Cryptocurrency asset manager Morgan Creek Digital is betting $1 million that its crypto fund will outperform the S&P 500, calling the challenge Buffett Bet 2.0 to mimic the billionaire investor’s famous bet. The wager is expected to be taken by “someone who is bullish on the S&P 500, or someone who thinks cryptocurrencies are worthless or overvalued.”
Recreating Buffett’s Wager
Morgan Creek Digital is recreating Warren Buffett’s famous $1 million wager. However, “unlike the famous value-investor, Morgan Creek is betting against the S&P and placing its faith in the 10-year performance of cryptocurrencies,” CNBC reported on Thursday.
Anthony Pompliano, Morgan Creek Digital’s co-founder and partner, was quoted as saying:
Whoever takes the other side will likely be someone with the same outlook as Buffett. It’ll be either someone who is bullish on the S&P 500, or someone who thinks cryptocurrencies are worthless or overvalued.
Buffett took a $1 million bet using his own money against asset manager Protégé Partners in 2007. He wagered that a passive investment in the S&P 500 would outperform a sample of five actively managed hedge funds picked by Protégé Partners. “Buffett