Inspired by a bet made by one of the biggest names in traditional investing, Morgan Creek Digital has proposed a $1 million wager of its own.

Whereas Warren Buffett’s bet was that the S&P 500 would outperform a group of hedge funds, in Morgan Creek’s wager, the cryptocurrency investment firm will take the side that their own fund will beat the performance of the stock market.

Could Warren Buffett Himself Take the Bet Against Crypto?

According to a report in CNBC, the Morgan Creek Digital cryptocurrency index fund has offered up a bet inspired by a wager made by one of the most successful investors of all time.

Back in 2007, infamous cryptocurrency naysayer Warren Buffett made a $1 million bet that the S&P 500’s performance over the next decade would beat that of a group of various hedge funds. Buffett won his bet in 2017 and donated the entire proceeds to charity.

Eleven years later, Morgan Creek Digital are recreating the bet with anyone keen to take the position that the S&P 500 would outperform the firm’s own crypto index fund. The firm is calling the wager the “Buffett Bet 2.0,” which (along with the huge similarities between the terms of the two bets) feels like an attempt by Morgan Creek to encourage the vocal cryptocurrency critic to take the opportunity to put his money where his mouth is.

At NewsBTC, we have reported many times on Buffett’s opposition to the digital asset industry.

Last year, the billionaire called Bitcoin “rat poison squared” in perhaps the most creative bout of baseless name calling ever publically levied against the world’s leading cryptocurrency. Such colourful insults caused quite the stir in the crypto community, and even prompted Genesis Mining to buy a billboard outside Buffett’s personal offices, ridiculing him for being wrong about tech stocks earlier in his career and speculating that he might be equally from the mark about Bitcoin.

Related Reading: Has Warren Buffett Made a U-Turn on Crypto Investments?

Co-founder of Morgan Creek Digital, presenter of the “Off the Chain” podcast, and all-round digital currency proponent, Anthony “Pomp” Pompliano had the following to say about the bet:

“This is a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities… 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.”

He continued, stating that the bet will likely be taken up by someone who is either uber-bullish on the S&P 500 or hugely bearish on cryptocurrency. It sounds a lot like Pomp believes Buffett himself would be the perfect candidate to take the opposite side of the Morgan Creek Digital wager. However, at 88-years-old, this might not be feasible.

Just as Buffett donated his winnings to charity, the plan is to propose that the eventual winner in 10 years will also give up their profits to a worthy cause of their choice. This will, of course, need to be agreed upon with whoever decides to take the bet.

Morgan Creek partners will be funding their side of the $1 million bet using their own personal money. None of the stake will come from the fund itself.

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