Bet Closed, Generosity Unleashed

In a rather unconventional outcome, Balaji Srinivasan, the former chief tech officer at Coinbase, has officially closed his high-profile wager that Bitcoin would soar to $1 million. But instead of throwing in the towel, Srinivasan has chosen to light $1.5 million on fire (figuratively speaking, of course) and donate it to various causes instead.

The Details of the Debt

On May 2, Srinivasan announced via Twitter that, due to a mutual agreement, the bet had been “closed out” a whopping 97% below the projected price. Just imagine betting on a winning horse and then donating to the horse sanctuary instead!

Srinivasan’s settlement consisted of $500,000 paid to pseudonymous Twitter user and self-dubbed “hyperinflation doubter” James Medlock, another $500,000 for Bitcoin Core developers, and another $500,000 to the non-profit charity GiveDirectly. Talk about turning a bet into a charitable crusade!

Reasoning Behind the Closure

Why settle early, you ask? Srinivasan commented that he’s not in the business of burning through a million bucks for fun. He believes in signaling the public about the