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Century Bet: Hyperinflation Unfolding? Bitcoin to Hit One Million Dollars Within 90 Days

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Century Bet: Hyperinflation Unfolding? Bitcoin to Hit One Million Dollars Within 90 Days

Twitter founder Jack Dorsey definitely didn't expect that a phrase he said at the end of 2021 would become the start of this century's gamble.

Hyperinflation is Happening: Will Bitcoin Benefit?

Balaji Srinivasan, former CTO of cryptocurrency exchange Coinbase and a former partner at prominent venture capital firm a16z, suddenly resurfaced Jack Dorsey's old tweet on March 17th:

Jack is right, hyperinflation is happening, buy Bitcoin and take it off exchanges.

Balaji also cited Ray Dalio, founder of Bridgewater Associates, predicting the Federal Reserve's debt monetization, and went even further:

Money printing is happening in the most insane way! Bitcoin will become the new world reserve currency!

A $1 Million Wager

James Medlock, who identifies on Twitter as "Street-level Social Democrat, Market Socialist on Paper," with a portrait of economist and sociologist Karl Polanyi, boasting nearly 80,000 followers, immediately chimed in:

I bet $1 million! The U.S. will absolutely not experience hyperinflation!

Wager Details: Will Bitcoin Reach $1 Million?

In subsequent tweets, discussions arose on whether to use smart contracts, but ultimately leaning towards traditional methods, designating a mutually agreed-upon party as the escrow.

If within 90 days of escrow BTC < $1 million → James Medlock wins and receives 1 BTC and $1 million USDC.

If BTC is > $1 million within 90 days of escrow → Balaji Srinivasan wins and receives 1 BTC and $1 million USDC, which is currently worthless.

Binance founder CZ also chimed in, expressing willingness to act as a third-party escrow and promoting Binance's current zero-fee Bitcoin service.