Morgan Creek Digital is looking for a crypto naysayer willing to put their money where their mouth is.
The crypto management firm for institutional investors says it will bet $1 million that its crypto index will beat the S&P 500 in the next decade. It’s a twist on a similar wager made by Warren Buffet, who won a cool million back in 2007 by betting the S&P 500 would beat a group of hedge funds.
Co-founder of Morgan Creek Digital Anthony Pompliano told CNBC there’s more than one reason the firm is looking for takers.
“This is a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities. A lot of people might look at this and just think we’re bullish on crypto — but you need to look at what asset we’re going up against. Public equities aren’t exactly at their all time highs either.”
The S&P 500 lost almost $755 BILLION today.
That is more money lost in a single day for public equity investors than all crypto investors combined this year.
The math don’t lie! ??♂️
— Pomp ? (@APompliano) December 4, 2018
Morgan Creek Digital offers its crypto index through a partnership with Bitwise Asset Management. The fund is 77.4% Bitcoin and 11.1% Ethereum. The remainder is spread across eight altcoins.
Morgan Creek says its partners are funding the $1 million wager.
The firm says it plans to donate the proceeds to charity and expects whoever decides to take the bet will do the same.