Balaji Srinivasan’s $1M BTC Bet: Latest Updates

Vladislav Sopov

Ex-Coinbase CTO and former a16z partner Balaji Srinivasan deposited $2,000,000 in USD Coin (USDC) for his unbeatable bet with the pseudonymous Twitter skeptic

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  • $2,000,000 moved to Balaji’s Bet address for a “zero win” bet
  • Balaji Srinivasan’s opponent suggests “Substitute Idea” to him

Srinivasan’s competitor, pseudonymous left-wing blogger James Medlock, said no funding was provided for this gigantic bet. Srinivasan proved and illuminated his motivation in this bet.

$2,000,000 moved to Balaji’s Bet address for a “zero win” bet

As Srinivasan explained today, on March 25, 2023, shortly after the much-publicized bet was announced, he deposited $2 million in USD coins (USDC) at a special address. He shared a link to a crypto wallet dubbed “Balaji’s Bet”: On March 18, the entirety of Coinbase associated accounts were deposited here.

Ex-Coinbase CTO also emphasized that this bet is a charitable campaign for him. He recalled the Simon-Ehrlich bet, a 1980 bet between two British scientists on commodity price dynamics.

According to Srinivasan, the whole trend with the much-anticipated bet is geared towards “solving a purely ideological matter”. Instead of pursuing a cash prize, he’s keen to publicize the upcoming US dollar collapse:

That’s the only reason I’m doing this: to warn innocent Americans and dollar holders, Paul Revere style, that the pressure is coming

He also noted that he only accepted this bet on Twitter. He will never sell Bitcoin (BTC) for US dollars and will hold the first cryptocurrency until the USD loses its status as a global reserve currency.

Balaji Srinivasan’s opponent suggests “Substitute Idea” to him

Such a lengthy statement was posted by Srinivasan in response to James Medlock’s allegation of cheating: Yesterday, March 24, the Twitter personality announced that Balaji failed to deposit the $2 million for the bet.

James Medlock even suggested that his opponent should have a second option:

Backup is said to be donating the $1 million directly to charity

As previously reported by U.Today, tech entrepreneur and investor Balaji Srinivasan dropped a bombshell with his $2 million bet: He placed it on Bitcoin (BTC), which hit $1,000,000 in 90 days.

At press time, Bitcoin (BTC) is changing hands at $27,503; Therefore, Srinivasan should be ready for a 3,532 percent rally to win this bet.


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