Australian Bull Bets on Bitcoin Price Surge to $280,000
Since dropping more than seventy percent since its latest record high, the Bitcoin market is proving to be in a negative slump currently. An unidentified investor continues to believe in Bitcoin, saying the cryptocurrency will climb to a new record high by 2023.
Tom Waterhouse, one of Australia’s most distinguished bookmakers, explained through social media that an unidentified bull has chosen to place a bet on Bitcoin and its rise in price, stating that the digital currency will be more than a share at Berkshire Hathaway.
The betting expert has requested that his identity remain hidden, showing a positive belief in Bitcoin by betting 8.5 million Australian Dollars on the prediction made. According to him, Bitcoin’s total price will value at $280K by the year 2023. Should the Bitcoin surge to the predicted price, it’ll pass any cost of a single share per Bitcoin at Berkshire Hathaway, currently operating under legendary investor Warren Buffet.
Tom Waterhouse explained on Twitter that the new bet by the unidentified Australian expert is valued at $8.5M which, if he wins the bet, will result in more than one billion AUD in profit. While shares at Berkshire Hathaway are valued at almost $300K per share, Bitcoin will have to see a massive spike in price within the next 5 years to win the bet. According to reports, Waterhouse has connected both parties, the expert and Berkshire, to further explore the bet and its conditions.
Warren Buffet is well-known for his disapproval of Bitcoins and cryptocurrencies in general. The new bet could be a direct result of Australia’s newfound interested in the technology. Houbi, an international cryptocurrency exchange, recently began operating in Australia as well.
The unknown expert placing the bet is far from being the first to make outrageous predictions towards the price of Bitcoin in the future. Cybersecurity expert and “king of crypto” John McAfee also placed a bet of $500K on Bitcoin, saying the coin will reach a value of half a million dollars in just two years, then enlarged his prediction even more and stating it would reach $1 million.
A previous bet including Hathaway saw one investor betting one thousand Bitcoins against Berkshire and was later revealed to be a fake. Reddit users took to the website and a wide-spread reaction followed.