An anonymous Australian crypto trader went big on Bitcoin, placing a USD $6.3 million bet that the value of the cryptocurrency would trounce the per share price of Warren Buffett’s Berkshire Hathaway by Dec. 31, 2023.
Per a report from Yahoo! Finance, “an anonymous punter made this AUD$8.5 million bet on the belief that bitcoin will be worth more than the price of Berkshire Hathaway Class A shares — which are currently trading at more than USD $280,000 above BTC — within half a decade.”
Related: Bitcoin: Still the Best Bet for Crypto Traders
The news came to light via Tom Waterhouse–CEO of sports and racing bookmaker William Hill Australia.
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
If the Australian crypto trader’s prognostications prove to be true, he or she stands to net USD $884 million. As of 2:45 p.m. Eastern Time, the price of one share of Berkshire Hathaway is $289,344.37–up $1,344.47 from the previous day’s trading session–an increase of 0.47%.
Meanwhile, Bitcoin has been trading within a range of just above $6,800 and over $6,100 the past seven days.
Buffett has been an outspoken critic of cryptocurrencies, stating that Bitcoin had no semblance to investing, but more so to betting.
“If you buy something like a farm, an apartment house, or an interest in a business… You can do that on a private basis… And it’s a perfectly satisfactory investment. You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more,” said Buffett.
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