Crypto Biz: Hyperinflation and Bitcoin wagers, AI replacing first jobs and more

cointelegraph.com:

United States inflation and how it might affect the price of Bitcoin (BTC) are two of the top concerns on investors’ minds around the world. To illustrate, one prominent crypto personality bet big bucks on the future of the U.S. economy: the former Coinbase executive recently paid out $1.5 million to settle a Twitter wager about possible hyperinflation in the American economy.

The U.S. may not be experiencing hyperinflation, but the possibility of prices going out of control seems to concern the Federal Reserve. The Fed raised interest rates by a quarter-point on May 3 — to the highest level in 16 years — pushing the target range for its benchmark from 5% to 5.25%.

As inflation pressures continue, Bitcoin is still seen as a safe haven for many, with crypto firms weighing on the digital currency to fight back inflation and turmoil in mainstream finance.

This week’s Crypto Biz explores the latest wild wager on Bitcoin prices, inflation fears and the jobs that artificial intelligence may soon replace.

A closely watched wager between former Coinbase chief technology officer Balaji Srinivasan and pseudonymous Twitter user James Medlock has been closed, with Srinivasan paying $1.5 million to settle. The wager commenced on March 17 when Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation. A few hours later, the former Coinbase executive accepted the bet, claiming that an impending crisis would lead to the deflation of the U.S. dollar and, thus, to a hyperinflation scenario, taking the BTC price to $1 million. As part of the deal, Srinivasan paid Medlock $500,000, donated $500,000 to Bitcoin core developers and gave an additional $500,000 to the nonprofit charity, Give Directly.

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