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


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

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    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.

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