Hedge Fund Manager $1 Million Bet on Bitcoin

Written by:
Aaron Goldstein
Published on:

Mark Yusko, CEO of Morgan Creek Capital, has bet $1 million the Bitcoin will outperform the S&P 500 for the rest of the year and beyond.

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“I was lucky. I happened to be on Melissa’s afternoon show back in December, the week Bitcoin was at $3,150 and she said, ‘What do you think’? I said look, we’ve issued the Morgan Creek Digital crypto challenge. We will take Bitcoin over the next 10 years starting on January 1st, and we’ll take anybody who wants to take the other side – a million dollar charity bet. Just like the Buffett-style bet. We’ve got no takers,” he told CNBC’s Fast Money.

Bitcoin has grown by over 100% in this year alone while the S&P is only up 14 percent.

“I think going forward from here, even over the next 10 years, it’s not going to be close. Bitcoin is a great diversifying asset. It has very low correlation. It should be on everybody’s portfolio,” added Yusko.

- Aaron Goldstein, Gambling911.com

Business/Financial News