Srinivasan, a former chief technology officer of crypto exchange Coinbase and a former partner of venture capital firm Andreessen Horowitz, a banking crisis hit the U.S. dollar shortly after Silvergate Bank, Signature Bank, and Silicon Valley Bank went bankrupt in mid-March. He said he expects it to trigger devaluation, hyperinflation, and Bitcoin (BTC) surge to $1 million by mid-June.
Balaji Closes Bitcoin (BTC) Bet With $1.5M Donation
Amid the first bankruptcies in the US, in mid-March, the tech entrepreneur made a $1 million bet that Bitcoin would reach $1 million in 90 days.
Balaji Srinivasan said in a statement that his $1 million bet on Bitcoin (BTC) was closed prematurely and donated $1.5 million ($500,000 more than required) to three different organizations as a compromise.
He put up $1 million to support his estimate. "I burned a million dollars to tell you they were printing trillions," he tweeted on Tuesday afternoon.
“I spent my own money to send a provably costly signal that there was a problem with the economy and that it was going to be something much worse, not a 'soft landing' as Powell promised,” he said.
She said that Janet Yellen, the current US Treasury Secretary, was in the Federal Reserve before the 2008 global financial crisis and did not raise any alarms, nor did Fed Chair Ben Bernanke.
Srinivasan argues that today's leaders, including Powell, are similarly in denial.
*Not investment advice.