Million Dollar Bet Backs Bitcoin Against Equities

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Cryptocurrency fund manager Morgan Creek Digital is betting $1 million that its crypto fund will give a better return than the Standard & Poor’s 500 equities index.

The company reckons that cryptocurrencies will outperform equities over the next decade.

The bet is the opposite of the one placed by billionaire investor Warren Buffett in 2007 that predicted the S&P 500 would do better than five hedge funds picked by asset manager Protege Partners. Buffett won the cash in 2017.

Anthony Pompliano, Morgan Creek Digital’s co-founder and partner, said: “Whoever takes the other side will likely be someone with the same outlook as Buffett. It’ll be either someone who is bullish on the S&P 500, or someone who thinks cryptocurrencies are worthless or overvalued.

“Bitcoin and crypto assets have been the best-performing asset for the last 10 years. They have beat the S&P 500, and we believe they will continue to do so for the next 10 years.”

Statistics or damned lies?

Writer Mark Twain’s adage that statistics are lies seems to hold up with the latest cryptocurrency crime data from Japan.

The headline news is 6,000 cases of suspected money laundering were reported to the police between January and October 2018.

The figure is 800% up on the 669 cases reported between April and December 2017.

The data looks shocking – until later the same report points out that these 6,000 incidents amount to around 2% of the 346,139 suspected money laundering and financial abuse cases under police investigation in 2018.

The National Police Agency explained most of the cases involved banks and financial institutions rather than individuals.

The hike in numbers is likely due to a law introduced in April 2017 requiring cryptocurrency exchanges to automatically report any transactions suspected of involving money laundering.

Freelancers dabble in cryptocurrency

Freelancers are among the biggest users of cryptocurrencies, according to a new survey.

The research by found that 38% of freelancers often use cryptocurrency, compared to 24% who had never heard of cryptocurrency – but 41% were non-users.

However, 29% of freelancers would like all or part of their payments in cryptocurrencies.

Cryptocurrency advantages for freelancers included international payment facilities, no middlemen and low commissions.

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