Balaji's bet was ludicrous if we believe that his sole intention was a BTC price prediction like the one John McAfee made years ago- but it's not.
on 2 May by mutual agreement. Mr. Srinivasan made three $500,000 donations provable on-chain to Bitcoin Core Development, GiveDirectly, and Medlock, the person he made the original bet. But why did he burn his own money making an impossible bet?Balaji claimed that the reason behind the bet was to force a public discourse by sending a “costly signal” that something is wrong with the economy.
From the highs of the bear market rally, BTC pulled back to the 78.6% Fibonacci retracement level 280 days later, during the Covid crash. If history were to repeat, we would expect BTC to fall to $18.8k in January 2024 before rallying higher once more.
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