A tweet made by a leading Australian Bookmaker revealed that a “well-known crypto expert” has placed extremely bullish bet on Bitcoin surpassing the price of one share in Warren Buffett's conglomerate company: Berkshire Hathaway.
The $8.5-million-dollar (AUD) bet stipulates that the price of bitcoin must exceed the price of one share in Berkshire Hathaway by 2023; the return on such a bet will yield approximately 1.2 billion (AUD). As of this moment, the share price of Berkshire Hathaway is sitting at an impressive $288,481 (USD)
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
Its thought the bullish sentiment around the bet is due to Australia’s drive towards blockchain adoption; with its government recently budgeting over $500,000 (USD) towards blockchain integration within governmental services.
Bitcoin still has some way to go at its current price of $6,199. With the bet less than five years until completion, the bettor is either hoping for 45 times increase BTC or a substantial drop in Berkshire Hathaway price. However, It’s hard to imagine Warren Buffet is particularly worried about such speculation; his well-known position on Bitcoin is far from rosy…
All prices correct at the time of writing.