Balaji Srinivasan cancels Bitcoin bet and pays US$1.5 million

Former Coinbase CTO (Chief Technology Officer) Balaji Srinivasan on May 2, ended his $1 million bet early.

Indeed, in March, he bet that Bitcoin would break the US$1 million mark within 90 days. Now the entrepreneur is canceling the bet early and keeping his word. In compensation, Srinivasan is donating US$1.5 million to three different entities of US$500,000 each.

A portion will go to Chaincode Labs to fund the development of Bitcoin Core. The remaining amount will go to charity Give Directly and pseudonymous Twitter user James Medlock.

Srinivasan tweeted, "I just burned a million to tell you they are printing trillions." With this action, he wants to draw attention to the abuses of U.S. financial policy and the actions of the U.S. Federal Reserve (Fed).