Crypto Trader Placing Huge Bet on Bitcoin Reaching $280,000
An Australian crypto trader is placing a massive bet on Bitcoin.
Leading bookmaker Tom Waterhouse says the trader is betting $6.3 million ($8.5 million AUD) on the value of one Bitcoin shooting past the value of one share of Warren Buffett’s Berkshire Hathaway by December 31, 2023.
One share of Berkshire Hathaway currently sits at around $280,000, and if the bet lands, the bullish trader would earn more than $884 million ($1.2 billion AUD).
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
The huge play is a not-so-subtle poke at Buffett, who remains one of the most prominent critics of cryptocurrency.
The legendary billionaire investor recently said Bitcoin is “probably rat poison squared” and has said the crypto market in general will come to a bad ending. His first decision to avoid buying Bitcoin was back in 2013, when one BTC cost about $130.
Despite his public disdain for crypto, Buffett’s empire has shown interest in blockchain. BNSF Railway, which is part of Berkshire Hathaway, is part of the Blockchain in Transport Alliance. The group is exploring ways to use the blockchain to create new standards in supply chain logistics, freight repair and fraud prevention.
This is not the first time the crypto community has taken a jab at Buffet.
Genesis Mining, a leading cloud mining provider, also called out Buffett by placing an ad on a billboard right outside of his office, shining a light on Buffett’s admission that he was wrong on Google and Amazon.
— Marco Krohn (@mkrohn5) May 16, 2018