BITCOIN is set to go toe-to-toe with the world’s most famous investor with a “well-known cryptocurrency expert” looking to take on Berkshire Hathaway’s legendary billionaire and crypto cynic Warren Buffett.
The unknown investor has asked for a $1.2billion (£900 million) with Berkshire Hathaway that the price of a bitcoin will top the notorious crypto sceptic’s share price by 2023.
He said: “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!”
Berkshire Hathaway’s shares currently trade around $288,000, this means that the betting investor is very optimistic that a single bitcoin will rise from today’s price of $6,241 to hit around $300,000 by 2023.
Warren Buffett is arguably the world’s most famous investor having amassed a massive net worth of $84 billion making him the third wealthiest person in the world. The billion-dollar battle between a bitcoin believer and Warren Buffett’s Berkshire Hathaway pits the new world of digital currencies against the traditional finance world with many in the crypto community still hugely influenced by Mr Buffett and his journey to the top.
However, Mr Buffett broke the hearts of bitcoin believers who have always held the legendary investor in great esteem, by calling BTC “rat poison squared,” earlier this year. While Charlie Munger, the billionaire business partner of Warren Buffett at Berkshire Hathaway, likened the morality of trading bitcoin to “trading freshly harvested baby brains”.
Mr Munger underlined Berkshire Hathaway’s position on crypto in May. He said: “I regard the whole business as anti-social, stupid, immoral.” When questioned on the ‘immorality’ of bitcoin, Mr Munger hit back, “suppose you could make a lot of money trading freshly harvested baby brains. Would you do it? “To me bitcoin is almost as bad. “I regard the whole thing as a combination of dementia and immorality. I think the people pushing it are a disgrace.” DeVere Group founder and CEO, Nigel Green described the comments from Berkshire Hathaway’s chiefs as “monumentally baffling”, and questioned why two of the world’s most successful investors cannot see the “intrinsic value of some form of cryptocurrency”.
He said: “Do they honestly believe that there is no place for, and no value of, digital, global currencies in an increasingly digitalised and globalised world?”