A Friendly Wager: Unnamed Investor Bets $6.3 Million That Bitcoin Price Will Exceed Berkshire Hathaway Share Price by 2023
Tom Waterhouse, the CEO of William Hill Australia, recently promoted a bet on Twitter, which says:
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
This “expert” has chosen to remain anonymous to the public, but the bet is nothing to scoff at.
Right now, Berkshire Hathaway shares are worth about $288,000 each, which is equivalent to $390,000 AUD, and this investor is not the only one expects growth. Both Tim Draper and John McAfee predict this growth too, though they differ in the timeline and expected value. Draper has put his cards on the table, saying that BTC/USD will reach a height of a quarter-million dollars by the end of 2022. However, McAfee has stood strong in his prediction earlier this year, saying that Bitcoin would easily hit $500,000 by the end of 2020. However, he recently upped the ante to $1 million with the same timeline, wagering both himself and his manhood.
Much of the reason for Berkshire’s popularity in the crypto industry this year has been due to multiple sound bites regarding Bitcoin and similar digital assets, which were incredibly critical of the industry. Everyone has heard Warren Buffets insult of Bitcoin, calling it “rat poison squared,” while Charlie Munger has repeatedly called Bitcoin “asinine” and has likened it to “trading harvested baby brains.”
This past May, Buffett spoke with Bill Gates about the crypto world, saying,
“When you’re buying non-productive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.”
Gates seemed to agree with the sentiment, noting, “It’s kind of a pure ‘greater fool theory’ type of investment.” However, he also said that he “would short” Bitcoin “if there was an easy way to do it.”