Back In 2007, the head of Berkshire Hathaway and legendary investor Warren Buffett staked $1 million claiming that, over the period of 10 years, the stock index S&P 500 would surpass the dynamics of five hedge funds combined. On December 6, 2018, the venture capital firm Morgan Creek has decided to come up with the same trick. The company bet exactly the same amount of money claiming that cryptocurrencies would surpass the S&P 500 over the same period of time.
“It’s time to put the skin on the line, critics of cryptocurrency. Who agrees to accept the wager?”, co-founder Anthony Pompiano playfully wrote in his Twitter account.
With this purpose in mind, the dynamics of cryptocurrency in the future will be traced by the Digital Asset Index Fund. Pompiano is no stranger when it comes to justifying cryptocurrencies. For instance, Pompiano said that the bear market would eliminate “tourists“, leaving solely genuine entrepreneurs which would stop the hysteria around cryptocurrencies and would come up with something of a sustainable value.
It’s quite surprising to see that, given the fact that in November 2018, Bitcoin as a major cryptocurrency showed the worst dynamics over the last seven years. But, as I said earlier, believers still believe so only time will tell who’s right and who’s going to pay 1$ million. After all, cryptocurrencies aren’t the blockchain, and there are still a lot of companies offering blockchain development services on the market.