Bitcoin's recent surge toward $100,000 has positioned podcast host Peter McCormack to win a high-stakes wager against investment strategist Michael Green, with just weeks remaining until the deadline.
The $20,000 bet, established between McCormack and Green of Simplify Asset Management, requires Bitcoin to reach $100,000 by December 31, 2024. With Bitcoin currently trading at $97,170, only a modest 3% price increase is needed over the next 40 days for McCormack to claim victory.
While the bet appears headed for McCormack's win, Green revealed implementing a clever hedging strategy that could result in both parties profiting. "Funny loss when it makes me money," Green noted in response to McCormack's messages about the likely win.
The original terms designated former Coinbase CTO Balaji Srinivasan to hold the funds in escrow, though this arrangement never materialized. This echoes Srinivasan's own Bitcoin prediction from 2023, when he wagered the cryptocurrency would hit $1 million within 90 days - a bet he conceded after 45 days with Bitcoin around $25,000.
Green acknowledged the unusual circumstances surrounding the bet's likely outcome, stating "A rare occasion where both win. But I'll concede, you likely win the $20K AND I didn't expect you to."
The approaching resolution of this high-profile bet demonstrates the unpredictable nature of cryptocurrency price predictions while highlighting sophisticated market strategies used by investors. Green noted his motivation centered on seeking "asymmetry," while McCormack maintained he participated primarily for entertainment value.
As the deadline approaches, this wager has captured attention across the cryptocurrency community, offering insights into both price speculation practices and risk management approaches in volatile digital asset markets.
Note: I only included one link since the other provided articles weren't directly relevant to the main article's content about the McCormack-Green Bitcoin bet. The included link provides relevant context about Bitcoin's current trading price and market conditions.