Bitcoin [BTC] vs Warren Buffet: A battle for the ages with a $1.2 billion prize

Fourth-generation Australian bookmaker [bookie], Tom Waterhouse announced on Twitter earlier this week about a bet placed with him. This bet is comparable to John McAfee’s ‘Bitcoin [BTC] will hit $1 million by 2020 or I eat my dick’ bet.

The “well-known crypto expert”, whose identity was not revealed, placed a bet with the bookmaker on the price of Bitcoin. The bet in question was for 8.5 million AUD, which translates to about 9.2 million USD, that the price of Bitcoin would “rival the price of one Berkshire Hathaway share”.

Currently, the price of one share of Warren Buffett’s company sits at $288,000, while Bitcoin suffers the bear market at a price of $6182. If the bettor wins the wager, the prize to be claimed is $1.2 billion.

The tweet by Waterhouse said:

“Big Bet: Well known Crypto expert has just requested a bet of $8.5m AUD to win $1.2bn that a Bitcoin will exceed the price of a Berkshire Hathaway share (c.$280k) by 2023. Have put him in touch with large syndicate – hope he can get set!.”

Waterhouse represents the latest in a long line of Australian bookmakers, with his great-grandfather being one of the first bookmakers in the country. He is known for being a stint in 2008 as Australia’s biggest on-track bookmaker, holding more than $20 million over four days at an event, which was reportedly more than all of the others at the event combined.

Waterhouse runs an online gambling business at the website tomwaterhouse.com, which is made up of a network of companies owned by him and his family. He recently sold this company to UK-based William Hill for $34 million.

Notably, Warren Buffett is known for bashing Bitcoin multiple times. He called the cryptocurrency “rat poison squared”. He has gone on record, saying:

“If you buy something like bitcoin or some cryptocurrency, you don’t have anything that is producing anything. You’re just hoping the next guy pays more. And you only feel you’ll find the next guy to pay more if he thinks he’s going to find someone that’s going to pay more.”

The bet represents a direct challenge to the famed Oracle of Omaha, who, notably, missed out on investing in major technological changes in the past.

User digit_investor on Twitter, however, seems skeptical, saying:

“Not surprising. This “crypto expert” probably has $100M+ in BTC. Prob hoping to generate excitement with bet and raise price by 10%”

User Jonathan Howe was bullish on the coin, saying:

“He would make circa $250m if he put $8.5m into BTC at current levels .. Isn’t that good enough? Lol This will be funny!”

User Greg Burns said:

“Tom that should happen well before 2023, they are talking Bitcoin 1mil the next 3 years, sorry to say mate they will that that bet if they accept it!”

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