NFT Collection The Superlative Secret Society Price, Stats, and Review
Swiss National Bank Chief Raises Concerns About Adding Bitcoin to Currency Reserves
Crypto Trader Issues Bitcoin Warning, Says Ethereum Liquid Staking Project Flashing Short-Term Bullish Signal
Is Bitcoin ready for a run to $77K? AI says yes!
Bitcoin Runes Hype Dissipates: Why This Makes Life Difficult For Miners
$10,000,000,000 Bank Shut Down by US Regulators in First Bank Failure of 2024
Bitcoin Conference to Bring Star-Studded Lineup of Speakers to Hong Kong on Dawn of Historic ETFs
Crypto Exchange Predicts That Shiba Inu Will Reach $0.00008 In May, New ATH Loading?
dogwifhat: To hold or not to hold this memecoin today?
Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges
Bank of Russia and Rosfinmonitoring Reveal Fiat-to-Crypto Tracking System Pilot
Two US Senators Pen Open Letter to DOJ and DHS Concerning Crypto Use by Child Abusers
Cardano: Most ADA transactions result in losses because…
The Shredderz: Web3 Rock and Heavy Metal Band Launches NFTs
Acinq to Withdraw Phoenix Wallet From US Markets Amid Regulatory Concerns
Bitcoin Under Pressure But Whales Hold Over $331 Billion Of BTC: A Sign To Buy?
Study Reveals the Top Crypto Investment Choice for Millennials and GenZ
Polkadot, Chainlink, and ETFSwap are the only DeFi tokens you need in your portfolio
What SHIB holders NEED to know about Shibarium’s latest upgrade
$90,000,000,000,000 Transfer of Wealth To Gen Z and Millennials Is ‘Tempting Target’ for Governments Amid Soaring Debt: Report
Contrary to Crypto Influencer Hype, Data Reveals ‘It is Not Altcoin Season’
Franklin Templeton’s Polygon move – Good news for MATIC’s prices?
CMT-Certified Crypto Analyst Says Bitcoin Is Still Very Bullish, Can It Reach $350,000?
Crypto Fund Wagers $1 Mln It Will Outperform S&P 500 in ‘Buffett Bet 2.0’
Crypto asset manager Morgan Creek Digital has issued a $1 million bet against the performance of the S&P 500 stock market index.
Crypto-focused institutional asset manager Morgan Creek Digital has issued a $1 million bet against the S&P 500 (SPX) stock market index, a press release shared with Cointelegraph reveals Dec. 6.
The crypto fund has issued a wager that its Digital Asset Index Fund –– a basket of ten major crypto assets –– will outperform the SPX over the next 10 years, starting Jan. 1, 2019.
The S&P 500 is based on market capitalizations of 500 large companies that have common stock listed on major U.S. stock exchanges, the New York Stock Exchange (NYSE) or the Nasdaq Stock Market (NASDAQ).
The challenge from Morgan Creek Digital, dubbed “Buffett Bet 2.0,” evidently echoes a similar bet made by Wall Street’s prominent crypto critic Warren Buffett, who in 2008 bet $1 million that the S&P 500 would outperform a group of hedge funds over a ten year period.
If the bet is taken up, the firm noted the plan would be for the winner to donate the gains to charity, also mimicking Buffett’s move upon winning his S&P bet in 2017.
Anthony Pompliano, co-founder and partner at Morgan Creek Digital, told CNBC that the new challenge could illuminate more than just the performance of crypto markets for many people:
"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."
In order to justify his firm’s bet, the investor has also reportedly pointed to recent losses suffered by FANG –– a group of high-performing tech stocks in the U.S. market, namely Facebook, Amazon, Netflix and Google. Facebook is currently down 24 percent percent loss year over year, as CNBC reports.
Pompliano made a similar observation about the performance of traditional stocks in a tweet last month, stating that FANG stocks were down 20-40 percent from their all-time highs, while the Dow Jones Industrial Average (DOW) had its “worst Thanksgiving week since 2011.”
Buffett himself has come out multiple times to provocatively criticize cryptocurrency, calling it everything from a “mirage” to “rat poison squared.”