Bitcoin To $1 Million: Ex-Coinbase CTO Assures Off Bet; But There’s A Catch

Bitcoin News: Balaji Srinivasan, Former Coinbase CTO assured of the bet the Bitcoin price will reach $1 million in the upcoming days. He posted screenshots and address of the escrow account in order to make sure that the deal is still on. However, he stated that this setup will be like Simon-Erlich style public interest bet. It should be clear that there should be a zero profit motive behind this bet.

Bitcoin To $1 Million Still On?

Earlier, James Medlock in a Tweet mentioned that Balaji Srinivasan didn’t submit the money into escrow as decided. He added that ex Coinbase CTO is discussing with lawyers how to make this bet legal. However, the backup plan is to give the $1 million directly to the charity.

To this Srinivasan replied that as announced he has moved $2 million into USDC days ago.

On the Market side, Bitcoin price declined on Saturday after surging by 16% over the past 30 days. BTC is trading at an average price of $27,400, at the press time. However, BTC was trading over $28K this week. However, its 24 hour trading volume is down by 45% to stand at $17 billion. Read More Bitcoin News Here…

Also Read: Deutsche Bank Facing Liquidity Risk Like Credit Suisse? Crypto Market To Reflect?

Srinivasan highlighted that confidence in the US banking system has broken down. While $500 billion in wires has already flown out seeking a safe haven. This happened as the Federal Reserve launched a program that made all deposits fully liquid. However, the market can see trillion more coming out.