Former Coinbase CTO Balaji Srinivasan recently closed a wager that he made with a Twitter user over whether Bitcoin would reach $1 million within 90 days.
The announcement was made on Twitter, where he stated that the bet he made with someone about the state of the economy was closed out by mutual agreement. He also stated that he had made $1 million in on-chain donations to various organizations, including Bitcoin Core development via Chaincode, Give Directly, and Medlock.
Srinivasan explained in a series of tweets that his actions were not those of a trader or someone looking to make a quick buck. Instead, he wanted to send a message to the public about the state of the economy, which he believes is not as strong as some may think.
Srinivasan expressed concerns about public sector officials’ lack of warning signs regarding previous financial crises, citing the 2008 financial crisis as an example. He argued that it is up to individuals to send signals that something is wrong with the economy, and that this was his way of doing so.
He also posed a question to his followers about the likelihood of the US defaulting on its debt in the near future. He estimated a 10% chance in months, a 70% chance in years, a 19% chance in decades, and a 1% chance in centuries. He asked for others’ opinions and included explicit and implicit default in their estimates.
Bitcoin Price Analysis
Bitcoin (BTC) is currently showing positive signs, as per the latest data from CoinMarketcap. The leading cryptocurrency is trading at $28,345.52, up by about 1.20% in the last 24 hours. However, BTC has also recorded a decline of about 4.85% in the weekly chart, indicating some volatility in the market.
In addition, BTC’s trading volume has witnessed an increase of 4.85%, reaching $17,230,297,972, whereas the market capitalization has gone up by 0.93%. These figures suggest that despite the fluctuations, Bitcoin is still holding strong.
Moreover, a recent tweet by one of Glassnode’s co-founders, specializing in cryptocurrency analysis, has sparked interest among investors. The co-founder shared some intriguing insights about the future trajectory of BTC.
He emphasized that the $28,000 price point is a crucial battleground for investors and confidently asserted that those who are bearish on Bitcoin are “expensively wrong.” This statement suggests that the market sentiment might lean towards a bullish scenario.
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