•Crypto investor Balaji Srinivasan has lost $1 million in a failed bitcoin bet.
•The bet was between Srinivasan and a pseudonymous figure on Twitter named James Medlock, that the price of bitcoin would hit $1 million within a 90-day period.
•Despite bitcoin’s increases since 2022, it is still nowhere near the seven-figure mark predicted by Srinivasan.

Balaji Srinivasan Loses Million Dollar Bitcoin Bet

Betting On Bitcoin Price

Crypto investor Balaji Srinivasan has lost $1 million in a failed digital currency bet. The bet was originally made back in March of this year between Srinivasan and a pseudonymous figure on Twitter named James Medlock that bitcoin would reach the seven-figure mark within 90 days due to rising hyperinflation across the globe.

No Hyperinflation

However, hyperinflation is extremely rare and usually only occurs during times of conflict or institutional collapse. With relatively stable U.S institutions and the U.S dollar being the global reserve currency, hyperinflation today would be without precedent.

Bitcoin Prices Remain Low

Although bitcoin has experienced some healing since its bearish trends of 2022 took it to new lows, it still remains far from reaching its all time high of $68,000 achieved in November 2021 and far from reaching the $1 million figure predicted by Srinivasan.

Medlock Plans To Spend Money Wisely

James Medlock plans to use his winnings wisely by paying off debt, building a cat house for feral cats and investing in low-fee index funds rather than speculating on digital currencies again.

Von Harro