According to CNBC, Morgan Creek Digital, co-founded by Bitcoin maximalist Anthony Pompliano, has issued ‘The Digital Asset’ challenge, where they bet $1 million that these digital assets will outperform the S&P 500 over the next 10 years starting January 1, 2019.
Morgan Creek Digital is referring to the famous Warren Buffett bet, which began in 2008 when the billionaire investor bet $1 million that investing in a S&P 500 index fund would see a greater result than investing in hedge funds. A bet that Buffet won earlier this year.
Unilke Buffet, Morgan Creek Digital is now betting against the S&P 500.
They are inviting any investor who thinks the S&P 500 will produce better returns than their index fund, which contains bitcoin, ethereum, bitcoin cash, EOS, litecoin, monero, zcash, dash, iota and WDS_LINK_PLACEHOLDER_0ed9f283edda7fee72c1a3f377202f53, to take the other side of the bet.
‘It’ll be either someone who is bullish on the S&P 500, or someone who thinks cryptocurrencies are worthless or overvalued.’
‘This is a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities’, Pompliano told CNBC.
Attention crypto critics….time to put skin in the game 🙂
$1,000,000 on the line.
Who will take the other side??https://t.co/10sQt2o2Ce
— Pomp 🌪 (@APompliano) December 6, 2018
Both Pompliano and his co-founder Mark Yusko, agreed to personally fund their side of the $1 million bet and said they would not be relying on money from the fund and indicated that the proceeds of the bet would be donated to charity.