In an extremely bullish bitcoin price prediction, a so-called crypto expert asked prominent bookmaker Tom Waterhouse to bet AUD $8.5 million (US $6.3 million) that the flagship cryptocurrency’s price will surpass that of Berkshire Hathaway’s shares by 2023. If he wins, his payout is set to be of AUD $1.2 billion (US $888 million).
Berkshire Hathaway is headed by notable bitcoin bears Warren Buffett and Charlie Munger, both billionaire investors. According to Waterhouse, who’s recently moved from a position as chief executive officer at William Hill Australia, the crypto expert was put in touch with a “large syndicate” so the bet can be set.
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
Notably, according to CryptoCompare data, bitcoin is currently trading at $6,190 after falling 2.6 percent in the last 24-hour period. The flagship cryptocurrency has been dropping from a near $20,000 all-time high since mid-December.
Berkshire Hathaway’s stock (BRK-A), on the other hand, is trading at $287,600, down 0.3 percent in the last 24 hours. While the flagship cryptocurrency’s growth has been astonishing, Berkshire Hathaway saw its stocks go from $58,600 in early 2000 to over $310,000 this year.
Notably, Warren Buffett is known in the cryptospace for slamming the flagship cryptocurrency. Back in April, Buffett stated buying bitcoin “is not investing,” as he believes those who buy cryptocurrencies are merely speculating.
In May, during Berkshire Hathaway’s annual meeting, Buffett claimed bitcoin isn’t a productive asset like land or corporate shares, adding that it has no intrinsic value. Per his words, the crypto space is going to come to a “bad ending.”
During the same meeting, Munger claimed cryptocurrency trading is “just dementia,” as to him “it’s like somebody else is trading turds and you decide you can’t be left out.” Later on in a joint interview with CNBC, JP Morgan’s Jamie Dimon and Buffett told investors to “just beware” of bitcoin.
The anonymous crypto expert’s bet is notably not the only extremely bullish one made. Cybersecurity pioneer John McAfee, who’s preparing legal action against crypto exchange HitBTC, bet his manhood that bitcoin will hit $1 million by 2020.