An anonymous Australian crypto trader has placed an A$8.5 million ($6.3 million) bet on the value of one Bitcoin (BTC) exceeding the share price of Warren Buffet’s holding company Berkshire Hathaway (NYSE:) by December 31, 2023.
Announcing the pending deal on Twitter, Tom Waterhouse, the CEO of bookmaker William Hill Australia, said on Tuesday the bullish call was made by a “well-known crypto expert”. If proven right, the investor will net A$1.2 billion ($884 million).
“Have put him in touch with large syndicate — hope he can get set!” Waterhouse added.
Berkshire Hathaway’s share price currently stands at $288,000, over 46 times bigger than the value of one Bitcoin, presently trading at around $6,200. The flagship cryptocurrency has been dropping from a near $20,000 all-time high reached in December 2017.
The bet that BTC will fill the over $282,000 price gap, is not the first bullish prediction by market watchers, including tech investor Tim Draper, who believes Bitcoin will hit $250,000 by 2022. John McAffe, the somewhat eccentric serial entrepreneur known to the wide public for the McAfee antivirus software, last year bet his manhood that the cryptocurrency will reach $1 million per coin by 2020.
Notably, Warren Buffett is known in the cryptospace as a prominent Bitcoin critic. His first decision to avoid buying Bitcoin was back in 2013, when one BTC cost about $130. More recently, the billionaire investor said that buying BTC “is not investing”, but essentially speculating. Buffett has also predicted the demise of cryptocurrencies, stating in January:
“In terms of cryptocurrencies, generally, I can say almost with certainty that they will come to a bad ending.”
Despite his distaste for cryptocurrencies, Buffett has shown interest in blockchain. In February, BNSF Railway Company (BNSF) — a subsidiary of Burlington Northern Santa Fe, which is wholly owned by Berkshire Hathaway — became a member of the Blockchain in Transport Alliance (BiTA). BiTA is an association that wants to standardize blockchain technology in the freight industry.
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