Former Coinbase exec Balaji Srinivasan bet the price of bitcoin would reach $1 million by mid-June amid a failing economy. He cashed out early.
His attempt to short the entire U.S. economy didn’t exactly pan out, and he called his own bluff late on Tuesday. He said he donated $1.5 million in total, which amounted to $500,000 to three entities including the East African direct money nonprofit GiveDirectly, bitcoin node developers Bitcoin Core, and the Twitter user James Medlock.
His video explaining his reasoning is more like a hungover person trying to explain why they tried to drunkenly consume their friend’s house plant than any cogent argument about the state of the economy. He referred to the run- ups of economic calamities of yesteryear, like the months before the start of the 2008 financial crisis and the start of the covid pandemic in 2020, for why he chose his few-month time frame. Then he cited a morass of articles pointing to economic fears of an incoming bond and banking crisis. He rambled on, citing the“I don’t have a crystal ball,” he said, and then claimed there’s a 10% chance we’d see an economic crisis in “months.
“This is not a small thing… it’s not like the banking crisis is over,” Srinivasan said, referring to the SVB collapse. That bank was one of the largest bank failures in U.S. history, though that hasn’t stopped his former bosses at Andreessen Horowitz, also known as a16z,
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