Former Coinbase CTO settles $1m bitcoin price bet early,

Former Coinbase CTO Balaji Srinivasan has donated $1.5m to three different entities to settle a $1m bet on bitcoin’s price, 45 days before the bet's deadline. Srinivasan paid pseudonymous Twitter user James Medlock $500,000, donated $500,000 to Bitcoin Core developers, and gave an additional $500,000 to the non-profit charity Give Directly. He remains convinced that the US economy will eventually reach a state of hyperinflation and investors will rush to secure the value of their rapidly-depreciating dollars in bitcoin, rapidly driving the value of the asset to reach a price of $1 million. The bet stipulated that if bitcoin's price failed to reach $1m by 17 June, Medlock would receive $1m in the dollar-pegged stablecoin USD Coin as well as an additional 1 BTC. If the price of an individual bitcoin were to be valued at $1m by the same date, Srinivasan could keep the 1 BTC and the $1m in USDC. The current price of bitcoin is just over $28,700 and its market capitalisation stands at $556bn.