- The entrepreneur stated that the bet is a Simon-Erlich-style public interest bet.
- The tweet was in response to Medlock’s claim that the amount has not been submitted in the escrow.
Balaji Srinivasan, the American entrepreneur, and former Chief Technology Officer of the crypto exchange Coinbase confirmed via his Twitter thread that he has already transferred $2 million into USDC regarding his bet with the tax enthusiast under the Twitter pseudonym James Medlock.
On March 25, Balaji tweeted updating the status of the bet as a “Simon-Erlich style pubic interest bet where it is clear that there’s zero profit motive”:
Previously, on March 16, Medlock posted on his official Twitter account betting $1 million about the least possibility of hyperinflation in the US crypto market. Responding to the tweet, Balaji came forward with the acceptance of the challenge, offering Medlock a $1 million bet.
Nonetheless, on March 25, Medlock appeared on Twitter claiming that Balaji hasn’t submitted the bet amount of $1 million into the escrow yet.
Significantly, it was immediately after Medlock’s post, Balaji updated on the bet giving a detailed description of the Simon-Erlich bet:
The hyperbitcoinization bet is a Simon-Erlich-style public interest bet…I have absolutely zero profit motivation… I am never selling Bitcoin for USD unless legally compelled to do so. And I am holding Bitcoin until the US dollar is no longer the reserve currency of the world, again unless legally compelled to do otherwise.
As per the proposal of Balaji, there should be a “mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation”. Once the plan has proceeded, Medlock’s 1 BTC and Balaji’s $1 million would be put in escrow with the third party, after which the whole sum would be presented to the winner.
In detail, in the next 90 days, if the BTC price is less than $1 million, then Medlock would be the winner, while, if the BTC price exceeds $1 million, Balaji would be the winner.