Former Coinbase Official Closes Out $1 Million Bitcoin Bet Early

Balaji Srinivasan, the former chief technology officer of Coinbase Global Inc., said he closed out what appeared to be a losing bet that Bitcoin would rise to $1 million within 90 days.

Srinivasan said he gave $1 million to two organizations, including Bitcoin Core development team at researcher Chaincode Labs, as well as paying $500,000 to someone who goes by James Medlock on Twitter, and who won the wager.

The goal of the bet, Srinivasan reiterated in a Twitter post and a short video Tuesday, was to show that fiat currencies such as the dollar are in trouble, and that ...