--- title: "Crypto Guy Loses Million Dollar Bet That Bitcoin Price Would Spike" description: "An ex-Coinbase executive banked big on Bitcoin bouncing back — and cashed out cashing out his bet early once it was clear that he was losing." date: "2023-05-06" modified: "2023-05-06" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/crypto-bro-wrong-bitcoin" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "bitcoin" - "economics" - "federal reserve" - "the digest" --- # Crypto Guy Loses Million Dollar Bet That Bitcoin Price Would Spike ![An ex-Coinbase executive banked big on Bitcoin bouncing back — and cashed out cashing out his bet early once it was clear that he was losing.]() *\Image: Getty Images\* ## So That Happened An ex-Coinbase executive banked big on Bitcoin bouncing back — and ended up cashing out his alliterative bet early once it was clear that he was going to lose. In an [embarrassingly-long Twitter Blue subscriber post](), Bitcoin booster Balaji Srinivasan explained why he closed out his $1 million bet that the cryptocurrency would reach incredible new heights within 90 days. Earlier this year, Srinivasan — known, like Madonna or Cher, by his first name Balaji in crypto circles — took up pseudonymous leftish blogger James Medlock when the [latter tweeted]() that he would "bet anyone $1 million dollars that the US does not enter hyperinflation." To prove his confidence in the cryptocurrency, Srinivasan — who also used to work at the blockchain-loving Andreessen Horowitz venture capital firm — reportedly wagered, [per *Politico*](), 1 Bitcoin, which at the time was worth $30,000 and would, he said, be worth $1 million by June 17. ## Sportsman Shipping There's more than a month left before June 17, but [Bitcoin's value]() is now actually slightly less than $30,000 per token — and, perhaps strangest of all, it appears that the crypto bro is willing to admit defeat and put up half a million more than he originally offered to boot. "I’m not a trader, I’m not John McAfee, and I’m not in the habit of publicly burning a million bucks," Srinivasan wrote in his [Facebook Notes]()-length tweet. "The reason I did this was because I do believe in the public good, but unfortunately we can't rely on the public sector anymore to tell us when something's wrong." But citing the lack of official alarm-sounding ahead of the 2008 financial collapse, Srinivasan suggested that the Federal Reserve's current tune can't be trusted. "So 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 \[Fed chair Jerome\] Powell promises — but something much worse," he continued. There's something weirdly satisfying about a Bitcoin bro putting his money where his mouth is and not being a sore loser — and he may make some good points about the direction of the economy, too. **More on crypto bets:** [*Coinbase Is Suing the SEC*]() ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()