A $1 million bet is what the asset manager at Morgan Creek Digital is putting into stakes.  The bet is that the Cryptocurrency Index of Morgan Creek Digital will perform better than S&P in over the next 10 years.

This bet should remind everyone of the infamous bet made by Warren Buffet. However, the bet that was made by Buffet was against a group of hedge funds, but the current bet is based on the faith in the “cryptocurrency index.”  The faith that the current index will perform better in 10 years.

Morgan Creek Digital is calling upon investors to take the other side of the bet if they believe that S&P will outperform their basket of cryptocurrencies in the forthcoming decade.

Anthony Pompliano, the co-founder and partner, stated that anyone who will be taking the other side will be someone that has an outlook similar to Warren Buffet.  He further added anyone taking a favorable side to S&P 500 would be either thinking that cryptocurrencies are worth nothing or they may be someone who is too bullish about S&P 500.

Pompliano had stated in a telephonic interview with CNBC that “A lot of people might think we’re bullish on crypto, but you’d need to look at what assets we’re going up against. Public equities are not exactly at their all-time highs either.”

He also spoke about the recent losses with the investor favorites like FANG stocks and several others. He further added high-flying tech stocks have taken to the beating.  For instance, Facebook leads the group down with a 24% loss in the past year.

However, when compared to the losses of cryptocurrencies, they appear very minor.  Bitcoin was down by 37% in just a month of November.  In the whole year, the currency has dropped down by 73 percent.

Mark Yusko, who was also the former chief investment officer of North Carolina Endowment co-founded Morgan Creek. The index fund is an outcome of the partnership with Bitwise.  This index fund provides its accredited professional investors and other high net-worth individuals with access to the basket of their top cryptocurrencies regarding market value. The minimum investment for this fund is set at $50,000.  This index fund has been structured in a way to provide with similar exposure to S&P 500.

Morgan Creek partners are funding the bet from their personal wallet, and they will not depend on the money from the fund. Pompaliano states that the winner on either side should donate their bets to charity.  Whoever will be on the other side should agree to donate the wins to charity.