McCormack Set to Win $20K Bitcoin Bet as Price Nears $100K Target

How a low-stakes crypto wager from 2014 turned into a million-dollar windfall

  • Peter McCormack stands to win $20,000 from Michael Green in a Bitcoin Price bet requiring BTC to hit $100,000 by December 31
  • Bitcoin currently trades at $97,170, needing less than 3% increase to reach the target
  • Green claims to have hedged the bet, suggesting he’ll profit regardless of the outcome
  • The bet was originally meant to be held in escrow by Balaji Srinivasan but wasn’t executed
  • This wager follows Srinivasan’s own failed $1 million bitcoin Price Prediction from 2023

High-Stakes Bitcoin Bet Nears Resolution

Podcast host Peter McCormack appears positioned to win a $20,000 wager against Simplify Asset Management’s chief strategist Michael Green.

- Advertisement -

The bet stipulates that bitcoin must reach $100,000 by December 31, 2024.

With bitcoin trading at $97,170, the cryptocurrency needs only a 3% increase over the next 40 days for McCormack to claim victory.

Hedge Strategy in Play

Green has indicated that he implemented a hedging strategy against the bet.

"Funny loss when it makes me money," Green stated in response to McCormack’s messages about the likely win.

Green described his motivation for the bet as seeking "asymmetry," while McCormack claimed he participated for entertainment value.

Escrow Arrangements Failed

Former Coinbase CTO Balaji Srinivasan was designated to hold the funds in escrow, but this arrangement never materialized.

- Advertisement -

The situation mirrors Srinivasan’s own bitcoin prediction from 2023, where he wagered the cryptocurrency would reach $1 million within 90 days.

Srinivasan conceded his bet after 45 days, with bitcoin trading around $25,000 at the time.

Market Implications

This bet highlights the volatile nature of bitcoin price predictions and the sophisticated hedging strategies employed by market participants.

- Advertisement -

The outcome could influence public perception of bitcoin price predictions and betting practices in the cryptocurrency space.

Green acknowledged the unusual situation, stating, "A rare occasion where both win. But I’ll concede, you likely win the $20K AND I didn’t expect you to."

Previous Articles:

- Advertisement -

Latest News

Fannie Mae, Freddie Mac Now Accept Crypto Assets for Mortgages

Fannie Mae and Freddie Mac will now recognize Bitcoin and other cryptocurrencies as reserves...

AI-Powered Blockchain Activity Soars 86%, Nears Gaming Market Share

Blockchain-based Artificial Intelligence activity has grown by 86% since the beginning of 2025, according...

Maine Attorney General Recovers Thousands in Crypto Scam Case

The Maine Attorney General's Office has recovered thousands of dollars for a victim of...

Coinbase Shares Hit Highest Level Since 2021 Nasdaq Debut

Coinbase stock reached its highest price since its 2021 listing, nearly returning to debut...

BPX Gains FCA Nod to Trade Tokenized Securities in the UK

BPX, a startup focused on trading tokenized securities, received several authorizations from the UK’s...

Must Read

9 DePIN Programs For Passive Income

Here’s something most people don’t realize: your smartphone and PC can generate passive income with almost no effort.I’m not talking about clicking ads for...