Famed Crypto Investor Anthony Pompliano’s $1 Million Wager Saw No Takers In The Offers’ First Week
Anthony Pompliano, the founder of Morgan Creek, issued a challenge just over a week ago. The challenge was a bet, asking any money manager to say that stocks would perform better than crypto over the next 10 years. The bet was put up through Morgan Creek, and is called Buffett 2.0. However, even though he opened the opportunity well over a week ago on December 9th, no other companies or individuals seem willing to counter his side.
This isn’t the first time that a firm put up such a substantial bet in favor of the traditional finance world, which is probably why Pompliano had so much faith in it in the first place. Warren Buffett, renowned crypto critic and Berkshire Hathaway CEO, promoted his own wager of $1 million against Protégé Partners, claiming that his company would outperform a group of hedge funds from 2007 to 2017. Buffett ultimately won the bet with a 7.1% return, rather than the 2.2% average return for the hedge fund basket.
This wager with Pompliano and Morgan Creek would also last ten years, taking the industry to 2028. Much of the purpose is twofold – to show the confidence in crypto and to bring attention to the poorly performing equity assets in the industry. Pompliano brought this issue to light in a Twitter post that showed over $755 billion in losses over the course of a few hours on December 4th.
On Saturday this week, he brought up the fact that others have not come in on the bet yet, saying,
We issued a $1 million challenge to any professional money manager who thought stocks would outperform crypto over the next decade.
No one took us up on the offer.
Don’t listen to the naysayers. They don’t even believe what they say.
Always follow the money 👊🏽
— Pomp 🌪 (@APompliano) December 15, 2018
In an earlier report from CCN, Pompliano made a separate prediction, saying that Bitcoin would bottom out at around $3,000, which would be an 85% loss from their highest high so far. Presently as of 12:37pm PST, Bitcoin is priced at $3,281.03, which means it has lost about $25 since this morning.