1BTC = $1 million in 3 months?!

Coinbase's former Chief technical officer Balaji Srinivasan has wagered $2 million that Bitcoin would be worth $1 million in 90 days.

On March 17, political commentator James Medlock on his Twitter offered to bet anyone for $1 million that the United States would not face hyperinflation, and a few hours later, former Coinbase CTO Balaji Srinivasan accepted the bet.

“Sir, I believe we have ourselves a deal,” - wrote James Medlock.

According to the terms of the transaction, if by June 17, 2023. BTC price will not reach $1M, Medlock will win $1M in USDC and 1 BTC. If not, then Balaji will be able to keep 1 BTC and $1 million in USDC.

 Other Twitter users helped to create a smart contract, according to the terms of the bet. Balaji Srinivasan also revealed that he would transfer another $1 million in US dollars for another bet 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.“

But Medlock and Srinivasan weren't the only ones betting, based on their differing views on the future of the US economy amid continued uncertainty about its banking system. Arthur Hayes, co-founder and former head of another cryptocurrency exchange BitMEZ, made a bold forecast for the second time that the price of bitcoin would rise to $1 million. He was spurred on by the news that The People's Bank of China has lowered the reserve requirement ratio (RRR) for all banks by 0.25%, in a move to ensure liquidity in the banking system and support rapid credit growth.

To date, market capitalization has added more than $194 billion since the beginning of the year to growth - up 66%, outperforming Wall Street bank stocks amid fears of a global banking crisis. It is worth noting that for the first time in a year, the value of BTC has moved away from US stocks, rising by about 65% compared to the S&P 500 rising by 2.5% and the Nasdaq falling by 15%, according to Cointelegraph.

Sources: Forbes, Cointelegraph.