Venture capitalist and angel investor Balaji Srinivasan says hyperinflation is happening now. Expecting the price of bitcoin to soon hit $1 million, he is making million-dollar bets that it will happen in 90 days. Srinivasan also advised investors to buy bitcoin, which he believes to be “a hedge against hyperinflation, monetary debasement, bank freezes, and wealth seizure.”
In a bold move, Balaji Srinivasan, a tech founder, accepted the wager of James Medlock, a social democrat, who bet $1 million that the US would not enter hyperinflation. Srinivasan took the bet against one Bitcoin (BTC) with 40:1 odds, with the bet terms lasting 90 days.
Srinivasan is an angel investor, tech founder, and a Wall Street Journal bestselling author. He formerly served as the CTO of crypto exchange Coinbase and was a general partner at venture capital firm Andreessen Horowitz (A16z).
Medlock uses a picture of economic historian and sociologist Karl Polanyi. “James Medlock” is the pseudonym of a Twitter personality who has been stirring up the left-leaning portion of the internet.
Question is will Bitcoin Rampage Past $1 Million Within 90 Days?...
American professional poker player Isaac Haxton decided to join in on the fun. In a tweet, Haxton said he was willing to send 1 BTC to the escrow on behalf of Medlock, noting that he’ll take all the downside if he loses and none of the upside if the social democrat wins as long as he pledges to donate 70% to GiveDirectly.
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