The latest buzz in the cryptocurrency eco-system in the first week of December is the wager made by the Morgan Creek Digital’s Anthony Pompliano aka Pomp, and the tragedy that has befallen the crypto-verse as Bitcoin plunges, testing new lows.
Nouriel Roubini was invited to bet against the performance of cryptocurrencies and S&P 500 index in a 10-year period by Anthony Pompliano.
The wager by Pomp is a page out of American business and investor magnate, Warren Buffet’s playbook. Buffet bet a brobdingnagian $1 million that the S&P, an index fund, would outperform five actively managed hedge funds. Buffet won that bet in 2017 and proceeded to donate his winnings to a charity.
Anthony Pompliano did the same thing but instead, bet that cryptocurrencies, in a span of 10 years, would outperform index funds, S&P 500. The bet, now being called as the “Buffet Bet 2.0”, invites any investor who believes otherwise to get on the other side of the bet.
Nouriel Roubini aka Dr. Doom of the crypto-verse commented on the recent crash of the cryptocurrency markets where Bitcoin’s prices went as low as $3,280, and the rest of the cryptocurrencies followed the path laid out by king coin.
In his tweet, Roubini said that the Bitcoin and cryptocurrency’s meltdown is continuing and that is nothing but a “pile of baloney manure nonsense”.
To this, Pomp tweeted saying that he was more than welcome to take the other side of the “Buffet Bet 2.0”. Pomp tweeted:
“You in to take the other side of this bet if you think crypto is going to zero?”
Roubini replied to him in subsequent but different tweets.
Pomp replied to this tweet saying:
“Everyone can check out our index fund at //www.digitalassetindexfund.com Thanks for the shout out, Nouriel!”
Mark Yusko of Morgan Creek retweeted Roubini’s tweet asking him to take the other side if he is so confident about the cryptocurrencies failing.
A Twitter user Crypto LADE replied:
“Haha love it Pomp! You revived Buffett’s bet and gonna play them at their own game. Balls of steel!
Roubini would be the perfect candidate to accept the bet, but we all know he’s too cowardly. Bark but no bite.”
At the time of writing, XRP had fallen down by a massive 12% and was trading at $0.22, while Ethereum [ETH] was trading at $85.02 after collapsing by a whopping 17.5%. The rest of the top-20 cryptocurrencies have all collapsed by double digits and it seems like the doom for the cryptocurrencies kicked off with the start of December.
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