, Bitcoin

Australian Punter Makes $884 Million Bitcoin Bet Against Buffet

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.

Cover Photo by Annie Spratt on Unsplash

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Sam Town
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Sam Town

Samuel is a freelance journalist, digital nomad, and crypto enthusiast based out of Bangkok, Thailand. As an avid observer of the rapidly evolving blockchain ecosystem he specializes in the FinTech sector, and when not writing explores the technological landscape of Southeast Asia.

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