Former Coinbase CTO Clarifies $1M BTC Stake Wasn’t Revenue Motivated

Former Coinbase CTO Balaji Srinivasan defined on Twitter that betting $1 million on Bitcoin to achieve $1 million in 90 days has no revenue motive. As an alternative, he claimed it was meant to remind harmless Individuals and greenback holders that the Fed was about to print cash.

Balaji additionally mentioned that as an alternative of having a bet, he accepted a proposal from James Medlock. To take away any doubts about his private motives, Balaji publicly pledged to not promote any BTC for {dollars} except required by regulation, as he now not trusts the U.S. forex or banking system.

Earlier, Balaji tweeted that he would guess $2 million that Bitcoin would attain $1 million inside 90 days.

Former Coinbase CTO Balaji Srinivasan took half in a controversial $1 million guess that the bitcoin worth would attain $1 million inside 90 days. Nonetheless, he not too long ago clarified that his involvement was not motivated by any curiosity, however reasonably to remind people who the Fed was about to print cash.

Balaji went on to clarify that as an alternative of constructing the guess, he accepted James Medlock’s supply. Moreover, to take away any doubts about his private motives, Balaji publicly pledged to not promote any BTC for USD except required by regulation, as he now not trusts the U.S. forex or banking system.

Regardless of the controversy surrounding the staking, Balaji stays a outstanding determine within the cryptocurrency world, having beforehand served as CTO of main cryptocurrency change Coinbase.

Balaji’s feedback on the staking are a reminder of the continued debate in regards to the function of cryptocurrencies and their potential to disrupt the normal monetary system.