- Balaji Srinivasan has settled his infamous $1 million Bitcoin bet ahead of time.
- The former Coinbase CTO says he burned a million to highlight the trillions printed by the US Federal Reserve.
- Balaji has sounded the alarm on the US economy and warned against a potential fiat crisis.
Famed crypto investor Balaji Srinivasan has closed out his infamous $1 million Bitcoin bet and settled it just halfway through. The former Coinbase CTO gave half a million dollars to James Medlock as promised while donating $500,000 to a BTC research group called Chaincode Labs to support the development of Bitcoin.
In addition to the contribution to Chaincode Labs, Srinivasan donated another $500,000 to give charity in order to help people living in extreme poverty. He took to Twitter recently to provide on-chain proof of all of the above-mentioned transactions. Balaji also issued a rather grave warning leading with, “I just burned a million to tell you they’re printing trillions.”
According to Balaji Srinivasan, the current state of the US economy is a matter of great concern. He warned that things could unwind really fast if the authorities don’t take corrective action. Balaji highlighted the fact that many things in the economy are breaking down simultaneously. This includes the real estate and banking sectors. Balaji revealed that he aims to bring attention to the deteriorating economy since the authorities in charge will not tell the truth to the public.
I spent my own money to send a provably costly signal that there’s something wrong with the economy, and that it’s not going to be a ‘soft landing’ like Powell promises — but something much worse.
To bolster his argument, Balaji cited the current debt ceiling where the markets are estimating a record-high probability of default. He also highlighted the banking crisis where three of the four largest bank failures have taken place over the past two months. Srinivasan also cited a report from Morgan Stanley that predicted a commercial real estate crisis around the corner.