Australian Punter Makes $884 Million Bitcoin Bet Against Buffet

The cryptocurrency market is no stranger to big, bullish calls, but a new bet by an Australian punter puts Bitcoin price predictions such as Fundstrat’s Tom Lee’s $25,000 BTC to shame with a multi-million dollar bet that: the value of one Bitcoin will exceed the value of the unit-share price of Warren Buffet’s Berkshire Hathaway Inc by December 31, 2023.



Announced by leading Australian bookmaker Tom Waterhouse, the bet outlines a prediction that the value of one single Bitcoin will exceed the price of one share of Bitcoin opponent Warren Buffet’s Berkshire Hathaway, which currently sits at around $280,000. Wagering $8.5 million AUD ($6.3 million USD), the bullish punter stands to capture over $1.2 billion AUD — or $884.7 million USD — should the prediction prove true.

Crypto Community Continues to Troll Buffet

The anonymous Aussie’s big bet is a direct jab at billionaire investor Warren Buffet, who recently captured negative attention from the cryptocurrency community for his outspoken anti-crypto stance. Speaking at the 2018 Berkshire Hathaway annual shareholder meeting on May 5, Buffet labeled Bitcoin “rat poison squared,” following previous statements made by the venture capitalist that “cryptocurrencies will come to bad endings”.

Marco Krohn, founder of monolithic Icelandic crypto mining operation Genesis Mining Co, took trolling Buffet to the real world by purchasing a pro-Bitcoin billboard directly outside of Buffet’s Omaha office, referencing the billionaire’s admission that he was wrong on Google and Amazon.

Bitcoin Bulls Bet Big

While directly investing in Bitcoin is likely the simplest method of betting on the future price of Bitcoin — the history of the crypto market has seen several massive forecasts made by speculators on the future price of Bitcoin. Records made from New York-based trading platform LedgerX show $1 million USD in call options purchased in December 2017, predicting that Bitcoin will exceed $50,000 by December 28, 2018.

Outside of purely financial bets, cavalier crypto celebrity John Mcafee’s infamous 2020 prediction that Bitcoin will reach $1 million — or else — is currently nearing the 900-day deadline.


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Trolling Buffett Is a New Hobby in the Cryptoverse

Many public personas have expressed their skepticism in regards to cryptocurrency, but none so vocally as Warren Buffett, the legendary stock investor and long-time bitcoin skeptic. However, crypto fans do not take very well to criticism – especially if all the arguments sound uninformed and unimaginative, as well as loud.

This is why Marco Krohn, the cofounder of Genesis Mining, a cloud mining company, decided to place some billboards outside of Buffett’s office in Omaha, not very different from the Oscar-winning Three Billboards Outside of Ebbing, Missouri movie plot, albeit much more light-hearted, Business Insider reported. Referring to Buffett’s heavy-hearted admission that he was wrong to be pessimistic about tech giants Amazon and Google in their early days, the signs imply he may be repeating the same mistake.


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“Warren: you said you were wrong about Google and Amazon. Maybe you’re wrong about Bitcoin?” the billboards say, with a hashtag #BitcoinAwareness.

Buffett also recently called Bitcoin “rat poison squared,” and of course the community wouldn’t let him get away with it so easily. The first reactions were, surprisingly, understanding: Buffett’s tastes lie elsewhere, for example with slow, steady, stable, proven industries.

But crypto enthusiasts put their sense of humor about the situation to good use. ECoinmerce is selling everything from t-shirts to coffee mugs bearing the “Rat Poison Squared” logo, having said that, “We don’t know exactly what ‘rat poison squared’ is supposed to mean. What we do know is that Bitcoin created a very productive ecosystem and spawned the entire cryptocurrency revolution, which is driving innovation in nearly every industry.”

The investor’s reaction to these well-meaning jokes is yet to happen.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Entrepreneur to Beat Warren Buffett Portfolio With Crypto

Back in 2015, a Chinese entrepreneur and his partner spent USD 2.35 million bidding on a private lunch with an investor and one of the richest man in the world Warren Buffett, whom he considers his idol. Back then, they were hoping to get some investment advice from the legendary investor.

Today, the 31-year-old businessman still uses his photo with Buffett as his phone’s wallpaper. However, he is far from thrilled with the opinion his hero has on the sticky subject of cryptocurrency.

Out of all the things he’s learned from Buffett, Sam Ling has kept an appreciation for index funds closest to his heart – but he’d now like to apply that outlook to crypto. He told CNBC, “Cryptocurrencies like Bitcoin are too volatile, and that’s why we are launching cryptocurrency indexes. Over the past six months, our index has a lower decline than bitcoin during corrections, but has outperformed bitcoin by 50 to 80 percent during upsurges.”

Out of all the advice he’s received at this USD 2.35 million lunch, Ling recalls, “Buffett touched on lots of issues during that lunch, but in the end, he said, ‘Focus on what you are doing and you are already successful.’ This quote really left me with a deep impression and I followed his advice.”

But Ling is not that starstruck: he believes in the power of crypto. “Warren Buffett just won a 10-year bet that an index fund would outperform a collection of hedge funds over that time. And I want to make a bet with him that my cryptocurrency index will outperform his portfolio over the same period.”

Buffett has not yet commented on the situation, but the world waits to see whether he accepts the bet or not.


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