Poster Wins Million-Dollar Bet With Cryptocurrency Entrepreneur About The Future Of The U.S. Dollar

May 2nd, 2023 - 3:46 PM EDT by Aidan Walker

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Balaji and a tweet by Medlock about the bet.

A random dude posting on Twitter has won a million dollars after a cryptocurrency mogul bet him in March that one Bitcoin would be worth more than a million U.S. dollars in 90 days.

It all started on March 17th, when James Medlock, a Twitter account devoted to posting nerdy takes about tax policy, shared this tweet:

Balaji Srinivasan, the former CTO of the cryptocurrency exchange Coinbase, took Medlock up on the bet.

As of today, Medlock and Srinivasan have settled the bet, because the USD has not entered into hyperinflation. Shortly after, Medlock received $500,000 personally and ultimately decided to donate the other half of the million to charity.

Balaji Srinivasan made the bet in the first place because he wanted to raise the alarm about the possibility of a hyperinflated U.S. dollar.

According to Balaji, government money printing (primarily in the form of low-interest rates set by the Federal Reserve) had devalued the dollar. Combined with the irresponsible actions of banks and the possibility of a U.S. government default, the stage was supposedly set for hyperinflation, which would make the dollar close all its value.

Critics argued that Balaji said these things just to enrich himself by increasing the demand for Bitcoin, or even in an attempt to undermine the USD for ideological reasons.

Losing the bet to Medlock has not deterred Balaji, however. The crypto mogul continues to post with his dire predictions, warning people about the consequences of a speculative default on U.S. government debt.

Here, Balaji's analysis is more mainstream: Most other analysts agree that a default on U.S. government debt could devalue the dollar and wreak havoc on the global economy.

While nobody can be sure what the future holds for BTC or the USD, one thing is certain — James Medlock is probably the person who had the best day on the internet today.

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