{"id":95612,"date":"2018-12-28T04:10:47","date_gmt":"2018-12-28T12:10:47","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=95612"},"modified":"2019-11-07T02:53:26","modified_gmt":"2019-11-07T02:53:26","slug":"blocktower-capital-lose-1-million-betting-bitcoin-would-hit-50000","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/blocktower-capital-lose-1-million-betting-bitcoin-would-hit-50000\/","title":{"rendered":"BlockTower Capital to Lose $1 Million After Betting Bitcoin Would Hit $50,000"},"content":{"rendered":"

BlockTower Capital<\/a>, a hedge fund that manages more than $130 million in client assets, made a $1 million bet last year that Bitcoin's price would go above $50,000 by the end of 2018. The Hedge Fund is expected to lose over $1 million in options by the end of the week.<\/p>\n

A Bitcoin Bet Gone Wrong<\/h2>\n

One of the largest crypto hedge funds in the world, which manages hundreds of millions of dollars in client assets, has made a shocking bet that it\u2019s bound to lose by the end of the year.<\/p>\n

BlockTower Capital's co-founder and current chief information officer, Ari Paul<\/a>, made a bet on behalf of the company on December 20, 2017, specifying that Bitcoin would be worth more than $50,000 by the end of 2018.<\/p>\n

According to Business Insider, the bet would have enabled Paul, who spent just under $1 million on call options, to buy 275 bitcoins at $50,000 apiece any time before December 28, 2018. In total, if the options were exercised BlockTower could have spent up to $13.8 million.<\/p>\n

However, with Bitcoin currently trading at around $3,800, it's safe to say that BlockTower Capital won't exercise those options.<\/p>\n

\"\"
Related:\u00a0Dubious Bitcoin Price Predictions; Thomas Lee Claims Bitcoin\u2019s Value is at Least $13,800<\/a><\/figcaption><\/figure>\n

At the time, the company stood by their decision saying it was a way to “risk a little to win a lot.” During an interview with CNBC on December 26, 2017, Paul said<\/a> that “it was not a bet that something will happen, but a bet that something could happen,” and that he liked the odds and payout of the move.<\/p>\n

Fast forward to December 2018, Paul told Business Insider that they “were not betting on or expecting” a Bitcoin rally. He claimed that the options were a way for the fund to maintain exposure to an extreme rally while reducing overall crypto exposure.<\/p>\n

Perhaps Paul's bet falls into the list of other lackluster<\/a> 2018 predictions.<\/p>\n

Other Crypto Bets Await Resolution<\/h2>\n

Despite the amount of press they've received, BlockTower Capital and Ari Paul aren't the only ones betting on the future of crypto. Earlier in December, Morgan Creek Digital Assets publicized<\/a> a bet that the Bitwise index fund of cryptocurrencies would outperform the S&P 500.<\/p>\n

Many believe that the bet is a direct challenge to those who see cryptocurrencies as “Ponzi schemes” and believe Bitcoin and other coins will eventually be rendered worthless.<\/p>\n

The challenge is as a \u2018Buffet Bet\u2019 2.0, a nod to Warren Buffet\u2019s bet<\/a> of $1 million that S&P index funds would outperform a selection of actively managed hedge funds. Buffet's winning bet got him a return with a 7.1 percent interest compounded annually, which is more than three times larger than the 2.2 percent return the selection of hedge funds got.<\/p>\n

While BlockTower Capital's bet is lost, there is still time for Bitcoin's price to recover in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

BlockTower Capital, a hedge fund that manages more than $130 million in client assets, made a $1 million bet last year that Bitcoin’s price would go above $50,000 by the end of 2018. The Hedge Fund is expected to lose over $1 million in options by the end of the week. 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