Bitcoin bet made on ‘pussy terms’ is about to make both parties bank
Podcast host Peter McCormack looks set to pocket $20,000 thanks to a bitcoin bet made on “pussy terms” with Simplify Asset Management’s Michael Green.
The lower-league football club owner bet Green, who is Simplify’s chief strategist, that the world’s biggest crypto would reach $100,000 by the end of the year.
Bitcoin’s price currently stands at $97,170, meaning it needs to increase by under 3% in the next 40 days in order for McCormack to win.
The terms of the wager state that, if bitcoin reaches the magic number by December 31, Green will pay McCormack $20,000. Accordingly, if it misses the target, McCormack will pay Green.
However, while it looks increasingly likely that McCormack will be celebrating by New Year, Green says he has hedged the bet and as a result, will profit regardless. “Funny loss when it makes me money,” Green told a gloating McCormack.
Former Coinbase CTO and school founder Balaji Srinivasan was supposed to hold their funds in escrow but this never happened.
Read more: Another bad bitcoin bet has been made on ‘pussy terms’
Discussing the bet, McCormack said he did it for the “bants” while Green claims he did it for the “asymmetry.”
“A rare occasion where both win. But I’ll concede, you likely win the $20K AND I didn’t expect you to,” he told McCormack.
Srinivasan himself made an outrageous bitcoin bet last year that its price would reach $1 million within 90 days. Bitcoin was worth roughly $25,000 at the time and Srinivasan conceded within 45 days.
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