$1M Bitcoin Bet 🏁 Balaji vs Medlock
Arbitrum airdrop & FTX $1B lawsuit!
GM ✨ Two words for this week: Balaji and Bitcoin. Let’s get into it!
Here’s what we have for you and Posty this week👇
Weekly Web3 Updates
The Bitcoin Bet by Balaji
Web3 Jobs & Reads
Estimated Reading Time: 3:30 minutes
Weekly Weather Report 🌤
Quick Web3 updates curated for you:
Doodles declares it is 'No longer an NFT project.’
Ethereum core developers set April 12 for Shanghai hard fork
FTX influencers face $1B class-action lawsuit over alleged crypto fraud promotion
NFT artist Beeple has opened the 50,000-square-foot Beeple Studios to showcase his art and build a community
Arbitrum to airdrop new token and transition to DAO
Microsoft is testing a built-in crypto wallet in Microsoft Edge
Balaji’s BIG Bitcoin Bet 👀
We dare you to say that 10 times without skipping. 🤓
Looks like we've got ourselves a high-stakes game of Bitcoin betting!
Balaji Srinivasan has gone all-in on Bitcoin, predicting that it'll reach a whopping $1 million by June 17. 📈 And he's so confident in his prediction that he's made a millionaire bet on it!
But wait, it gets even better. The bet was initiated by a Twitter user named James Medlock, who was offering $1 million to anyone who thought the United States would experience hyperinflation. And Balaji took him up on that offer faster than you can say "cryptocurrency". 👀
I will take that bet. You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days. All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation. If someone knows how to do this… https://t.co/tcuBNd679TProposed terms
Bitcoin fails to reach $1M by June 17 ➡️ Medlock wins $1M worth of USDC and 1 BTC
Bitcoin is worth at least $1M by June 17 ➡️ Balaji keeps the 1 BTC and the $1M in USDC
PLUS, Balaji is ready to move another $1 million in USDC for another bet.
What sparked it?
The future of the U.S. economy.
SVB and Silvergate Capital, two banks that were friendly to the crypto sector, have failed in less than a week. The collective faith in the banking system is shaking, and everyone is feeling the tremors.
In the middle of this financial storm, Balaji foresees a crisis on the horizon that's gonna cause the US dollar to deflate and lead to hyperinflation, which would take the BTC price to $1 million. BTC maxis’ optimism is on the moon, while some are calling it an “insane” and “far-fetched” prediction.
Medlock, however, is bearish about upcoming hyperinflation in the country and hence, the bet. 🤷♀️
Balaji will fight everyone! 🥊
Balaji has been going off about the banking crisis and hyperinflation on Twitter since then. Our feed is full of his non-stop tweets about how the banks are insolvent and how we should have known better after the 2008 crisis.
Fair enough. 🤷♀️
According to Balaji, in 2008, bankers used confusing language to mask the fact that they were selling bad mortgages. They are now using similar tactics to hide the fact that they’re broke. 🏦
Ringing the fire alarm on the internet
Here’s the thread that sent crypto Twitter into a frenzy. Balaji even referenced Red Wedding from Game of Thrones when talking about what economically bankrupt regimes do. 👀
The BitSignal How do you ring the fire alarm on the internet? How do you show it’s not a false alarm? I am putting up the BitSignal. $1M in BTC to alert us to the stealth financial crisis. $1000 per tweet, for the best 1000. Reply with your charts, graphs, stats, memes! Bring… https://t.co/UCWeCBULDDLast year in December, Balaji also mentioned that bitcoin protects you from hyperinflation, when money loses its value too fast, and when banks stop you from using your money or take away what you own. 💰
It's already helped people in Venezuela, Lebanon, and Nigeria. He also said that bitcoin might become like gold in the future, but it will take a long time to happen.
What the Conflict?
Peter Brandt, the famous trader, tweeted about two big gaps in Bitcoin's price at $19,000 and suggested that the "hot shot young guns" should sell it short. Brandt thinks the price of Bitcoin may drop in the near future. 📉
There you have it! Some experts are not convinced that BTC can keep up the hype. With all the ups and downs happening in the cryptocurrency market, it's probably a good idea to be cautious before jumping into predictions and bets.
Which side of the line are you at? Let us know on Twitter 👇
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Read away ✨
That’s it for today, folks! 👋 We’ll see you with Posty next Monday! 🗞
STOP - DO NOT INVEST IN SUBSTACK'S BROKEN MODEL!!!
Seriously if they are begging for money and VC bailed it means its a broken model. Think about it, how many regular people are paying per writer $5 to $10 per month? Not enough apparently and the next thing they will introduce is advertising which is 1million times worse. This monetization model is for elites, elite writers and elite readers who can afford to pay to "benefit" from their writing. Its not Twitter but its just as elitist as Twitter and will devolve into the same mess and control mechanism.
Go check out web3. Go check out crypto. Go check out the MVP of my solo hobbiest project "dplatform.me" The next platforms will be web3, crypto, micro-transactions, and governed by decentralized autonomous organizations (DAOs) or no one
The future is decentralized!