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Morgan Creek Founder Seeks $1 Million Bet on Crypto Outperforming S&P 500

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Morgan Creek Founder Seeks $1 Million Bet on Crypto Outperforming S&P 500

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Morgan Creek founder Anthony Pompliano is looking to make a USD 1 million bet that the Digital Asset Index Fund, a weighted average of major cryptocurrencies, will outperform the S&P 500 over the next ten years.

Pompliano is hoping a cryptocurrency skeptic will take up his bet, due to start on 1 January 2019 and end on 1 January 2029.

It takes obvious inspiration from Warren Buffet’s infamous USD 1 million bet that the S&P 500 would outperform a collection of hedge funds. In January 2018, Buffet won the bet. One might be inclined to suggest the American business tycoon be the opponent in this new bet, taking into account that Buffet notoriously has labeled Bitcoin as “rat poison squared” and insisted it has no intrinsic value.

The Digital Asset Index Fund will be the basis for this bet, rather than betting purely on Bitcoin. This index is a combination of Bitcoin, Ethereum, Litecoin, Bitcoin  Cash, EOS, Monero, Zcash, Dash, IOTA, and NEM. The fund reconstitutes monthly to capture the evolving market, so even if some of these cryptocurrencies were to be devalued ten years from now, the negative impact should be minimal. Overall, the fund serves as a good proxy for the overall crypto market. Likewise, the S&P 500 is a good proxy for the overall stock market and it reconstitutes periodically as well to capture the evolution of the stock market.

Pompliano says, “It [cryptocurrency] outperformed over the last 10 years and we believe that will not change moving forward for the next 10 years.”

Indeed, Bitcoin has risen from USD 0.01 to USD 3,250 as of 7 December 2018, and went as high as USD 20,000 in December 2018, outperforming all other asset classes.


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