I just burned a million to tell you they're printing trillions," he tweeted Tuesday afternoon. "I spent my own money to send a provably costly signal that there’s something wrong with the economy, and that it's not going to be a 'soft landing' like [Federal Reserve Chair Jerome] Powell promises – but something much worse."

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