In a tweet, Tom Waterhouse, said that a renown crypto expert requested to place a bet of 8.5 million AUD (approximately 6.3 million US dollars) with the hope of winning 1.2 billion (about 888 million US dollars) on Bitcoin predicting that their prices will surpass the estimates of Berkshire Hathaway shares (c.$280K) by the year 2023. He says that they put the investor who chose to remain anonymous in touch with large syndicate hoping he gets set.
Berkshire Hathaway with a multinational holding corporation based in Omaha in Nebraska. It owns a diverse range of businesses ranging from railroads, home furnishing, encyclopedias, vacuum cleaners manufacturing, jewelry sales, and confectionery. It has also acquired holdings in major US airline carriers since 2016. The company’s market price is listed class A in the New York Stock Exchange.
Several investors are quite sure about the long-term prices of the virtual currency. For example, John McAfee has given clear indications of his faith in the future of Bitcoin. He says that Bitcoin is likely to reach one million dollars before 2021.
If the turnout were as predicted by Mr McAfee, he would be winning the bet earlier mentioned by Tom Waterhouse.
Thomas Lee, Fund Strat Global founding partner, says that even though the market has been experiencing a bearish trend during the last semester, Bitcoin will most likely reach 25,000 dollars by the end of the year.
Bart Smith, a Wall Street trader, seems positive about the future of cryptocurrency. During a conversation with CBNC, he says that Bitcoin is the current crypto asset that people are using today and functionally suing. He adds saying that Bitcoin and iTunes Gift Cards are valid today and is the currency of the internet.
Bitcoin and other cryptocurrencies are used to send and receive money all over the world. They provide a much more natural, faster and cheaper means of exchange compared to the bank provided traditional instruments. Although this may come as an incentive for institutional investors to enter the market, they seem to lack trust in the current services offered.
Each Bitcoin can be acquired for 6,266 dollars.
Although several players in crypto-sphere have shown bullish expectations of the Bitcoin in the market, it will not be the first time such predictions of Bitcoin beating Berkshire Hathaway’s price. The Bitcoin has a long way to go to catch up with Berkshire Hathaway that is currently trading at 288,481 dollars which is about forty-five times the amount of Bitcoin cash.
There has been opposition to the prediction from Warren Buffet, who is the chairman and chief executive of Berkshire Hathaway and Charlie Munger, the company’s vice chairperson, who have openly expressed their distrust and disgust of Bitcoin and cryptocurrencies in general. This is controversial as they are publicly confessing their ignorance to the technology that powers them. Buffet claims that Bitcoin has no intrinsic value as it is not a productive asset for investing in compared to land or corporate shares.
Photo via Shutterstock.