Bitcoin Price Continues to Climb as Crypto Experts Bets $2m on Prediction



The price of bitcoin has shown signs of recovery in 2023 after a bearish 2022


Bitcoin has grown in value by more than a third over the last 10 days, prompting predictions of a record-breaking crypto rally over the coming months.


The world’s leading cryptocurrency reached its highest price in 2023 on Monday morning, reaching above $28,000 having started the year below $17,000.


It remains a long way off the all-time high it hit in November 2021 of close to $69,000, though crises within the traditional financial sector have seen optimism return to the crypto market.


Former Coinbase chief technology officer Balaji Srinivasan expressed his positivity for bitcoin’s near-term price trajectory by placing a $2 million bet that 1 BTC will hit $1 million in the next 90 days.


The wager was made on Twitter after user James Medlock wrote that he would “bet anyone $1 million that the US does not enter hyperinflation”.


Mr Srinivasan took up the offer, proposing the terms that if he loses then he will send Mr Medlock 1 BTC and $1 million of the stablecoin USD Coin, which is pegged to the US dollar. If he wins, then he keeps the bitcoin and the stablecoin.


“You buy 1 BTC. I will send $1M USD,” the former Coinbase exec tweeted. “This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days.”

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Mr Srinivasan said he believed that the meteoric price rise would come as a result of hyperinflation of the US dollar.


“The central bank, the banks, and the bank regulators have bankrupted all of us,” he wrote. “They hid their insolvency from you, the depositors. And they’re about to print $2T to hyperinflate the dollar. In the digital age this will happen very quickly. So buy bitcoin *now* and get your coins off exchanges. “


Previous bets have been made by high-profile figures about bitcoin hitting the $1 million mark, with the late cyber security pioneer John McAfee saying in 2017 that he thought it would happen by 2020.


“If not, I will eat my d**k on national television,” he tweeted.


He was arrested later that year and died in a Spanish prison cell in June 2021 before he had a chance to fulfil the bet.


Bitcoin’s price has been surging in recent weeks, prompting renewed interest in the cryptocurrency among investors. The world’s leading cryptocurrency reached its highest price in 2023 on Monday morning, exceeding $28,000 after starting the year below $17,000. While it is still far from its all-time high of nearly $69,000 in November 2021, the recent surge in Bitcoin’s price is a positive sign for investors who have been holding onto the cryptocurrency through a bearish 2022.

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So what’s behind the recent surge in Bitcoin’s price, and what does it mean for investors?


First, it’s important to note that Bitcoin’s price is highly volatile and subject to rapid fluctuations. As such, the recent surge in its price should not be interpreted as a guarantee of future gains. However, there are several factors that may be contributing to Bitcoin’s recent price rally.


One factor is the ongoing crisis in the traditional financial sector, which has prompted many investors to look for alternative investment opportunities. The COVID-19 pandemic has caused significant economic disruptions worldwide, with many businesses struggling to stay afloat. Governments have responded with massive stimulus packages, leading to concerns about inflation and currency devaluation. In this environment, many investors are turning to Bitcoin and other cryptocurrencies as a hedge against inflation and a store of value.


Another factor driving Bitcoin’s price rally is increased adoption and acceptance of the cryptocurrency. More and more companies are accepting Bitcoin as a form of payment, including major retailers like Microsoft, AT&T, and This increased acceptance is making it easier for investors to buy and sell Bitcoin, which is likely contributing to increased demand and higher prices.


In addition, some high-profile investors have recently made bullish predictions about Bitcoin’s future price. Former Coinbase CTO Balaji Srinivasan, for example, recently placed a $2 million bet that one Bitcoin will hit $1 million in the next 90 days. While such predictions should be taken with a grain of salt, they can create buzz and contribute to a sense of optimism among investors.


So what does all of this mean for investors?


First and foremost, it’s important to remember that Bitcoin is a highly speculative investment, and investors should not invest more than they can afford to lose. While the recent surge in Bitcoin’s price is a positive sign for investors, it is not a guarantee of future gains.


That said, there are some strategies that investors can use to potentially capitalize on Bitcoin’s recent price rally. One approach is to simply hold onto Bitcoin and wait for its price to continue rising. This strategy is known as “HODLing” (short for “hold on for dear life”), and it involves buying Bitcoin and holding onto it for an extended period of time. While this approach can be risky, it can also be highly rewarding for investors who are able to weather Bitcoin’s price fluctuations.


Another approach is to invest in companies that are involved in the cryptocurrency industry. This can include companies that provide Bitcoin-related services, such as payment processing or mining equipment. It can also include companies that are investing in Bitcoin as part of their treasury strategy, such as Tesla, which recently purchased $1.5 billion worth of Bitcoin.


Finally, investors may want to consider diversifying their cryptocurrency holdings beyond Bitcoin. While Bitcoin is the most well-known cryptocurrency, there are many other cryptocurrencies that may offer attractive investment opportunities. Ethereum, for example, has been experiencing its own price rally in recent weeks, and it is currently the second-largest cryptocurrency by market capitalization.


In conclusion, Bitcoin’s recent price rally is a positive sign for investors, but it is not a guarantee of future gains. Investors should be cautious when investing in Bitcoin and other cryptocurrencies, and they should only invest what they can afford


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