Former Coinbase CTO Balaji Srinivasan explained on Twitter that betting $1 million on Bitcoin to reach $1 million in 90 days has no profit motive. Instead, he claimed it was meant to remind innocent Americans and dollar holders that the Fed was about to print money.
Balaji also said that instead of making a bet, he accepted an offer from James Medlock. To remove any doubts about his personal motives, Balaji publicly pledged not to sell any BTC for dollars unless required by law, as he no longer trusts the U.S. currency or banking system.
Earlier, Balaji tweeted that he would bet $2 million that Bitcoin would reach $1 million within 90 days.
Former Coinbase CTO Balaji Srinivasan took part in a controversial $1 million bet that the bitcoin price would reach $1 million within 90 days. However, he recently clarified that his involvement was not motivated by any interest, but rather to remind people that the Fed was about to print money.
Balaji went on to explain that instead of making the bet, he accepted James Medlock’s offer. Additionally, to remove any doubts about his personal motives, Balaji publicly pledged not to sell any BTC for USD unless required by law, as he no longer trusts the U.S. currency or banking system.
Despite the controversy surrounding the staking, Balaji remains a prominent figure in the cryptocurrency world, having previously served as CTO of leading cryptocurrency exchange Coinbase.
Balaji’s comments on the staking are a reminder of the ongoing debate about the role of cryptocurrencies and their potential to disrupt the traditional financial system.