Tech Mogul Loses $1M Bet On Bitcoin

Tech mogul loses $1M Bet on Bitcoin Reaching $1M in Value

Tech mogul and crypto advocate Balaji Srinivasan bet that Bitcoin would reach $1 million within 90 days but halfway through the bet, he conceded and posted about it on Twitter.

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He revealed that he burned $1 million to raise awareness of the Federal Reserve printing more dollars.

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Additionally, he paid out $500,000 each as part of the bet to three parties.

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The parties included the person he bet against, a fund supporting Bitcoin Core development, and a charitable organization.

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Bitcoin is currently trading at about $29,000, a 10% gain from the $26,000 mark when Srinivasan made the bet.

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To win the wager, Bitcoin would have had to compound at about 4% per day for the full 90 days.

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The bet sparked discussions and debates within the bitcoin community about the feasibility of the target price and its potential impact on the digital asset.

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