Update on Pomp’s $1 million crypto bet: stocks up 14%, crypto 48%

05 Apr, 2019
by Richard Allen
Update
Update on Pomp’s $1 million crypto bet: stocks up 14%, crypto 48%

In early December last year, Morgan Creek Digital co-founder and partner, Anthony Pompliano issued a Digital Asset Challenge betting $1 million that crypto will outperform the S&P 500 over the next 10 years, beginning from 1 January 2019. Now, four months in, the Bitcoin maximalist has posted an update.

Morgan Creek Digital have invited any investor who thinks the S&P 500 will produce better returns than their index fund, which includes Bitcoin, Ethereum, Bitcoin Cash, EOS, Litecoin, Monero, Zcash, IOTA, and NEM, to put their money where their mouth is. So far, crypto is leading: 

According to Pomp’s tweet, stocks are up 14% from January 1, while crypto is up by 48%. He adds that it’s good equity investors were smart enough not to take the bet. “They’ll lose BIG over a decade,” Pomp states. He adds in response to a comment that, since 1 January 2017, their crypto index is up by over 500%. Promising figures, but there's still a long way to go. 

American economist and long-time crypto skeptic Nouriel Roubini criticized Pomp’s bet when he first announced it last year, pointing out its non-specificity. He also highlighted Pomp’s prediction of Bitcoin at $50,000 before the end of last year, only to see the market tank. 

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