Balaji Srinivasan, the former CTO of Coinbase, asserted that he had  closed out what appears to have been a losing bet that Bitcoin would  reach $1 million within 90 days.

Balaji Srinivasan tweeted a  brief video along with the statement, “I just burned a million to tell  you they’re printing trillions. The million-dollar wager has now closed  off by mutual agreement.”

The goal of the bet was to show that fiat currencies like the dollar are having problems and that these problems would push the price of Bitcoin up, as stated by Srinivasan in a Twitter post and a small video.