Bitcoin vs Warren Buffet: Crypto Expert Bets $8.5M On Bitcoin Performance

A bitcoin and poker chips

Whilst Bitcoin (BTC) dwells at price levels nearly 70 percent below all-time highs, one wealthy Australian punter believes the leading cryptocurrency cannot only burst back into five-figure totals, but can exceed the unit-share price of Warren Buffet’s Berkshire Hathaway Inc. multinational by December 31, 2023.

Indeed, on Wednesday, one of Australia’s leading bookmaker magnates, Tom Waterhouse, took to Twitter to reveal that a “well known crypto expert” contacted him to request a bet of $AU8.5 million (~$US6.3 million) that one BTC “will exceed the price of a Berkshire Hathaway share (c.$280k) by 2023.”

Should the unidentified crypto expert win the bet at the terms stipulated in Waterhouse’s tweet, they would stand to win $1.2 billion Australian dollars (~$US884.7 million).

Waterhouse, having recently moved on from his position as chief executive of CrownBet-owned William Hill Australia, shared that he “put [the prospective bettor] in touch with [a] large syndicate.”

Bitcoin will certainly have some catching up to do in order to surpass the Omaha-based holding company that has gained global recognition thanks to its crypto-averse leaders in Buffet and Charlie Munger (Vice Chairman). At the time of writing, one share in Berkshire Hathaway (NYSE: BRK.A) is $288,481 USD, over 45 times larger than Bitcoin’s current BTC/USD value of $6,325.

Whilst the Bitcoin punter’s identity was not disclosed by Waterhouse, the gamble is typical of Australia’s fervour for all things cryptocurrency and blockchain. Indeed, one of the world’s leading crypto exchange companies, Huobi Global, opened their Huobi Australia operation last week; launching ten fiat-to-crypto trading pairs in celebration.

Australia’s enthusiasm for distributed ledger technologies, such as blockchain, has extended to federal Parliament, also. Only days ago, the Australian government’s Digital Transformation Agency (DTA) struck a one-billion-dollar (AUD) deal with IBM to provide technological services to its departments, a portion of which will be blockchain-based.

Late last year, also, the Perth-based Power Ledger (POWR) blockchain startup was granted over $8 million worth of funding by the federal government.

Further, for the 2018-19 national budget, the incumbent Coalition party allocated $700,000 to the DTA for the purpose of exploring how blockchain technology could apply to government services.

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