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A $1 million Bitcoin (BTC) price bet has been closed out 97% under its target price, with its backer Balaji Srinivasan choosing instead to donate a total of $1.5 million to three different entities as a settlement.On May 2, Srinivasan, the former chief technology officer at Coinbase, said the bet
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The former chief technology officer at crypto exchange Coinbase and a former partner at venture capital firm Andreessen Horowitz, Srinivasan in mid-March – shortly after the failures in short order of Silvergate Bank, Signature Bank, and Silicon Valley Bank – said he expected a banking crisis to trigger a sizable
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Relating the chances of bitcoin reaching $1 million to the probability of some sort of Black Swan event in the U.S. economy, Srinivasan said he thinks there's a 10% chance of a very serious issue in months, a 70% chance of one in years and a 90% chance within decades. Source
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Tech entrepreneur, angel investor, and author of The Network State, Balaji Srinivasan, says a proverbial “giant robot” of supportive governing bodies and crypto proponents is needed to do battle with the “giant monster” of the U.S. federal government. The former CTO of Coinbase also said he will issue an update
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Twitter CEO Elon Musk has made another marketing move to bridge the social media platform with the crypto community by switching its logo icon to the Shiba Inu dog — Dogecoin’s (DOGE) digital symbol. The move, however, seems to be more than just an engagement strategy. It comes just two
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First, why did the inflation hedge thesis lose credibility? Well, people saw inflation rising rapidly in late 2021 and early 2022, just as bitcoin's price quickly fell. Ergo, bitcoin wasn't an inflation hedge. Many critics of Bitcoin enjoyed carping about this, and the tl;dr of all of their articles and
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Bitcoin’s recent hike has brought MicroStrategy’s Bitcoin bet closer to profitability again. Under Michael Saylor, the IT firm spent over $4 billion to acquire more than 138,900 BTC over three years. The Bitcoins were purchased for an average price of $29,817, just $1500 more than its current price. The company’s share price has
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Facing mounting pressure to roll back rate hikes, including protests by farmers and car dealers along with bipartisan political intervention, the Federal Reserve yielded. As unemployment exceeded 7% in May, the Fed chose to substantially lower the federal funds rate, even though inflation had reached a staggering 14.7% in April.
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Venture capitalist Balaji Srinivasan says hyperinflation is happening now, and is making million-dollar bets that the price of bitcoin will reach $1M in 90 days. In related news, myriad voices from the world of finance are sounding off about inflation, recession, and a brewing economic crisis. In spite of the
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“Tether has no exposure to SVB as its popularity lies more in the Asian region, meaning USDT doesn't rely on dollars being held in American banks, making it one of the safest stablecoins to pivot to currently,” said François Cluzeau, head of trading at Flowdesk, in a message to CryptoX. Source
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