Interesting and virtually risk-free bet offer from James:

If hyperinflation materializes and he loses the bet be can pay off the debt with worthless money (especially if he hedges his bet by buying bitcoin). If hyperinflation doesn't materialize, he collects a million dollars.

Balji's counter-offer is, not only betting on inflation, but that the dollar will exceed 40:1 devaluation against bitcoin. This offer is non-sensical because, if Balaji believes in a hyperinflation, he would be better off buying 1 million dollars worth of bitcoin at $26k (almost 40 BTC).

But maybe I'm missing something?

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