BTC price breaks correlation with US stocks as it soars 65%. Balaji Srinivasan's bold $2M bet highlights growing uncertainty in the US economy and potential hyperinflation. Will his prediction come true?
Under the proposed terms, if Bitcoin's price fails to reach $1 million by June 17, Medlock will win $1 million worth of the dollar-pegged stablecoin USD Coin and the 1 BTC. The same way, if Bitcoin is worth at least $1 million by the date, then Balaji can keep the 1 BTC and the $1 million in USDC. Srinivasan explained in the thread:
“You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days.”As per the thread, other Twitter users helped set up a smart contract with the betting terms. Srinivasan also disclosed that he would move another $1 million in USDC for another wager on the same topic:
"I am moving $2M into USDC for the bet. I will do it with Medlock and one other person, sufficient to prove the point. See my next tweet. Everyone else should just go buy Bitcoin, as it'll be much cheaper for you than locking one up for 90 days." Medlock and Srinivasan made the wager based on their different views of the U.S. economy's future amid ongoing uncertainty regarding the country's banking system.that there's an impending crisis that will lead to the deflation of the U.S. dollar, and thus, to a hyperinflation scenario that would take the BTC price to $1 million. Medlock, on the other hand, is bearish about upcoming hyperinflation in the country.
Meanwhile, Bitcoin's price has reached $27,387 at the time of writing, with its market capitalization adding over $194 billion year-to-date to a 66% growth in 2023, outperforming Wall Street bank stocks amid
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