Some bets don’t pan out. This one didn’t come close.
Balaji Srinivasan took to Twitter to say he’s made $1 million in donations and paid $500,000 to a Twitter user, after saying back in March that bitcoin would reach $1 million in three months. Bitcoin
BTCUSD,
came up a bit short — on Wednesday, it was trading above $28,000. He didn’t bother waiting the extra month or so to see if bitcoin could climb some $970,000.
Srinivasan is the former chief technology officer at the crypto exchange Coinbase, as well as the co-founder of Counsyl, a health technology firm.
“When you’re trading, yes too early is the same as being wrong. But if you’re preparing, then hell is truth seen too late,” he said.
He recounted trouble in the economy ranging from collapsing banks such as SVB Financial and First Republic Bank to the surge in U.S. government debt to the possible breach of the U.S. debt ceiling.
He also pointed to a range of difficulties, from insurers holding too much in bonds, to the collapse of life expectancy, to rising auto and student debt.
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