A mystery investor has decided to bet $6.3 million that the price of Bitcoin will exceed $280,000 by the year 2023. If successful, the individual stands to win a whopping $1.2 billion.
Throwing Down the Bitcoin Gauntlet to Berkshire Hathaway
According to a tweet by Tom Waterhouse, the CEO of William Hill Australia, a “well-known crypto expert” is the individual responsible for the bet. The Bitcoin permabull in question believes that BTC can exceed the current Berkshire Hathaway share price by the year 2023. A share of Berkshire Hathaway is $280,000.
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! pic.twitter.com/C20AHzH2k9
— Tom Waterhouse (@tomwaterhouse) July 11, 2018
Bitcoin is currently trading at about $6,200. Thus, BTC would have to grow by a staggering 4,416 percent to reach such a milestone. The all-time high of the top-ranked cryptocurrency, achieved in mid-December 2017, stands at $19,500. For the bet to be successful, BTC would have to go on a massive bull run.
This bet isn’t the first to be made against Berkshire Hathaway concerning BTC. In 2015, the owner of Bitbet placed a 1,000 BTC bet not too dissimilar from the one made by this mystery investor. However, the 2015 bet turned out to be a dud, as the Bitbet chief hedged against his wager to the chagrin of the crypto community on Reddit.
Bold Bitcoin Price Predictions
While the gambit appears considerable, it isn’t alone in the collection of bold Bitcoin predictions. In July 2017, John McAfee, the eccentric internet security expert turned crypto loudmouth, bet his manhood that BTC would reach $500,000 by 2020. Soon after the bet, many questioned his sanity and McAfee responded by upping the ante by increasing the bet to $1 million by 2020.
Warren Buffett is Not a Fan of Bitcoin
It’s possible to imagine that the wager is yet another sly dig at Berkshire Hathaway chief, Warren Buffett, a known Bitcoin critic. Buffett has consistently had negative things to say about Bitcoin and cryptocurrencies in general.
The Oracle of Omaha, as Buffett is called, has previously called BTC a “bubble”, “of no value”, and more recently, “rat poison”. Charlie Munger, Buffett’s long-serving deputy, is also another fierce critic of BTC, calling it a “noxious poison”.
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