Former Coinbase CTO Donates $1.5M to Three Different Entities

Former Coinbase Chief Technology Officer Balaji Srinivasan said on Tuesday that his 1 million bet on Bitcoin (BTC) has ended early and that he has donated $1.5 million (500,000 more than requested) to three different entities, One was used to fund Bitcoin Core development at Chaincode Labs, one was donated directly to Givedirectly, and the other was donated to anonymous Twitter user James Medlock. As previously reported, shortly after the Silvergate Bank, Signature Bank and Silicon Valley Bank crises, Srinivasan had predicted that the banking crisis would trigger a sharp devaluation of the dollar, hyperinflation and a surge in bitcoin to 1 million by mid-June. 1 million to support his forecast. Srinivasan said, I am using my money to send a costly signal that the economy is in trouble and that it will not be a 'soft landing' as Fed Chairman Jerome Powell promised - but worse.