header banner

In a bet that Bitcoin will reach $1 million in 90 days, Balaji Srinivasan conceded

Table of Contents

    Edit Story

    Balaji Srinivasan (left) settled his million dollar bitcoin bet. (Photo by Steve Jennings/Getty Images for TechCrunch)


    Balaji Srinivasan, a tech mogul and cryptocurrency advocate, made a bet in March that bitcoin would reach $1 million in value within 90 days. Halfway in, he’s raising the white flag.

    On Tuesday, Srinivasan posted his concession on Twitter, saying he burned $1 million to raise awareness that the Federal Reserve was about to print trillions of more dollars. He also paid out an additional $500,000 as part of the bet. In all, three $500,000 payments were made to the person he bet against, a fund supporting Bitcoin BTC Core development and a charitable donation to GiveDirectly, an organization that gives money to very poor people.

    Bitcoin is currently trading at about $29,000. That’s about a 10% gain from the $26,000 mark when Srinivasan made the bet. To win the wager, Bitcoin would have had to compound at about 4% per day for the full 90 days.

    Srinivasan’s bet sparked discussions and debates within the bitcoin community, with most people questioning the feasibility of the target price and others hailing it as a bold move that could potentially put the digital asset back on the map after enduring a long bear market.

    Follow me on TwitterSend me a secure tip


    Article information

    Author: Jasmine Hart

    Last Updated: 1702179361

    Views: 1011

    Rating: 4 / 5 (118 voted)

    Reviews: 97% of readers found this page helpful

    Author information

    Name: Jasmine Hart

    Birthday: 1971-07-02

    Address: 567 Morgan Knoll, Reyesmouth, UT 00548

    Phone: +3672714918736455

    Job: Forensic Scientist

    Hobby: Sailing, Amateur Radio, Tennis, Meditation, Whiskey Distilling, Drone Flying, Camping

    Introduction: My name is Jasmine Hart, I am a enterprising, treasured, spirited, candid, accomplished, brilliant, exquisite person who loves writing and wants to share my knowledge and understanding with you.