Ex-coinbase CTO clarifies the air over its $ 2 million hyperbitcoinization bet
Ex-coinbase CTO clarifies the air over its $ 2 million hyperbitcoinization bet
The former CTO of Coinbase and risk capital Balaji Srinivasan has many doubts about his latest prediction that Bitcoin will increase to $ 1 million within 90 days. What could he really want with such a bullishes?
On Tuesday Balaji said that his $ 2 million game was not about making money, but about regulating an "ideological matter" in connection with US dollar inflation.
The pressure comes
in a tweet In response to Angel Investor Jason Calcanis on Tuesday, Balaji made it clear that the bet was not originally proposed by him, but by James Medlock on Twitter. Medlock, who was surprised that someone later accepted the offer called it" the most profitable shit in history ".
"I think Medlock will agree that this is an ideological bet, like the Simon-Ehrlich bet, which has enclosed a famous disagreement between libertarian and progressive," wrote Balaji.
The Simon-Empt bet was a bet between the professors Julian Simon and Paul Ehrlich in 1980 to enclose their contradictory theories about human overpopulation and resource shortage. Simon, who argued that humanity would not be driven by overpopulation in poverty and hunger, finally won the bet, and honestly sent him a check for $ 576 in October 1990.
Balaji's theory for "hyperbitcoinization" predicts an overwhelming capital flow in Bitcoin, since the Federal Reserve injects trillions from dollars to protect the banking system. As he says, others, including Jack Dorsey, did this predicted short-term hyperinflation for the US dollar in recent years.
The former CTO said that he had publicly committed himself to never selling his Bitcoin for USD, unless he was legally obliged to do so, and he no longer had confidence in the US banking system.
"Unfortunately, I am not alone with this loss of trust in the US banking," he continued. cite Moody’s negative outlook on the banking system that was published at the beginning of this month, and the very youngest in Chinese bank shares compared to global competitors. "If the USD fails, the free world BTC needs RMB as a reserve currency," he said.
is Balaji right?
Numerous critics have predicted Balaji's predictions as overzealous, if not self-served. Demtri Kofinas on Twitter called Balaji's claims about emerging Chinese banks are a" lie "and his predictions about the USD hyperinflation are" ideologically driven and ignorant ".
But certain Bitcoin bulls do not find it so unreasonable: Bitmex co-founder Arthur Hayes already predicted Reserve will lead to "infinite money prints", while Strike CEO Jack Mallers called On Monday that the Federal Reserve "The Financial System Breaks up".
others, however
Balaji then sets $ 1 million #bitcoin will reach $ 1 million in 90 days is awesome. If he is right, he has made the call of the decade and will go into history forever. If he is wrong, it is one million dollars that he spent on intelligent advertising. It's a win-win situation. - layah Heilpern (@layaililpern) 19. March 2023 "I don't do John McAfee-like stunts. I am an ideologically driven person who believes in Bitcoin and anyone who knows me can testify," Castle Balaji.
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